Huan Qiu Lao Hu Cai Jing·2025-10-24 03:31Core Insights - Dongfang Hongwan Overseas Fund, managed by Dan Bin, submitted its 13F report to the SEC, revealing its Q3 2025 holdings [1] Group 1: Fund Performance and Holdings - As of the end of Q3, the fund's holdings increased from 13 to 17 stocks, with a management scale of $1.292 billion, approximately 9.2 billion RMB, up from $1.126 billion at the end of Q2 [2] - The top two holdings remain in technology stocks, with Nvidia and Google valued at $236 million and $224 million respectively, together accounting for 35% of the total portfolio [2] - Alibaba was newly added to the portfolio with a purchase of 221,000 shares, valued at $39.5 million, making it the tenth largest holding at 3.06% of the total [2] Group 2: Investment Strategy and Adjustments - Dan Bin expressed concerns about the growing gap between domestic internet giants and global leaders, using Alibaba as an example of a company that has significantly lagged behind [2] - In addition to Alibaba, the fund made small purchases in Broadcom, Astera Labs, and BitMine Immersion Technologies, indicating a focus on semiconductor and cryptocurrency sectors [3] - Significant reductions were made in Amazon and Netflix holdings, with cuts of 50% and 71.5% respectively, leading to their exit from the top ten holdings [3] Group 3: Leverage and ETF Adjustments - The fund adjusted its leverage products by introducing a 2x long Google ETF while completely selling off the 2x long Nvidia ETF, reflecting a continued preference for Google [4] - Dan Bin had previously reduced Nvidia holdings over two consecutive quarters while increasing Google positions, which rose from the sixth to the second largest holding [4]