In the second quarter of 2026, prominent investor Duan Yongping's H&H International Investment filed a 13F report showing a portfolio valued at $19.10 billion. The filing reveals a significant shift in holdings, with a notable reduction in several AI-related mega-cap stocks and an increased bet on Chinese e-commerce. The portfolio remains highly concentrated, with Apple and Berkshire Hathaway continuing to be the top two holdings, collectively accounting for over 65% of the total portfolio value.
The most significant changes included a substantial increase in the firm's stake in PDD Holdings, with the addition of over 5.27 million shares. Conversely, H&H significantly reduced its positions in NVIDIA by approximately 54.6% and Google by about 46.9%. The firm also completely exited its position in Taiwan Semiconductor (TSM).
These moves are being interpreted by some as a coordinated de-risking from the AI sector following a strong rally and a rotation into Chinese tech companies. In addition to the PDD increase, the firm also initiated a small new position in Alibaba. The reductions in high-flying tech names and the increased exposure to Chinese consumer-focused companies suggest a strategic pivot based on valuation and regional opportunities.