Investment veterans Duan Yongping and Li Lu have disclosed their 13F reports for the fourth quarter of 2025, revealing their latest portfolio adjustments.

Duan Yongping's H&H International Investment managed a portfolio valued at approximately $17.489 billion (over RMB 120.4 billion), while Li Lu's Himalaya Capital Management held positions worth around $3.57 billion (about RMB 24.6 billion).

Both investors maintained their value investing principles but demonstrated adaptability to market dynamics. Duan pursued an aggressive transformation toward AI investments, while Li opted for structural fine-tuning, particularly through Alphabet as a comprehensive AI play.

Duan's portfolio showed reduced exposure to Apple, though it remained his largest holding at 50.3% of the portfolio. He initiated positions in three AI-related companies: CoreWeave, Credo, and Tempus. Notably, he increased his stake in NVIDIA by 6.64 million shares—a 1,110% quarter-over-quarter rise—making it his third-largest holding at 7.72% of the portfolio. Top positions in Berkshire Hathaway and Alphabet were also expanded.

Li Lu's portfolio saw minimal turnover but included one new position and one liquidation, maintaining nine holdings total. Alphabet remained his top holding, comprising over 43% of his portfolio through both GOOGL and GOOG share classes. He newly established a position in Crocs, a consumer brand with strong customer loyalty and high profit margins, aligning with his focus on durable competitive advantages and long-term cash flow generation.

Duan's strategic shift emphasized AI infrastructure and applications, with significant additions to NVIDIA, Taiwan Semiconductor Manufacturing Company, and Microsoft. He also trimmed positions in ASML, Alibaba, and Occidental Petroleum.

Li maintained substantial exposure to financial stocks, including Bank of America and East West Bank, which together accounted for nearly 25% of his portfolio. Both investors held meaningful stakes in PDD Holdings, reflecting shared confidence in the company's global expansion and business efficiency.

While Duan concentrated on hardware and software ecosystems, Li favored companies with integrated AI capabilities spanning models, chips, and applications. Their approaches illustrate divergent interpretations of technological moats within a value investing framework.