Duan Yongping - H&H International Investment Investment Strategy & Portfolio Analysis

According to the SEC 13F filed on Aug 14, 2026, Duan Yongping's H&H International Investment portfolio reflects a highly concentrated, high-conviction approach across 18 reported 13F positions as of quarter-end Jun 30, 2026. Portfolio returns are primarily driven by a small set of mega-cap compounders, with the top five holdings accounting for approximately 89% of total exposure and Apple alone contributing ~41%. While the portfolio includes 18 positions, economic outcomes are highly concentrated in a narrow set of large-cap technology and growth-oriented names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments is elevated relative to peers, with performance anchored in growth-oriented names across technology, financials, and consumer discretionary. The portfolio exhibits extremely low turnover, reinforcing a patient, conviction-led investment approach. Distinctive traits include Long-Term Holder, Highly Concentrated, Economically Concentrated.