Tao Capital Management LP

2. Key Holdings

The portfolio is dominated by three major positions, each representing a significant bet on specific sectors:

• Tesla, Inc. (TSLA): As the largest holding, TSLA comprises 37.07% of the portfolio ($38.36 million). Despite the reduction in overall portfolio value, the share count remained unchanged at 86,000 shares, suggesting the firm maintained its conviction in the consumer cyclical giant throughout the quarter.
• Ouster, Inc. (OUST): Ouster is the second-largest holding, representing 29.42% of the portfolio ($30.44 million). With 1.13 million shares held, this technology stock indicates a strong focus on the lidar and autonomous driving sector. The stability of the share count (1 of 7 unchanged positions) suggests no profit-taking or accumulation occurred despite market fluctuations.
• Twist Bioscience Corporation (TWST): This healthcare position occupies 22.54% of the portfolio ($23.32 million). With 829,000 shares, Tao Capital maintains a substantial stake in the synthetic biology and genomics space.

3. Sector Allocation

The portfolio displays a distinct sector tilt with little regard for traditional defensive diversification.

• Consumer Cyclical (37.07%): Entirely represented by Tesla, this sector provides the portfolio's largest exposure.
• Technology (29.42%): Driven primarily by Ouster, this allocation highlights a focus on innovative hardware and sensing technologies.
• Healthcare (29.50%): This sector is surprisingly well-represented relative to the portfolio size, driven by Twist Bioscience (22.54%), Warby Parker (3.58%), and the new position in 10x Genomics (2.38%).
• Unknown (5.00%): A small portion of the portfolio is allocated to holdings not clearly categorized in the standard sectors (908 Devices, Sonder Holdings, and Ginkgo Bioworks).