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Tao Value’s Q1 2019 Investor Letter

Tao Value recently released its Q1 2019 Investor Letter, a copy of which you can download below. The fund posted a return of 14.03% for the quarter, outperforming their benchmark, the MSCI All Country World Index (ACWI) which brought back 12.45% in the same quarter.

For the quarter ended March 31st, 2019, Tao Value recorded a return of +14.03%, compared to +12.45% of MSCI All Country World Index (ACWI). It was the best first quarter for multiple broad market indices since the recovery from the Great Financial Crisis. Financial media has found a theory to attribute the reason to the “panic buying” after over selling in Q4 2018. This shows yet again how hard it would be to time the market.

Our top contributors this quarters are Credit Acceptance (ticker: CACC), YY (ticker: YY) and Alphabet (ticker: GOOG), adding 222 bps, 171 bps and 147 bps respectively. They happened to be top 3 detractors last quarter. It suggests that our portfolio’s performance for both quarters are largely driven by broad market movements.

You can download a copy of Tao Value’s Q1 2019 Investor Letter here:


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