Recently, the 13F holding report for the second quarter of 2024 in the US stock market by institutional investors has been disclosed, and the most well-known figures in the Chinese investment circle are Duan Yongping and Li Lu. The total market value of their holdings in the US stock market is nearly $20 billion, and they both made important moves in the second quarter.

Among them, the latest US stock holdings of H&H International Investment have reached $16.632 billion, an increase of $2.2 billion from the beginning of the year, equivalent to approximately 15.7 billion RMB. This fund is believed to be managed by Duan Yongping. Their biggest move in the second quarter was to increase their positions.$Occidental Petroleum (OXY.US)$And.$Alibaba (BABA.US)$.

Not only that, Duan Yongping has also been actively buying recently. $TENCENT (00700.HK)$.

On August 20th, Duan Yongping stated at an investment forum: 'Strive to sell 1,000 puts (selling put options to establish positions or collect premiums) every day, with the ultimate goal of reaching 1% of Tencent. We aim to achieve this goal in three to five years, but there is no insistence.' When an investor asked if 1% of Tencent meant 35 billion Hong Kong dollars, does this mean they are very bullish on Tencent?'

The latest US stock holdings of Himalaya Capital, overseen by Li Lu, are 2.662 billion USD, an increase of 0.3 billion USD from the end of last quarter. The biggest move in the second quarter was the new purchase of Occidental Petroleum. In the group of investors in Occidental Petroleum, from the stock god Warren Buffett to Duan Yongping, Li Lu has now been added.

Duan Yongping buys Tencent again.

In the Chinese investment circle, Duan Yongping is recognized as an investment guru, who once gained fame through investment.$NetEase (NTES.US)$He then held a heavy position. $Apple (AAPL.US)$ And Maotai, and has been holding until now. At the same time, Duan Yongping is also willing to share his understanding of investment and enterprise business models on the forum, and is willing to spend time communicating with ordinary investors.

Recently, Duan Yongping has been frequently talking about Tencent on the investment forum and has once again bought Tencent.

On the afternoon of August 14, Tencent announced its second quarter results, with total revenue of 161.1 billion yuan, a year-on-year increase of 8%; operating profit of 58.4 billion yuan, a year-on-year increase of 27%; operating profit margin increased from 31% in the same period last year to 36%.

On August 15, Duan Yongping wrote: "Just bought some Tencent. I don't have any put options to sell, which is really troublesome. I've changed my order several times, but I can't even buy ten thousand shares with each order."

Duan Yongping gave his own understanding of Tencent: "If we consider Tencent's investment part, the PE (price-to-earnings ratio) has actually been below 20. We can assume that Tencent sells all its investments, pays off its debts, and uses all the money to repurchase shares. After that, calculating the PE will be more realistic."

On August 19, Duan Yongping wrote: "Started selling some Tencent put options (selling put options is actually bullish)."

On August 20, Duan Yongping said on the investment forum: "Strive to sell 1000 puts (selling put options to open positions or collect premiums) every day, and the ultimate goal is to put 1% of Tencent. Strive to achieve this goal in three to five years, but not force it."

These remarks instantly attracted great attention from investors on the forum. Is it 1% of the position held by Duan Yongping, or 1% of the total share capital of Tencent? An investor asked, 1% of Tencent is worth HKD 35 billion, which is a strong bullish view. In response, Duan Yongping replied, "Just opened an insurance company to earn some premiums, that's all." This implies that it is 1% of the total share capital of Tencent.

An investor asked further, "10 million yuan per day, 3 billion yuan per year, buy 1% of Tencent in 3-5 years, is that right?" Duan Yongping replied, "If it keeps dropping, it's possible, and I'm prepared for that. But mainly, I'm trading short-term puts to earn some premiums. Actually, the amount of funds used may be much less than it seems. Besides, if it goes up, I will stop."

Duan Yongping said, "I didn't plan to buy it all in one day. My method of buying it over three to five years should give me the opportunity to get it at a much cheaper price. Tencent is indeed a selling point for puts (not that it won't fall). My goal as a fund manager is actually to beat inflation, and selling Tencent puts has a high probability of achieving that."

Considering Duan Yongping's remarks, he highly recognizes Tencent's business model and sees the long-term value of Tencent. However, the current cost-effectiveness is not enough, so he plans to slowly build up positions through selling put options or collecting option premiums to obtain profit, hoping that Tencent will continue to decline and become cheaper.

It is worth noting that many netizens previously copied Duan Yongping's homework and bought Tencent. As Tencent's stock price continued to decline, Duan Yongping eventually stated that Tencent only accounted for 1% of his holdings, which left many investors feeling hurt.

In investment, one must be cautious about blindly copying others. Whether copying others' strategies is feasible or not also depends on one's own ability to truly understand their operations.

Slightly reducing holdings of Apple and increasing positions in Alibaba.

Recently, a company called H&H International Investment released its latest holdings in US stocks, with a scale of 16.632 billion US dollars (about 120 billion yuan), an increase of 2.2 billion US dollars (about 15.7 billion yuan) compared to the beginning of the year. This fund is believed to be managed by Duan Yongping.

The declaration document shows that this institution is headed by Eric Hu as the Chief Compliance Officer. The institution has two owners, and the other owner is Yongping Duan, whose name is the same as Duan Yongping's. At present, Duan Yongping has not publicly denied this.

The top holding of H&H Fund is Apple, and the fund slightly reduced its holdings of Apple in the second quarter, but it still accounts for 80.95% of the portfolio with a market cap of 13.464 billion USD. The second and third largest holdings are $Berkshire Hathaway-B (BRK.B.US)$ and $Alphabet-C (GOOG.US)$ , accounting for 9.54% and 5.54% of the portfolio.

The biggest move of the fund in the second quarter was to increase its holdings of Occidental Petroleum and Alibaba, with increases of 35.97% and 7.9% respectively. The end-of-period market values of the holdings were 0.454 billion USD and 97.26 million USD respectively.

From the perspective of this portfolio, it has made significant gains in the first half of this year, mainly due to the sharp rise in the stock price of the top holding, Apple, and the good performance of the second largest holding, Berkshire Hathaway.

Li Lu bought Occidental Petroleum as a new position.

Another well-known Chinese investor, Li Lu, manages the latest stock holdings of Himalaya Capital, which are valued at $2.662 billion, an increase of $0.3 billion from the end of the previous quarter, with a growth rate of 11%.

Li Lu's biggest move in the second quarter was to open a position in Occidental Petroleum, buying 1.4655 million shares, with a year-end shareholding market value of $92.4335 million, joining the ranks of Buffett and Duan Yongping in opening positions in Occidental Petroleum.

As of the end of the second quarter, Li Lu's portfolio consisted of a total of 7 symbols, with Google Class C and Class A together valued at over $1 billion, accounting for 39.88% of the portfolio as a whole. This is Li Lu's largest position, and in the second quarter, Li Lu slightly reduced his position in Google Class A by 16.45%.

In addition, Bank of America's shareholding market value reached $0.719 billion, accounting for 28.07% of the portfolio. Recently, Buffett has started to significantly reduce his position in Bank of America. It remains to be seen whether Li Lu will make any moves next.

Editor/new