Duan Yongping's latest portfolio adjustment: reducing holdings in Apple and Google, increasing holdings in PDD, and establishing positions in Microsoft, NVIDIA, and Taiwan Semiconductor

According to regulatory filings submitted to the U.S. Securities and Exchange Commission (SEC) on Thursday, HH&H International Investment, managed by Duan Yongping, increased its holdings in PDD and Occidental Petroleum in the first quarter, while establishing positions in Microsoft, NVIDIA, and Taiwan Semiconductor, and reducing its stakes in Apple, Google, and six other stocks.

Notably, by the end of the first quarter of 2025, Duan Yongping's U.S. stock portfolio reached a size of $12 billion, down 15.95% from the previous quarter's $14.5 billion. However, the number of holdings increased from 8 in the fourth quarter of last year to 11.

Increased holdings in PDD, established positions in Microsoft, NVIDIA, and Taiwan Semiconductor

The 13F filing shows that Duan Yongping continued to increase his holdings in PDD in the first quarter, adding 525,200 shares, a 7.27% increase, bringing his total holdings to 7.7539 million shares, with a market value exceeding $900 million, making it the third-largest position.

Duan Yongping is an angel investor in PDD. During a visit to his alma mater, Zhejiang University, on January 5, he stated, "Currently, the only Chinese companies that have truly achieved globalization are probably PDD and Douyin; other companies may be more regionally globalized."

More notably, Duan Yongping established three new positions in the first quarter, namely Microsoft, NVIDIA, and Taiwan Semiconductor, which are three highly representative companies in the AI industry.

As an AI strategic investor, Microsoft has invested over $13 billion in OpenAI, becoming the largest supporter behind ChatGPT. Additionally, Microsoft's Azure cloud platform provides computational power support for AI training and inference. NVIDIA is a supplier of core AI hardware, holding over 80% of the AI chip market share. Taiwan Semiconductor is a high-end chip manufacturer.

Specifically, in the first quarter, Duan Yongping purchased 299,200 shares of Microsoft, with a holding value of $112 million, accounting for 0.94% of the portfolio; he bought 645,100 shares of NVIDIA, with a holding value of $69.915 million, accounting for 0.58%; and he acquired 271,800 shares of Taiwan Semiconductor, with a holding value of $45.117 million, accounting for 0.38%.

It is worth noting that in the first quarter, Duan Yongping also increased his holdings in Occidental Petroleum, adding 249,100 shares, a 1.83% increase, bringing his total holdings to 13.82 million shares, with a market value exceeding $680 million, making it the fourth-largest position.

Reduced holdings in Apple, Google, and six other stocks

The 13F filing shows that in the first quarter, Duan Yongping reduced his holdings in six stocks including Apple, Alibaba, and Google. Specifically:

In the first quarter, he reduced his holdings in Apple by 6.6404 million shares, a decrease of 16.25%. He currently holds 34.22 million shares, with a market value of $7.6 billion, accounting for 63.33%, still ranking as the largest position.

He reduced his holdings in Alibaba by 1.4687 million shares, a decrease of 26.94%. He currently holds 3.98 million shares, with a market value of $526 million, accounting for 4.39%, ranking as the fifth largest position.

He reduced his holdings in Google Class C shares by 2.6559 million shares, a decrease of up to 70%. He currently holds 1.11 million shares, with a market value of $170 million, accounting for 1.45%.

In addition, Duan Yongping also reduced his holdings in Warren Buffett's Berkshire Hathaway Class B shares and the vaccine stock Moderna in the first quarter, with Moderna's holdings accounting for only 0.02%, nearing liquidation