Duan Yongping Q3 holdings: significantly increased holdings in Berkshire Hathaway, reduced NVIDIA holdings by 38%, decreased positions in Apple, Pinduoduo, and Alphabet, and established a position in ASML

In the third quarter, the well-known investor Duan Yongping, known as the "Chinese Buffett," made significant adjustments to his trillion-yuan investment portfolio. Amid a general pullback in artificial intelligence concept stocks, he chose to reduce his holdings in technology stocks such as NVIDIA and significantly increased his position in Berkshire Hathaway while establishing a new position in ASML.

According to the latest disclosed 13F filing, the market value of H&H International Investment managed by Duan Yongping reached USD 14.7 billion at the end of the third quarter, an increase of 28% from USD 11.5 billion at the end of the second quarter. Among them, Berkshire Hathaway saw a substantial increase of over 53%, with its holding proportion rising to 17.78%.

At the same time, Duan Yongping significantly reduced his holdings in technology stocks. The holding of NVIDIA was cut by 38%, and Alibaba was also reduced by more than 25%. Although Apple remains the largest holding, its position was also slightly reduced.

This adjustment reflects Duan Yongping's cautious attitude in the current market environment, particularly a reassessment of high-valuation technology stocks, with his investment style shifting towards a greater emphasis on certainty and value safety margins.

Significant Reduction in Technology Stocks, Heavy Bet on Berkshire

As of the end of the third quarter, H&H International Investment held stocks in a total of 11 companies, with a total market value of approximately RMB 104.4 billion. Apple still occupies the position of the largest holding, with a market value of USD 8.869 billion, accounting for 60.42%. Berkshire Hathaway ranks second with a holding market value of USD 2.61 billion, accounting for 17.78%.

From the changes in holdings, in the third quarter, Duan Yongping significantly increased his position in Berkshire, with an increase of over 53%. On August 5, Duan Yongping publicly stated that he sold put options on Berkshire, believing that the price at that time was "not expensive." At that time, Berkshire's stock price had fallen to around USD 464, and it subsequently rose, with the current stock price around USD 504.

At the same time, Duan Yongping established a new position in ASML, the global leader in photolithography machines, indicating his continued optimism about the long-term value in the semiconductor equipment sector. While reducing his holdings in NVIDIA and other AI concept stocks, he is still actively positioning himself in segments of the semiconductor supply chain that possess core technology and pricing power. Over the past six months, ASML's stock price has risen by more than 34%.

In the third quarter, Duan Yongping reduced his holdings in several technology stocks, with the largest reduction in NVIDIA, reaching 38%. Alibaba was reduced by over 25%, and Apple, Pinduoduo, and Alphabet also experienced varying degrees of reduction Regarding AI investment, Duan Yongping recently stated, "I still don't quite understand AI," but believes that "at least we should get involved a bit, so as not to miss out." He specifically mentioned his admiration for NVIDIA CEO Jensen Huang, believing that his predictions from over a decade ago align perfectly with current developments.

Buffett and Duan Yongping Both Reduce Apple Holdings

On the investment value of Apple, Duan Yongping expressed a relatively cautious view. He believes Apple is "not cheap," and although there is still potential for it to double in the future, the certainty is not as strong as before. This judgment is consistent with his recent actions; after increasing his holdings by 894,000 shares in the second quarter, his company H&H again reduced its Apple holdings in the third quarter. Previously, Duan Yongping had been gradually reducing his Apple holdings for several consecutive quarters.

It is noteworthy that the "Oracle of Omaha," Buffett, has also shown a similar strategy. According to Wall Street Insight, as Buffett approaches retirement at the end of this year, the Berkshire Hathaway company he leads has also reduced its Apple holdings. The 13F filing shows that Berkshire reduced its Apple (AAPL) holdings by approximately 41.79 million shares in the third quarter, a decrease of over 14.9% compared to the end of the second quarter, with a reduction in market value of about $10.6 billion. This marks the second consecutive quarter that Berkshire has sold Apple shares, and the selling pressure in the third quarter was significantly stronger than in the second quarter.

Duan Yongping has a deep connection with Buffett. In 2006, he won a lunch with Buffett for $620,000, becoming the first Chinese winner. His investment philosophy is heavily influenced by Buffett, emphasizing the long-term value investment concept of "buying stocks is buying companies." The adjustments in the third quarter indicate that Duan Yongping supports Berkshire through his actions while both he and Buffett coincidentally reduced their Apple holdings.

From a market performance perspective, Apple's stock price has risen over 28% in the past six months.