Ge Long Hui·2025-10-23 07:57Core Viewpoint - Dongfang Hongwan Overseas Fund, managed by Dan Bin, reported a significant increase in its holdings and management scale, reflecting a strategic focus on technology stocks and AI investments [1][9]. Group 1: Fund Performance and Holdings - The fund's management scale reached approximately $1.292 billion (about 9.2 billion RMB) in Q3 2025, up from $1.127 billion in Q2 2025 [1]. - The number of holdings increased from 13 to 17, with the top ten positions primarily in technology stocks, accounting for a total weight of 92.45% [1]. - The top holdings include Nvidia, Google C, and other major tech companies, indicating a strong focus on the technology sector [2]. Group 2: Investment Strategy - The fund made three significant purchases, including a first-time investment in Alibaba, acquiring 221,000 shares, which now represents 3.06% of the portfolio [6]. - The fund also expanded its AI industry chain by investing in semiconductor companies Broadcom and Astera Labs, indicating a shift from core chip leaders to a broader industry chain [6]. - A new investment in BitMine Immersion Technologies reflects the fund's interest in the cryptocurrency sector, following a previous investment in Coinbase [6]. Group 3: Adjustments in Holdings - The fund significantly reduced its holdings in Amazon and Netflix, cutting positions by 50% and 71.5% respectively, which led to their exit from the top ten holdings [7]. - The fund adjusted its leveraged products by entering a 2x long GOOGL ETF while liquidating a 2x long NVDA ETF, suggesting a tactical shift in response to market conditions [7]. - The fund's strategy appears to be evolving, with a focus on AI and technology, as evidenced by the increased allocation to Google and the reduction in Nvidia holdings [7]. Group 4: Market Outlook and Future Directions - Dan Bin emphasized the long-term potential of AI, likening its impact to that of the steam revolution, and sees the next decade as a critical period for AI development [9]. - The fund's investment direction will continue to focus on AI, while also exploring quality investment opportunities across A-shares, Hong Kong stocks, and US markets [9].