For information and research only. Not investment advice.
13F filings
H&H International
Duan Yongping
Performance
Assuming an initial $100,000 · Benchmark: S&P 500
Hypothetical
Replication modeTop 5Top 10>1%
YTD1Y5Y8YAll
CompoundFixed
Gains are reinvested — principal and returns grow together.
Backtest through 2026-07-28
After filingAt quarter endBenchmark · S&P 500
After filing — buys the holdings only once the filing is public — about 45 days after the quarter ends. The path someone could actually have taken.
At quarter end — pretends the same holdings were bought on the last day of the quarter, before anyone could have known them. Not possible in reality — shown dashed for comparison only.
Benchmark — S&P 500 (SPY) total return over the same window — what doing nothing but holding the market would earn.
Hypothetical backtest — not a real trading record. Simulated on public data from 2019-04: each position is bought only after the filing became public (using no information unavailable at the time), with trading costs deducted, on a total-return basis. Past performance does not predict future results.
All metrics below are computed on the After-filing curve.
Return?
26.1%
Compound annual return over the sample.
Risk?
26.9%
How much returns swing (annualized stdev); lower is steadier.
Return vs risk?
1.00
Return ÷ volatility; higher is better.
Beat SPX?
+10.5%
Annualized gain over the S&P.
Excess?
+9.0%
The strategy's own annual excess, apart from the market.
Significance?
t=1.38 · moderate
t-value: how solid the excess is — higher is more reliable.
Max DD?
−31.6%
Largest peak-to-trough fall.
Leverage?
1.09×
How many times it rises and falls together with the market.
Longest recovery?
17 mo
Longest wait from a peak back to a new high.
About
Duan Yongping
Duan Yongping is an entrepreneur-turned-Buffett-style investor who buys only businesses he understands and holds companies that can compound for the long term. As the founder behind BBK and the parent of OPPO and vivo, his well-known positions in NetEase and Apple have become classic case studies in the Chinese-speaking investment world.
Holdings & changes
Replication modeTop 5Top 10>1%
Current holdingsPosition changes
2026-Q1 filing · filed 2026-05-19
>1% · filed weights
Others 24.3%
Ticker
Name
Weight
vs last filing
AAPL
Apple Inc.
36.7%
−13.6 ▼
NVDA
Nvidia Corp
12.1%
+4.3 ▲
PDD
PDD Holdings Inc. American Depositary Shares
10.1%
+2.6 ▲
TSLA
Tesla, Inc. Common Stock
6.3%
New
GOOG
Alphabet Inc. Class C Capital Stock
5.3%
+2.0 ▲
OXY
Occidental Petroleum Corporation
3.3%
+0.2 ▲
MSFT
Microsoft Corp
1.9%
−0.5 ▼
Risk
The replication is built from public filings: ~45-day lag, US long stock positions only; replication returns are not the fund’s real returns, and the manager may have traded since.
Past / backtested performance does not predict the future. Masterfolio is an information service / publisher, not an investment adviser.