The latest U.S. stock holdings of the fund under Dan Bin have been revealed

The latest U.S. stock holdings of the fund under Dan Bin have arrived.

The Dongfang Hongwan Overseas Fund submitted a report to the SEC showing that as of the end of the second quarter of 2026, its total market value of U.S. stock holdings reached $1.65 billion, a 46% increase from $1.13 billion at the end of the first quarter.

From the latest holdings, Dan Bin is still betting on AI.

Google remains the top holding stock, with a market value exceeding $370 million. In the second quarter, Dongfang Hongwan significantly increased its layout in the semiconductor, computing hardware, storage, and optical communication industries.

The latest adjustment movements of the Dongfang Hongwan Overseas Fund have been exposed.

In the second quarter, new positions were established in Intel, Sandisk, Advanced Micro Devices, Marvell Technology, ARM, Broadcom, and Lumentum; increased holdings in Micron; reduced holdings in Google C, NVIDIA, TSMC, Amazon, and Meta; and completely liquidated positions in Google A, Apple, CRCL, Tesla, Direxion 2X Long Daily GOOGL ETF, and ProShares 3X Long Nasdaq ETF.

(This article contains objective data information and does not constitute any investment advice.)

From the newly added targets, the direction is very clear. The focus is primarily on the upstream of semiconductors, computing hardware, storage, and optical communication, all revolving around the AI industry chain, with a preference for hardware manufacturing and the underlying chip sector.

Intel is a well-established global leader in CPUs, a major manufacturer of computing, PC, and server chips; Sandisk is a leader in storage hardware, a core manufacturer of flash memory and solid-state drives; AMD is a leader in both CPU and GPU sectors, a core enterprise for AI computing chips; Marvell is a supplier of communication and server chips, and data center hardware; ARM is a global leader in chip architecture, licensing the underlying architecture for mobile and general-purpose chips; Broadcom is a leader in high-end network chips and communication RF, a core of computing infrastructure; Lumentum is a leader in optical modules and optical devices, a core supplier for AI optical communication.

As of the end of the second quarter, the major holdings of the Dongfang Hongwan Overseas Fund were: Google C, Intel, NVIDIA, Sandisk, Micron, Advanced Micro Devices, Marvell Technology, TSMC, ARM, Broadcom, Lumentum, Amazon, and Meta.

Dan Bin believes that an excellent asset management company should have a global investment vision and be able to compete on the same stage as international investment firms.

On the other hand, the severe adjustment of global tech stocks in July also led to significant drawdowns for private equity products heavily invested in the AI sector.

Products under Dan Bin have also attracted market attention.

On the afternoon of August 11, an investor who has long held products under Dan Bin posted on social media, stating that the Changjiang Dongfang Hongwan No. 2 fell by 35.4% in July, but only rebounded by 7% in the first week of August, questioning the product's low-level cut losses, which led to poor net value performance during the August rebound.

The investor expressed hope that Dan Bin would practice what he preaches, noting that many AI stocks have risen several times over the past five years, yet the heavy investment in AI has not returned to break even in five years.

It should be noted that Changjiang Dongfang Hongwan No. 2 is a qualified investor product, and currently, third-party platforms cannot directly view the complete net value situation; relevant net value data is provided by investors, so specific changes in holdings are still difficult to verify from public information.

The previously disclosed holdings of the Galaxy Dongfang Hongwan No. 2 showed that the first quarter holdings included Nasdaq ETF Guangfa, Yinhua Daily ETF, Nasdaq Technology ETF Invesco, Nasdaq ETF Guotai, Tencent Holdings, Alibaba-W, Zhongji Xuchuang, Xinyi Sheng, and Shenghong Technology The fund's A-share holdings focus on three AI-weighted stocks in the optical communication field: Zhongji Xuchuang, Shenghong Technology, and Xinyi Sheng.

In July, Zhongji Xuchuang, Xinyi Sheng, and Shenghong Technology fell by 29%, 35%, and 45% respectively. Entering August, Shenghong Technology rebounded significantly, Zhongji Xuchuang continued to decline, and Xinyi Sheng saw a slight rebound of 5%.

This may also be one of the reasons for Dan Bin's product's significant drop in July and insufficient rebound in August.

In response to investors' doubts, on August 11, Dan Bin, Chairman of Dongfang Hongyuan, stated that Changjiang Dongfang Hongyuan No. 2 is still fully invested. Before the recent deep correction in July, the fund was heavily invested in AI industry chain targets and maintained its position without making large-scale reductions, resulting in a significant pullback following the AI track.

Dan Bin admitted that the overall product is still yielding positive returns. If investors are dissatisfied with the phase returns and volatility, they can redeem at any time, respecting the choice of every shareholder.

On the evening of August 11, Dan Bin posted on social media:

"First, Changjiang Dongfang Hongyuan No. 2 is still fully invested. Before the recent deep correction in July, the fund reached a historical high due to its firm investment in AI industry chain targets. It is precisely because of this persistence and not making large-scale reductions that we have seen a significant pullback following the AI track.

Currently, the overall product is still yielding positive returns. If investors are dissatisfied with the phase returns and volatility, they can redeem at any time, respecting the choice of every shareholder.

Second, this product's contract only allows investment in A-shares and Hong Kong stocks, and cannot allocate to core US AI leaders, which naturally leads to a significant performance difference compared to our globally diversified overseas products.

In the past few years, we have attempted multiple times to unify the product investment scope and modify contract rules, but due to opposition from some shareholders, it has not been implemented. This is an objective limitation of compliant channel products, not a strategic deviation.

Third, the overall scale of channel cooperation products currently accounts for less than 20%, but even with a low proportion, we have never slackened and have always strived to do our best with every product, living up to the trust of our shareholders.

Fourth, regarding A-share investments, I have been deeply reflecting and publicly reviewing this year. We accurately grasped the global AI core opportunities represented by NVIDIA in 2023, but the initiation of our layout in the domestic AI industry chain was delayed, and we only fully committed to heavy investments in 2026. It is precisely because of this timely adjustment that domestic funds outperformed overseas products in the first half of the year.

During the recent July crash, we did not panic and cut losses, nor did we make large-scale reductions, only making very small structural adjustments. A-shares are influenced by internal and external emotions and capital flows, resulting in much greater volatility than overseas markets, and the pullback is more severe, which is an objective reality. I firmly believe that artificial intelligence is the super mainline bull market for the next decade.

To this day, I have never wavered in my long-term logic regarding AI, and domestic products still maintain a fully invested stance. I understand that many shareholders have had a poor experience since holding since 2021, and I keep this in mind and continue to reflect. In the future, I will continue to refine the layout of the A-share track and optimize the holding structure, using future net value recovery to respond to everyone's long-standing trust and waiting." In this round of adjustment, Dongfang Hongyuan has not changed its judgment on the trend of the AI industry.

Regarding the global tech stock adjustment in July, Dongfang Hongyuan pointed out:

"The AI industry is like a speeding train, while the investors in the carriages are getting increasingly carsick in July.

The AI industry in July remained extremely hot, with companies like TSMC, Google, and Intel delivering strong performances, cutting-edge models continuously improving, and the revenue and user base of model companies continuing to grow; however, the capital market has become noticeably more sensitive to negative news, reacting more violently. A piece of news about Meta possibly selling computing power, a breakthrough in an open-source model, or even a gross margin data slightly below buyer expectations could trigger severe fluctuations across the entire AI sector.

Looking back at July, the Nasdaq index fell by 3.20%, while the Philadelphia Semiconductor Index, which was highly sought after in the first half of the year, dropped by 20.61%, and the storage index fell by 31.79%.

When the temperature of the industry is still rising, but stock prices begin to overreact to every gust of wind, we need to re-evaluate: is it a retreat, or turbulence within the wave?

The market can shift from frenzy to panic in a matter of days, and can also switch from panic to frenzy in a single day.

Technology and productivity will not stop advancing due to a piece of news, and companies will not undergo earth-shattering changes in just a few days.

July was a month full of revelations: the industry delivered an almost perfect report card, but the market kept oscillating. This "short-term divergence between performance and stock prices" is precisely the time window that long-term investors need.

We do not predict whether the market will rise or fall on the next trading day; that is outside our circle of competence. But what we see is that the AI train is not slowing down; instead, it is accelerating. The short-term noise in the market will persist, but each instance of mispricing triggered by noise also provides long-term investors with opportunities for reflection and assessment.

We are not being blindly optimistic; rather, we are basing our views on the current industrial logic and data. The greater the noise, the more composure we need to maintain."

This round of sharp decline in July may once again remind the market: industry trends and stock prices have never been the same thing.

The AI industry is still accelerating, while the capital market can switch from frenzy to panic in just a month, but Bin chooses to remain steadfast.

AI is still moving forward, and the market will continue to fluctuate. But ultimately, what determines investment outcomes are performance, time, and the ability to navigate through volatility.

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