H&H International Investment Q4 2025 13F Holdings and Activ…

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 value of approximately $17.49 billion , H&H International Investment represents a significant "smart money" force in the global markets. However, unlike many institutional giants that manage thousands of positions to mirror indices, H&H operates with a level of concentration that is rare among funds of this scale. With only 14 holdings , the institution reflects a "high conviction" psychological portrait, suggesting that the investment team—and Duan Yongping himself—only allocates capital when they believe they have found an extraordinary "fat pitch."

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II. Sector Allocation Analysis: Macro Signals and Track Selection

The 62.82% weight in Technology is the defining characteristic of this portfolio. However, "Technology" is a broad term. Within H&H’s holdings, this weight is split between "Consumer Tech" (Apple) and "Enterprise/Infrastructure Tech" (NVIDIA, Microsoft, TSM, ASML). The significant additions to NVIDIA and TSM this quarter signal a macro judgment that the AI hardware cycle still has significant "runway." By allocating over 60% of the portfolio to this sector, H&H is essentially stating that the most efficient way to capture global economic growth is through the companies that own the digital platforms and the silicon that powers them.

The 20.63% allocation to Financials is almost entirely comprised of Berkshire Hathaway (BRK.B) . In the context of H&H’s strategy, Berkshire functions as a "synthetic cash" or a "low-volatility anchor." While the Technology sector provides the "alpha" (excess returns), the Financials sector provides the "beta" and stability. The fact that H&H increased its Berkshire position by over 38% this quarter suggests a desire to increase the portfolio's resilience. In an environment of potential market volatility or economic uncertainty, Berkshire’s diversified cash-flow-generating businesses (insurance, energy, rail) provide a safety net that pure-play tech stocks cannot.

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III. Top 10 Holdings Deep Dive: Portfolio Cornerstone and Core Logic

The Top 10 holdings of H&H International Investment represent 99.22% of the total reported value. This is a "conviction-weighted" portfolio where the performance of the top three names dictates the overall success of the fund.

The Top 10 reveals a "Barbell Strategy": This structure allows the fund to capture explosive upside from the AI revolution while maintaining a "floor" provided by the world’s most resilient balance sheets (Apple and Berkshire).

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IV. Major Buys/Additions: Offensive Direction and Capital Flow

This suggests an "Inventory Reallocation" strategy. H&H is moving away from "mature tech" (Apple, ASML) and "legacy energy" (OXY) toward "infrastructure tech" (NVDA, TSM, MSFT) and "resilient value" (BRK.B). This move significantly increases the portfolio's "offensiveness" and its sensitivity to the AI cycle.

By adding heavily to NVIDIA and TSM, H&H has increased the portfolio’s overall valuation (P/E ratio) and its volatility. However, they have balanced this by adding $1 billion to Berkshire. This is a sophisticated "Barbell" adjustment—increasing both the potential for explosive growth and the strength of the defensive floor.

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V. Major Sells and Exits: Risk Avoidance and Strategy Adjustment

While the fourth quarter was defined by aggressive buying, H&H International Investment also made several strategic retreats. These reductions provide critical insights into what the institution considers "fully valued" or "structurally challenged."

This "Portfolio Slimming" has made the fund more focused and more aligned with the current market leadership. The cash recouped (approx. $800M+) was immediately put to work in Berkshire and NVIDIA, showing a very active and deliberate "Sell A, Buy B" rotation.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

H&H is not betting on "AI apps" yet (with the exception of Microsoft). Instead, they are betting on the "Shovels and Picks." By owning NVIDIA, TSM, and CoreWeave, they are capturing the capital expenditure (CapEx) of the entire world. This is a "high-certainty" way to play a speculative trend—owning the infrastructure that everyone must use, regardless of which AI application eventually wins the market.

Disclaimer: This analysis is provided for informational and educational purposes only. It does not constitute investment advice, financial guidance, or an offer to buy or sell any securities. All investments involve risk, including the loss of principal. Investors should conduct their own research or consult with a professional financial advisor before making any investment decisions. The author and the data source (13radar) are not responsible for any financial losses resulting from the use of this information.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.