Duan Yongping's H&H Discloses Q2 2026 13F Holdings, Holding 18 Companies with a Total Market Value of Approximately $19.101 Billion
Renowned investor Duan Yongping's H&H International Investment disclosed its Q2 2026 13F holdings, holding 18 companies with a total market value of approximately $19.101 billion, down from about $20 billion at the end of Q1.
Apple, Berkshire B shares, and Pinduoduo are the top three holdings, with Apple holding a market value of approximately $7.84 billion, accounting for 41.05%, Berkshire B shares approximately $4.62 billion, accounting for 24.18%, and Pinduoduo approximately $1.91 billion, accounting for 9.99%.
Duan Yongping reduced his holdings in Apple by 1.8469 million shares, in NVIDIA by 7.5631 million shares, and in Google by over 1.7 million shares, while completely liquidating his positions in TSMC and cloud security company CRWD.
On the other hand, Duan increased his holdings in Pinduoduo by 5.2738 million shares, a 26.71% increase quarter-on-quarter, and initiated a new position in Alibaba with 301,400 shares, with a final holding market value of approximately $28.93 million.
The portfolio remains highly concentrated, with the top three holdings accounting for over 75% of the total.
From a market mechanism perspective, value investors are reducing their positions in overvalued tech stocks while increasing their stakes in e-commerce and insurance targets, with funds flowing from AI hardware and search towards consumer and long-term compound targets. Event-driven institutional positions are adjusting, with sentiment around Apple and NVIDIA under pressure, while attention towards Pinduoduo and Alibaba is increasing.
Supplementary data shows that H&H slightly increased its holdings in Berkshire B shares and Disney during the same period.
Source: Public Information
ABAB AI Insight
Duan Yongping, as the manager of H&H International Investment, is known for his extremely concentrated and long-term holdings in quality companies. He has previously emphasized that Apple's valuation is no longer cheap. Historical behavior shows that his adjustment pace is slow and focuses on fundamentals and safety margins.
In terms of capital strategy, he significantly reduced exposure to NVIDIA and Google in Q2 and replenished his position in Alibaba, motivated by the desire to control the volatility risk of high-growth tech stocks. At the same time, by increasing his stake in Pinduoduo and initiating a position in Alibaba, he aims to capture opportunities in China's e-commerce penetration and valuation recovery, strategically maintaining Apple and Berkshire as ballast.
Similar cases can be seen in Buffett-style concentrated holdings and other super investors' rebalancing operations during the tech bubble period. Currently, institutional holdings in the U.S. stock market are transitioning from AI themes back to quality and cash flow.
The structural judgment belongs to capital concentration: top investors redefine portfolio risk and return through significant adjustments in weight, mechanically causing funds to flow from short-term themes to companies with long-term pricing power, forcing the market to reassess the relative attractiveness of growth and value.
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