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Duan Yongping's 2026 Q2 13F cut the AI mega-cap book in half while rotating into Chinese e-commerce. NVDA −54.6% shares to $1.26B, GOOG −46.9% to $700M, MSFT −25.8% to $280M. AAPL was trimmed for the first meaningful cut in years, −6.4% shares (still #1 at $7.84B / 41.1% of AUM). PDD added +26.7% shares to $1.91B. New: BABA $30M starter. Exited: TSM ($51M) and CRWD. AI-related holdings total $11.7B across 11 names (61% of AUM).
| Ticker | Company | Value | Shares | % of book | |
|---|---|---|---|---|---|
| BABA | Alibaba Group | China internet | $30M | 260K shares | 0.2% |
| Ticker | Name | Note |
|---|---|---|
| TSM | Taiwan Semiconductor | small semi position closed ($51M in Q1) |
| CRWD | CrowdStrike | small SaaS position closed |
| Ticker | Q2 value | Change | Direction |
|---|---|---|---|
| PDD | $1.9B | +26.7% | ADD |
| NVDA | $1.3B | -54.6% | TRIM |
| GOOG | $700M | -46.9% | TRIM |
| AAPL | $7.8B | -6.4% | TRIM |
| MSFT | $280M | -25.8% | TRIM |
| UNH | $170M | -33.6% | TRIM |
Q2 marks the first quarter Duan cut both AAPL and the AI mega-caps in the same period — a coordinated de-risk after the 2024-2026 AI rally. Rotation into PDD (+27% shares) plus a BABA starter continues the Chinese-tech value thesis; TSM's small exit is consistent with owning NVDA and Apple as the semis proxy. BRK/B (Buffett) and OXY (Buffett follow) held flat as the value anchor.
Figures are computed from the latest 13F-HR filing (period 2026-06-30); the filing is authoritative.