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Duan Yongping's H&H International Investment disclosed its Q1 2026 US stock holdings via a 13F filing with the SEC as of March 31. The portfolio's total market value reached $200.04 billion, representing a 14.4% increase from $174.89 billion at the end of 2025, with holdings expanding from 14 to 19 positions. The rebalancing reflects significant portfolio activity: eight new stock positions were initiated, seven existing positions were increased, three positions were liquidated, and four were reduced.
Duan's investment strategy emphasizes core holdings in established tech and financial companies while strategically adjusting exposure based on valuation and product developments. The portfolio adjustments, disclosed through regulatory filings, provide insight into his current investment thesis across major US-listed companies.
Portfolio Overview
As of March 31, H&H International Investment held 19 stock positions with a combined market value of $200.04 billion. This represented growth of $25.15 billion compared to the $174.89 billion portfolio value at the end of 2025. The portfolio underwent significant rebalancing during the quarter, with eight new positions established, seven positions increased, four positions reduced, and three positions fully liquidated.
New Position: Tesla
Duan Yongping initiated a new position in Tesla during Q1 2026, accumulating shares worth $12.67 billion at quarter-end. Tesla immediately became the portfolio's fifth-largest holding, representing 6% of total holdings.
In February 2026, Duan stated that his view of Elon Musk personally had not changed significantly, but acknowledged that Musk's products are "truly remarkable." On May 2, Duan shared on social media that since acquiring a Tesla Model Y, he has not driven his Rolls-Royce SUV for an extended period.
Duan also established a new position in UnitedHealth during the quarter, purchasing 600,000 shares valued at $163 million at quarter-end, making it the portfolio's ninth-largest holding.
Increased Positions
PinDuoDuo: Duan added more than 8 million shares of PinDuoDuo during Q1 2026. The position grew to 10.09% of the portfolio with a market value of $20 billion, becoming the fourth-largest holding.
NVIDIA: The portfolio increased its NVIDIA position by more than 6.6 million shares. NVIDIA holdings rose to 12.07% of the portfolio with a market value of $24 billion, becoming the third-largest holding.
Berkshire Hathaway B: Duan added 1.97 million shares of Berkshire Hathaway B stock. The position expanded to 20.63% of the portfolio with a market value of $44 billion, making it the second-largest holding.
Additional increases: The portfolio also added to positions in Google and Disney during the quarter.
Reduced Positions
Apple: Despite remaining the portfolio's largest holding, Apple saw significant reduction activity. Duan reduced the Apple position by 3.41 million shares, representing a 10.55% decrease in holdings. Apple's portfolio weight declined to 36.72%, with a market value of $73.46 billion.
On May 15, Duan commented on Apple via social media, stating: "Apple is very mature and will still grow. However, the current stock price is not cheap anymore. Although I'm somewhat reluctant to sell (selling some call options should be acceptable), I'm also not inclined to buy at this price level, even hesitant to sell puts. Previously, Apple represented 95% of my portfolio; now it's considerably less."
Western Petroleum: Duan reduced Western Petroleum holdings by 2.9111 million shares. The position represented 3.33% of the portfolio and was the seventh-largest holding.
TSMC: Taiwan Semiconductor Manufacturing Company saw the steepest reduction, with holdings cut by 87.65%. The position declined from 2.13% to 0.26% of the portfolio, approaching full liquidation.
Liquidated Positions
During Q1 2026, Duan fully liquidated three positions: Alibaba, ASML (the photolithography equipment manufacturer), and CoreWeave (the cloud computing company).
Portfolio Composition
The top holdings at quarter-end were:
- Apple: $73.46 billion (36.72%)
- Berkshire Hathaway B: $44 billion (20.63%)
- NVIDIA: $24 billion (12.07%)
- PinDuoDuo: $20 billion (10.09%)
- Tesla: $12.67 billion (6%)
- UnitedHealth: $1.63 billion (position)
- Western Petroleum: (3.33%)
