H&H International Investment, LLC

H&H International Investment — the Hong Kong-based flagship vehicle of the Li Ka-shing family — entered March 2026 with $20.0 billion in assets, up approximately 14.5% from the prior quarter, yet the portfolio's composition shifted dramatically underneath that headline growth. Apple, which had represented 50.3% of the book at year-end 2025, was cut to 36.7% through a reduction of 3.4 million shares worth roughly $1.45 billion. That release of capital was not converted to cash; it was redeployed aggressively into a trio of AI-adjacent and China-facing growth names that now define the novel character of the portfolio. PDD Holdings, the Chinese e-commerce platform, doubled its weight to $2.02 billion through a 71% share increase. Nvidia saw its position nearly double as well, rising from 7.2 million to 13.8 million shares and reaching $2.41 billion in value — a 91% increase in a single quarter that makes Nvidia the portfolio's third-biggest holding and a genuine conviction bet on AI compute demand. Alphabet was treated even more aggressively at the share-count level: the existing GOOG position was roughly doubled from 1.9 to 3.7 million shares (adding $482 million), and simultaneously a new GOOGL class-A position of 2.5 million shares was initiated at $707 million — the filing's only structurally significant new name. The message from these three positions together is unambiguous: H&H was not trimming technology exposure into a semiconductor-led softening; it was selectively doubling down on the AI and China-ecommerce names it considered most attractively priced, while using the Apple proceeds as the funding source. Tesla entered the portfolio as a $1.27 billion new position, a vote of confidence in an EV manufacturer that has spent much of the past year contending with growth-doubt narrative. UnitedHealth Group, a more conventional healthcare payer play, was also added at $163 million. Eight other new positions appeared at the trailing edge of the holdings — Palantir, CrowdStrike, Snowflake, Synopsys, Credo Technology, Innodata, and Circle — but each was token-sized at well under $35 million, suggesting post-lockup VC share registrations rather than strategic allocations. The portfolio remains deeply concentrated in technology and financial services, but it is no longer a core-Macau passive vehicle; the AUM growth and the AI-ecommerce rotation together describe a manager actively reshaping its identity around the fastest-moving technology themes of the cycle.