Duan Yongping is one of the most intriguing investors in the world and yet, outside of professional circles, his name often flies under the radar. To those who study super-investors, however, Duan is legendary. He has been called “the Chinese Warren Buffett” not because he imitates Buffett blindly, but because he has carefully adapted Buffett’s and Charlie Munger’s value-investing principles to his own unique style. The result is a track record of disciplined, concentrated investing that has stood the test of time and volatility.
Born in China and later building his wealth through the consumer electronics industry, Duan became financially independent long before he was widely recognized in investment circles. But his true fame came in 2006 when he spent over $600,000 for a charity lunch with Warren Buffett. Many considered this an eccentric move, but it perfectly represented Duan’s mindset: invest heavily when the return on investment is clear, even if the cost seems high. The lessons he learned at that lunch became a framework that shaped his investment philosophy for decades.
Unlike hedge funds that trade constantly or index investors who spread money thinly across hundreds of companies, Duan follows a deeply concentrated strategy. He only invests in a handful of companies at any given time, but those companies are chosen with care. His portfolio at the end of Q2 2025 holds just 10 stocks, yet it is worth $11.5 billion. His average holding period is a remarkable 14 quarters (over 3.5 years), proving that he does not chase quarterly fads or headlines. Instead, he plants capital where conviction is strongest and allows time and compounding to do their work.
What makes Duan so compelling to study is not just the results (though his 5-year performance of +134.34% speaks for itself) but the clarity of his process. He believes in only owning what you truly understand, weighting your best ideas heavily, and ignoring the noise of markets. In this article, we will take a deep, detailed look at Duan Yongping’s portfolio, his investing philosophy, and the strategic moves he made in Q2 2025. Whether you are an investor seeking inspiration, a student of super-investors, or simply curious about how one of the most disciplined minds in finance thinks, you’ll find valuable lessons here.
Who Is Duan Yongping?
Duan’s journey to becoming a super-investor started long before his name appeared in financial news. He made his fortune as an entrepreneur, helping to build China’s early electronics and gaming industries, before shifting his focus to investing full-time. Unlike many who chase publicity, Duan remains quiet, understated, and almost monk-like in his lifestyle. But behind that quiet presence is a sharp mind that consistently identifies businesses with durable advantages.
His investing style was solidified after his famous charity lunch with Buffett. While many wealthy investors try to emulate Buffett from afar, Duan went directly to the source. Since then, he has pursued a Buffett–Munger-inspired philosophy with four pillars:
- Concentration over diversification – hold fewer stocks, but know them deeply.
- Value over hype – buy companies that are trading below intrinsic value and have strong moats.
- Patience – let investments compound over years rather than chasing quick trades.
- Global perspective – invest in both U.S. and Chinese giants when opportunities align.
Duan Yongping’s Investment Philosophy
Duan is a classic value investor, but his interpretation of value is broader than just buying cheap stocks. Instead, he looks for what Buffett calls “wonderful companies at fair prices.” These are businesses with brand strength, customer loyalty, pricing power, and durable advantages that allow them to compound earnings over long stretches of time.
Unlike institutional investors who spread capital across hundreds of positions, Duan is comfortable holding as few as 8–12 stocks. This requires conviction, but it also means when he is right, his performance is amplified. His long-term record shows that concentration, if executed well, can outperform broad diversification.
He also follows Munger’s philosophy of “sit on your hands” investing. With an average holding period of 14 quarters, Duan is not swayed by daily headlines, quarterly earnings misses, or market panics. Instead, he places his trust in management teams and in the long-term economics of the businesses he owns.
Perhaps most importantly, Duan avoids what he does not understand. He steers clear of speculative fads and instead invests in businesses like Apple, Berkshire Hathaway, and Alphabet, which generate enormous free cash flow and dominate their industries. This discipline is why his portfolio looks more like a carefully tended orchard than a constantly rotating hedge fund book.
Portfolio Breakdown (Q2 2025)
At the end of Q2 2025, Duan’s portfolio was valued at $11.53 billion, spread across 10 stocks. What stands out immediately is the extreme concentration: just two stocks, Apple and Berkshire Hathaway, make up more than 75% of the portfolio. Let’s break down the top positions.
🔹 Major Holdings
- Apple (AAPL) – $7.21B (62.47%)
- Duan’s crown jewel. He has held Apple for over 27 quarters, making it the anchor of his portfolio. Apple’s brand, product ecosystem, and recurring revenue streams align perfectly with his preference for durable moats. Despite trimming slightly in Q2, Apple remains his highest-conviction bet.
- Berkshire Hathaway (BRK.B) – $1.64B (14.24%)
- A reflection of his Buffett admiration. Berkshire not only provides exposure to Buffett’s capital allocation but also indirectly to Apple, as it is Berkshire’s largest holding. Duan has owned it for over 27 quarters, showing long-term commitment.
- Pinduoduo (PDD) – $906.64M (7.86%)
- A rising star in his portfolio. Duan increased his stake by +11.72% in Q2. This Chinese e-commerce disruptor reflects his willingness to back growth when the business model is compelling.
- Occidental Petroleum (OXY) – $569.49M (4.94%)
- A Buffett-influenced position. Energy is not Duan’s typical sector, but OXY provides cash flow stability. He trimmed slightly in Q2 (-1.95%).
- Alibaba (BABA) – $424.86M (3.68%)
- Once a flagship position, Alibaba has been reduced. Duan cut by -5.92% in Q2, showing caution as Chinese regulatory headwinds persist.
🔹 Other Holdings
- Alphabet (GOOG) – $345.09M (2.99%)
- One of his boldest moves this quarter. Duan increased his position by +75.17%, signaling strong conviction in Alphabet’s AI and cloud prospects.
- NVIDIA (NVDA) – $152.43M (1.32%)
- Another major addition (+49.56%). Reflects his recognition of the AI hardware wave and NVIDIA’s dominance in GPUs.
- Microsoft (MSFT) – $138.88M (1.20%)
- Trimmed by -6.68%. Still an elite company, but Duan appears to be reallocating toward Google and NVIDIA.
- Disney (DIS) – $89.66M (0.78%)
- A smaller but steady long-term bet, held for 22 quarters. Shows Duan’s willingness to hold media and consumer brands with global recognition.
- Taiwan Semiconductor (TSM) – $58.88M (0.51%)
- Trimmed by -4.34% this quarter. While still a critical company, Duan has reduced exposure slightly.
Duan Yongping’s Recent Trades (Q2 2025) in USD
Largest Additions
- Alphabet (GOOG): +75.17% → Added ≈ $137.95M at $165.25/share
- NVIDIA (NVDA): +49.56% → Added ≈ $40.23M at $125.85/share
- Pinduoduo (PDD): +11.72% → Added ≈ $95.35M at $104.92/share
- Apple (AAPL): +2.61% → Added ≈ $180.63M at $201.95/share
Trims / Cuts
- Alibaba (BABA): -5.92% → Reduced ≈ $27.93M at $118.39/share
- Occidental Petroleum (OXY): -1.95% → Reduced ≈ $11.29M at $41.80/share
- Microsoft (MSFT): -6.68% → Reduced ≈ $8.69M at $434.27/share
- Taiwan Semiconductor (TSMC): -4.34% → Reduced ≈ $2.19M at $185.25/share
Complete Exit
- Moderna (MRNA): Sold 100% → $2.19M position liquidated at $26.33/share
Performance Track Record
- 1 Year: +2.46%
- 3 Years: +59.29%
- 5 Years: +134.34%
The 5-year figure is particularly impressive given market volatility, underscoring that Duan’s concentrated approach has paid off in the long run.
Analyst’s Take
Studying Duan Yongping’s portfolio is like reading a textbook on conviction investing. He embodies two key truths:
- Concentration amplifies returns – by putting over 62% of his portfolio in Apple, he demonstrates that when you find a truly exceptional business, you don’t just nibble, you commit.
- Adaptability is key – his Q2 moves into Alphabet and NVIDIA show that even disciplined value investors can embrace growth when the long-term economics make sense.
While his concentration creates risk (especially with Apple dominance) Duan’s ability to balance it with Berkshire and selective tech plays shows a careful blend of conviction and diversification.
Conclusion
Duan Yongping is not just a Buffett disciple; he is a case study in high-conviction, value-driven, long-term investing. His $11.53B portfolio, spread across just 10 companies, demonstrates the power of focus and patience in a world where many investors over-diversify and chase trends.
For 2025, his heavy bets on Apple and Berkshire continue to anchor the portfolio, but his growing conviction in Alphabet and NVIDIA shows he is not afraid to adapt to new secular opportunities. For students of investing, following Duan’s portfolio is like getting a live case study in modern value investing at scale.
