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Here’s Why Tao Value Trimmed its Atlassian (TEAM) Stake

·2 min read

Tao Value, an investment management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. A return of -4.82 percentage points was delivered by the fund for the fourth quarter of 2021, underperforming its benchmark, the MSCI All Country World Index which delivered +6.98 percentage points for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Tao Value, in its Q4 2021 investor letter, mentioned Atlassian Corporation Plc (NASDAQ:TEAM) and discussed its stance on the firm. Founded in 2002, Atlassian Corporation Plc (NASDAQ:TEAM) is a Sydney, Australia-based software company with a $73.0 billion market capitalization, and is currently spearheaded by its CEOs, Mike Cannon-Brookes and Scott Farquhar. Atlassian Corporation Plc (NASDAQ:TEAM) delivered a -24.39% return since the beginning of the year, while its 12-month returns are up by 29.33%. The stock closed at $288.31 per share on March 21, 2022.

Here is what Tao Value has to say about Atlassian Corporation Plc (NASDAQ:TEAM) in its Q4 2021 investor letter:

"We have no new position this quarter and have made below changes to our portfolio. We trimmed Atlassian (TEAM) for the first time since our initial purchase, for its high valuation as well as to control its relative size."

Software
Software

Our calculations show that Atlassian Corporation Plc (NASDAQ:TEAM) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Atlassian Corporation Plc (NASDAQ:TEAM) was in 69 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 60 funds in the previous quarter. Atlassian Corporation Plc (NASDAQ:TEAM) delivered a -24.25% return in the past 3 months.

In February 2022, we also shared another hedge fund’s views on Atlassian Corporation Plc (NASDAQ:TEAM) in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.