Dan Bin's latest holdings are here! The largest position remains NVIDIA, with first-time purchases of Alibaba and Broadcom, and significant reductions in Amazon and Netflix

The Dongfang Gangwan Overseas Fund, led by Dan Bin, submitted a 13F report to the U.S. Securities and Exchange Commission, revealing its holdings dynamics for the third quarter of 2025.

The Dongfang Gangwan Overseas Fund managed approximately USD 1.292 billion (about RMB 9.2 billion) in the third quarter, an increase from USD 1.127 billion in the second quarter, with the number of holdings rising from 13 in the second quarter to 17.

The top ten heavy positions remain dominated by technology leaders, accounting for a total weight of 92.45%, which include NVIDIA, Google C, 3x Long FANG+ Index ETN, 3x Long Nasdaq 100 ETF, Meta, Microsoft, Tesla, Apple, COINBASE, and Alibaba.

(This article contains objective data information and does not constitute any investment advice.)

Dan Bin's adjustments in the third quarter can be summarized as "three major purchases" and "two major reductions":

"Three Major Purchases"

① First-time purchase of Alibaba: This is one of the most notable and significant operations in the third quarter, with a new purchase of 221,000 shares, marking the first purchase since the 13F records began, accounting for 3.06% of the portfolio, newly entering the top ten heavy positions.

On September 17, Dan Bin stated on social media that it is very meaningful for internet giants like Alibaba and Tencent to reach historical highs! He used Alibaba as an example, noting that the current market value of the stock is only 15.25% of Amazon's, believing that there is significant value re-evaluation space for Chinese internet companies compared to U.S. giants.

It is worth mentioning that on September 22 of this year, Wall Street star fund manager Cathie Wood made her first investment in Alibaba in four years and simultaneously increased her holdings in Baidu and other Chinese tech stocks, which sparked heated discussions in the market about the value re-evaluation of the Chinese tech sector.

② Strengthening the AI industry chain layout, with new investments in two important semiconductor companies: Broadcom and Astera Labs.

Dan Bin believes that Broadcom's customized ASIC chips are complementary to NVIDIA's GPUs rather than substitutes, and that both will develop in parallel to meet differentiated AI infrastructure needs, marking an extension of his AI investments from core chip leaders to a broader range of industry chain segments.

③ Entering the cryptocurrency asset field, with a new purchase of BitMine Immersion Technologies (BMNRD, a company involved in cryptocurrency mining and cooling technology), continuing the operation of the newly added cryptocurrency asset Coinbase from the second quarter, reflecting Dan Bin's interest in emerging assets like cryptocurrencies

"Two Major Reductions"

① Significant Reduction in Amazon and Netflix: The holdings in these two companies were reduced by 50% and 71.5% respectively, causing them to exit the top ten holdings.

The stock prices of both companies were at relatively high levels in the third quarter, with the latter experiencing a 10% pullback from its high in the third quarter.

Due to the operating profit margin in the third quarter falling short of expectations, Netflix dropped over 10% overnight, marking its largest single-day decline since April 2020.

Major Wall Street firms have also lowered their target prices for Netflix, with JP Morgan reducing its target price from $1300 to $1275, and Wedbush Securities and Piper Sandler lowering their target price from $1500 to $1400.

② Adjustment of Leveraged Products: In terms of leveraged tools, a new position was taken in a 2x long GOOGL ETF, while the 2x long NVIDIA ETF was completely liquidated.

This operation, while maintaining the overall proportion of leveraged products (21%), may reflect Dan Bin's further optimism about the certainty of Google's AI business development, or a tactical adjustment due to NVIDIA's rapid short-term gains.

It is noteworthy that Dan Bin has continuously reduced his holdings in NVIDIA for two consecutive quarters in the first half of this year while increasing his position in Google, significantly adding approximately 267,000 shares in the second quarter, which propelled Google from the sixth largest holding to the second largest holding, reflecting the evolution of Dan Bin's strategy in AI layout.

Dan Bin has repeatedly stated that artificial intelligence is not a short-term hotspot, but a major technological revolution that may last 10-30 years.

He believes that investment must seize the opportunities of this era. Therefore, Dongfang Hongyuan's holdings are closely centered around the AI industry chain layout, with the current focus mainly on the AI foundational layer (NVIDIA), while also paying attention to the AI vertical application layer, where Google and Meta play key roles in the implementation of AI applications and ecological empowerment.

The performance of Dongfang Hongyuan over the past two years has indeed been noteworthy, as it has achieved the championship in private equity performance for two consecutive years in 2023 and 2024. After a sharp pullback in April this year, it experienced a V-shaped rebound, and its performance has strengthened again.

Regarding the recent "AI trillion capital closed loop" bubble theory surrounding OpenAI, Dan Bin expressed his firm optimism about AI when discussing the controversies brought by NVIDIA's cooperation with OpenAI on October 8: "Perhaps it hasn't reacted in time, or perhaps the laws of the market itself are at play. After a day of worry on Wall Street about the 'AI bubble,' related companies are basically up or even significantly up tonight. Still, the risk of missing an era at this moment is far greater than the risk of a bubble."

When asked about his views on the era of artificial intelligence in August, Dan Bin's answer was unsurprising: artificial intelligence! He believes:

【The next ten years are expected to be a key core period for the development of artificial intelligence, which will be an important window for investors to embrace epoch-making changes and seize historic opportunities. The intelligent revolution (AI) is comparable to the steam revolution and is expected to initiate a new round of social wealth expansion.】

What are the subsequent investment directions?

Dan Bin's answer is:

【Currently, investing in the field of artificial intelligence is one of our main directions, and we will also pay attention to quality investment targets in markets such as A-shares, Hong Kong stocks, and U.S. stocks. In terms of investment strategy, we will focus on leading enterprises in mature industries while also looking for potential investment opportunities in emerging fields.】

Author of this article: Nan Yi, Source: ETF Evolution, Original title: "Dan Bin's Latest Holdings Are Here! First Purchase of Alibaba"

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