Duan Yongping’s Q2 Portfolio: Major Tech Trims, Focus on Chinese E-Commerce

The latest 13F filing with the U.S. Securities and Exchange Commission reveals that H&H International Investment, managed by renowned investor Duan Yongping, held a portfolio valued at approximately $19.1 billion at the end of the second quarter. This marks a slight decrease from the $20 billion reported at the end of Q1, highlighting significant strategic adjustments during the period.

Additions and New Positions: Doubling Down on E-Commerce and Value

The buying activity points to concentrated confidence in specific sectors.

  • Initiated a position in Alibaba: This move is particularly notable, suggesting a potential value opportunity identified in the Chinese e-commerce giant after a prolonged downturn.
  • Increased stake in PDD Holdings: Further building upon an existing position, indicating sustained belief in the social commerce platform's growth trajectory.
  • Added to Berkshire Hathaway Class B shares: A continued alignment with Warren Buffett's value investing philosophy, serving as a stabilizing core holding.
  • Bought more Disney shares: Despite industry headwinds, the addition may reflect patience with the company's long-term brand strength and streaming business restructuring.

Reductions and Exits: Taking Profits and Strategic Realignment

The selling was equally decisive, primarily targeting high-flying technology leaders.

  • Sharply reduced Nvidia holding: Likely represents partial profit-taking or a valuation assessment following the stock's massive AI-driven rally.
  • Cut positions in Alphabet (Google) and Microsoft: Trimming exposure to these tech behemoths may aim to rebalance overall sector risk.
  • Exited Taiwan Semiconductor Manufacturing (TSMC): The complete sale of the chipmaking leader could relate to geopolitical risk considerations or industry cycle views.
  • Sold out of CrowdStrike: Exiting the cybersecurity firm might signal a changed outlook on the software sector or the specific company.

In summary, Duan's Q2 maneuvers reflect a strategy of locking in gains from select high-valuation tech stocks while identifying and accumulating assets perceived to offer better value. The new bet on Alibaba and increased commitment to PDD underscore a renewed focus on core Chinese e-commerce assets. These shifts provide key insights into the thinking of a closely watched investment figure.