H&H International Investment

I. Institutional Overview: The Psychological Portrait and Strategic Scale of H&H International Investment

The 13F filing for the fourth quarter of 2025 from H&H International Investment, the investment vehicle widely associated with the legendary value investor Duan Yongping, reveals a portfolio that is both a testament to disciplined "Old School" value principles and a bold embrace of the burgeoning artificial intelligence (AI) revolution. Managing a reported...

Scale and Concentration: The Power of Focus The reported value of $17.49 billion, while substantial, is distributed across a remarkably narrow list of companies. This results in an average position size of over $1.2 billion per stock, though in reality, the distribution is even more skewed. The top-heavy nature of the portfolio, where the largest holding...

The Evolution of the "Circle of Competence" Historically, Duan Yongping has been known for his early and massive bet on Apple (AAPL) and his close philosophical alignment with Warren Buffett’s Berkshire Hathaway. The Q4 2025 data shows that while these "ballast" positions remain the foundation of the portfolio, there is a distinct evolution occurring. The...

• AI and Digital Transformation (Tech)
• Compounding Value and Resilience (Financials/Berkshire)
• Global E-commerce Efficiency (Consumer Discretionary)