Author: Chen Luyao, Yijian Finance
Editor: Zhang Kaichong, Yijian Finance
The latest U.S. stock holdings of private equity tycoon Dan Bin have been revealed.
On July 30, according to documents submitted by Dongfang Hongwan Overseas Fund to the U.S. Securities and Exchange Commission, as of the end of the second quarter, the fund held a total of 13 U.S. stock targets, an increase of 3 from the first quarter.
The market value of the fund's holdings reached $1.126 billion (approximately 8.1 billion RMB), an increase of about 30% from $868 million at the end of the first quarter.
The top ten holdings are Nvidia, Google, 3x Long FANG+ Index ETF, 3x Long Nasdaq ETF, Meta, Microsoft, Amazon, Apple, Tesla, and Netflix.
Source: Private Equity Ranking Network
Most of the targets saw an increase in the second quarter, with Nvidia rising by 45.77%, Google by 13.54%, and the 3x Long Nasdaq ETF by 45.4%. Only Apple performed poorly, dragging down the overall returns.
1. Seven Targets Reduced
From the specific changes in holdings, in the second quarter, Nvidia, 3x Long Nasdaq 100 ETF, Meta, Microsoft, Amazon, Apple, and 2x Long Nvidia ETF were reduced.
Although Nvidia has risen significantly and remains the fund's top holding, the number of shares was reduced from 1.3784 million to 1.2678 million, a decrease of 110,000 shares.
Nvidia has been Dan Bin's favorite in recent years, but it has faced continuous reductions over the past few quarters. At the end of the third quarter last year, Dongfang Hongwan held 2.0823 million shares of Nvidia, indicating a reduction of about 40%.
As early as March this year, Dan Bin shared a thought, the core idea being:
Even if the demand for computing power increases significantly in the future, since computing power can be reused, the demand for AI chips that generate computing power may also decline, which could lead to a decrease in Nvidia's revenue and a subsequent sharp drop in stock price.
Today, Dan Bin posted on Xueqiu, stating, "I predict the target price for global chip giants this year to be in the range of $180-200, with the first target price nearly within reach. Of course, compared to my prediction last year of a future market value exceeding $10 trillion, there is still a long way to go… We are in a great era, and only by giving our all can we not disappoint the gifts of the times."
As of 1 PM today, reports indicate that the National Internet Information Office has interviewed Nvidia. This may have a certain negative impact on its stock price. From this perspective, Dan Bin has "partially" avoided the risk of a potential stock price decline.
2. Increased Holdings in Google and TSMC
Google and TSMC have become the few targets with increased holdings.
In particular, Google jumped from sixth place last quarter to second place, with holdings increasing from 654,300 shares to 921,600 shares.
This operation may be a precise bet on the commercialization of AI.
The parent company of Google, ALPHABET, recently released its Q2 2025 financial report, showing revenue of $96.428 billion, a year-on-year increase of 14%; net profit was $28.196 billion, a year-on-year increase of 19%.
Its CEO pointed out in the financial report that AI is having a positive impact on all aspects of the company's business, driving strong growth. For example, the search business achieved double-digit growth by introducing new features such as AI Overviews and AI Mode.
3. New Positions in Tesla, Netflix, and Coinbase
Meanwhile, Dan Bin bought back Tesla, which he had completely sold off in the previous quarter, and has also taken positions in Netflix and Coinbase for the first time.
Dan Bin holds Elon Musk in high regard, believing that "Musk is an idealist, and my admiration for him is growing. Holding Tesla shares is a tribute to idealists."
History has repeatedly proven that a bad company, no matter how much its stock price is speculated, will eventually fall, while a good company, even if its stock price crashes, will ultimately recover. Tesla belongs to the latter.
Since the Tesla shareholder meeting in June, Tesla's stock price has begun to shake off the gloom of the first half of the year, showing a beautiful upward curve.
Netflix is the leader in U.S. video streaming services, and market news indicates that Netflix has begun using the AI video generation software from the startup Runway AI.
Coinbase is the largest digital currency trading platform in the U.S., successfully going public in 2021, and is the first large cryptocurrency company to enter the U.S. stock market. Its business scope includes fiat-to-crypto asset exchanges, custody services, on-chain infrastructure, and developer tools platforms. Its position in the Web3 ecosystem has been gradually rising in recent years.
As early as 2021, Dan Bin publicly expressed his support for Bitcoin, stating, "I have purchased 1% of a Bitcoin ETF fund. Although it's a bit late, once I understand it, I will act! I hope to maintain curiosity about new things!"
Since the beginning of this year, Bitcoin has continuously set new historical highs. In Q2 2025, Coinbase has jumped to become a core holding in Dan Bin's overseas fund, signaling a strategic positioning of viewing crypto assets as the future infrastructure of the digital economy.
Additionally, Dan Bin completely sold off the 3x Long FANG+ Index ETN he held in the first quarter and replaced it with the 3x Long FANG+ Index ETF.
It is understood that the fund manager of the 3x Long FANG+ Index ETN, Montreal Bank, has redeemed all issued FNGU shares, and this ETN was officially delisted on May 15.
4. Conclusion
At the 2025 Golden Yangtze Private Fund Development Forum held in July this year, Dan Bin stated that investment requires independent thinking and should not blindly follow market noise.
"I have been emphasizing for the past two years that investment should focus on the main cause and not be disturbed by secondary factors and noise. Worrying about a U.S. economic recession, worrying about yen interest rate hikes, and Buffett selling stocks are all noise. Investment must grow by standing on the shoulders of giants; it cannot be like carving a boat to seek a sword (like Buffett reducing tech stocks), but rather learning from their analytical logic, their understanding of business models and moats, rather than simply imitating their operations."
Dan Bin said that based on past data, sharp declines are often the best historical opportunities. Investment sometimes requires not only wisdom but also strong willpower and the courage to overcome difficulties.
The core reason for Dan Bin's success is his firm bet on the AI technology revolution. He believes that AI is a revolutionary change comparable to the steam engine and the internet, with a cycle lasting 10-30 years. He ignores short-term noise (such as interest rate hikes and geopolitical conflicts) and views AI as the "main cause," betting 80% of his position on AI.
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