Duan Yongping's Q2 big bet on AI: Google's holdings surged by 75%, NVIDIA increased its position by nearly 50%, while also adding to Apple and PDD
H&H Fund's latest portfolio adjustments include: aggressively increasing its holdings in Alphabet - C by 830,000 shares (an increase of 75.17%) and NVIDIA by 320,000 shares (an increase of 49.56%), firmly reaffirming its "faith recharge" in AI. At the same time, it reversed the previous trend by increasing its position in Apple by 2.61%, while PDD received an 11.72% increase, maintaining its position as the third-largest holding; on the reduction side, Occidental Petroleum decreased its holdings by 1.95%, while Alibaba, Microsoft, and others were also reduced, leading to a significant increase in portfolio concentration
The latest holdings of well-known investor and Buffett's "value investing" follower Duan Yongping have been revealed: significantly increasing positions in AI stocks Google and NVIDIA, adding to Apple and PDD, while reducing holdings in Alibaba and Microsoft.
On August 14 local time, H&H International Investment, managed by Duan Yongping, submitted a 13F holding report to the U.S. Securities and Exchange Commission (SEC) for the period ending June 30, 2025, revealing its portfolio adjustments in the second quarter.
The report shows that the total market value of the institution's holdings reached $11.53 billion. As of June 30, Apple Inc. held an absolute core position in Duan Yongping's portfolio with a market value of $7.2 billion, accounting for over 62% of the entire portfolio. Following closely is Buffett's Berkshire Hathaway, accounting for about 14.2%. Next are PDD-ADR (7.86%), Occidental Petroleum (4.94%), and Alibaba Group Holding-SP ADR (3.68%).
Reversal Operation, Re-adding to "Favorite" Apple
The most noteworthy signal this quarter is Duan Yongping's iconic reversal in operations regarding his top holding, Apple. After several consecutive quarters of slight reductions, H&H re-purchased 894,000 shares of Apple stock in the second quarter, equivalent to a 2.61% increase in shareholding.
This "buyback" action occurred during a period of ongoing controversy regarding the future prospects of this tech giant, undoubtedly conveying Duan Yongping's reaffirmation of Apple's long-term value, solidifying Apple's dominant position in his investment landscape.
AI "Faith Recharge": Increasing Holdings of Nearly 320,000 Shares of NVIDIA and 830,000 Shares of Google
If increasing holdings in Apple is a "return to the original intention," then the layout in the AI field shows a more aggressive stance. During the reporting period, Duan Yongping made significant increases in his holdings of NVIDIA and Google.
He increased his holdings of NVIDIA by nearly 320,000 shares, resulting in a 49.56% surge in shareholding, which undoubtedly reflects a strong bullish outlook on the future prospects of the AI computing leader.
Even more astonishing is the increase in holdings of Google, where H&H aggressively bought over 830,000 shares this quarter, leading to a 75.17% surge in shareholding. This series of operations clearly indicates that Duan Yongping is highly concentrating funds on what he identifies as core AI targets, demonstrating firm belief and proactive layout in this sector However, his attitude towards the "AI trio" - NVIDIA, Microsoft, and TSMC has shown a clear differentiation. He did not fully bet on all tech giants, but instead made slight reductions in his positions in Microsoft and TSMC, indicating that while he is optimistic about the AI sector, he still conducts careful selection and judgment regarding specific investment targets.
Continued Investment: Firmly Optimistic About PDD
In terms of Chinese concept stocks, Duan Yongping has continued to favor PDD.
Following an increase in the first quarter, he once again purchased over 900,000 shares of PDD in the second quarter, with his holdings increasing by 11.72%. This consistent accumulation has made it the third-largest position in Duan Yongping's investment portfolio, and it has become his most steadfast choice among Chinese concept stocks, reflecting his high recognition of PDD's business model and growth potential.
Following Buffett? Minor Adjustments in Step
Duan Yongping has always been regarded as a loyal follower of Buffett, and the influence of the "Oracle" can be seen in his holdings. In the second quarter, H&H remained steady with its second-largest position in Berkshire Hathaway, making no transactions. However, regarding another "Buffett concept stock," Occidental Petroleum, Duan Yongping made slight adjustments, reducing his holdings by 270,000 shares, a decrease of 1.95%. Additionally, Duan Yongping reduced his position in Alibaba.
