The latest third-quarter holdings of H&H Investments, managed by renowned investment magnate Duan Yongping, have been revealed.
He's from my hometown, ; I know him, but he doesn't know me. [Shy]
According to H&H Investments' latest 13F filing with the U.S. SEC, H&H Investments manages 13F securities worth $14,678,516,884, holding 11 stocks:
New position: 80,000 shares of $ASML Holding NV(ASML)$ ; Increased position: $Berkshire Hathaway(BRK.B)$ ;
Reduced holdings: $Apple(AAPL)$ , $PDD Holdings Inc(PDD)$ , $Alibaba(BABA)$ , $Alphabet(GOOG)$ , $NVIDIA(NVDA)$ ;
$Occidental(OXY)$ , $Microsoft(MSFT)$ , $Walt Disney(DIS)$, and $Taiwan Semiconductor Manufacturing(TSM)$ remained unchanged.
The total market value of the holdings is $14.68 billion, approximately RMB 104.2 billion.
According to the Q3 2025 13F report, the top ten holdings accounted for 99.51% of the portfolio. Details of core holdings:
$Apple(AAPL)$ was the largest holding, with a market value of $8.869 billion, representing 60.42% of the portfolio;
$Berkshire Hathaway(BRK.B)$ ranked second with a market value of $2.61 billion, accounting for 17.78%;
$PDD Holdings Inc(PDD)$ ranked third with a holding of $1.133 billion;
Following these were $Occidental(OXY)$ ($640 million), Alibaba (BABA) ($500 million), and $Alphabet(GOOG)$ ($440 million), while the newly acquired $ASML Holding NV(ASML)$ amounted to $77.45 million, representing 0.53% of the portfolio.
Duan Yongping's largest holding, $Apple(AAPL)$ , which accounts for 60% of his portfolio, saw a slight decrease of 0.82% (approximately 290,000 shares) this quarter.
In the latest interview with Fanglue, Duan Yongping frankly admitted regarding Apple's (AAPL) stock price: "It's not cheap anymore." However, he added, "If you're willing to put your money in a bank and earn a little over one percent interest, you might as well buy Apple. Whether Apple will ultimately succeed, I don't really know. Of course, it has always been very strong; it has so many users. Where will AI ultimately be applied? Isn't it still on mobile phones? Apple could potentially double, triple, or even triple in value in the future, but I don't know. It's not that it's definitely going to fail, but it's not cheap."
The most significant move this quarter was the substantial increase in his holdings of $Berkshire Hathaway(BRK.B)$ . In the third quarter, Duan Yongping significantly increased his Berkshire Hathaway holdings by 1.81 million shares, an increase of 53.53%. Duan Yongping has repeatedly expressed his optimism about Buffett and Berkshire Hathaway: "The people Buffett chooses are never bad; their culture won't change. They're not a speculative company. Holding Berkshire Hathaway is definitely better than randomly buying a mutual fund."
Another noteworthy transaction was the purchase of 80,000 shares of $ASML Holding NV(ASML)$ , valued at approximately $77.45 million, ranking 10th. With the addition of this lithography giant, along with the existing holdings of Microsoft, Nvidia, TSMC, and Google, Duan Yongping's AI and semiconductor holdings now account for 5.77% of his portfolio, valued at approximately $850 million.
Recently, the topic of an AI bubble has been hotly debated, with differing opinions among institutions. In a recent interview with Fanglue, Duan Yongping discussed his views on the AI industry and on $NVIDIA(NVDA)$ , $Taiwan Semiconductor Manufacturing(TSM)$ , and $Alphabet(GOOG)$ . "I think you should at least get involved in AI; don't miss out. Completely missing out seems a bit inappropriate."
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