On November 22, Dan Bin, Chairman of Shenzhen Oriental Harbor Investment, drew market attention by sharing Morgan Hedge statistics on his Weibo. The data revealed that as of October 2025, Oriental Harbor’s overseas fund ranked third globally among 9,970 hedge funds with a three-year return of 138.98%, while its one-year return stood at 26.63%.

Behind these seemingly impressive figures lies a divergence in market interpretation. The 26.63% one-year return, though slightly above the 24.32% average for domestic long-only equity strategies, falls far short of the top 5% percentile return of 82.48%. Moreover, Oriental Harbor’s publicly disclosed domestic products yielded only about 15%, significantly underperforming peers. Questions about "overhyped expectations" have emerged alongside vocal support for long-term investing—clues to which may lie in Dan Bin’s portfolio moves.

In bull markets, performance dispersion often hinges on portfolio positioning. Oriental Harbor’s Q3 SEC filing (as of September 30) shows its $1.292 billion portfolio, concentrated across 17 holdings, reflects an "All in AI" strategy.

Nvidia remains the fund’s cornerstone, topping holdings at $236 million. Other AI giants like Alphabet ($224 million), Meta, and Microsoft also feature prominently. Notably, Oriental Harbor added 151,000 shares of the "ALPHAB 3xLongSG261006" ETF, underscoring conviction in Alphabet’s AI prospects. Tesla joined the portfolio with an $88.02 million position.

Beyond U.S. tech leaders, Dan Bin turned to Chinese internet stocks, acquiring 221,000 Alibaba shares ($39.49 million)—aligning with his public view that "Alibaba’s market cap is just 15.25% of Amazon’s, signaling catch-up potential." Meanwhile, Amazon and Netflix saw reductions to $39.38 million and $14.6 million, respectively.

The fund also tapped AI infrastructure: new positions included 64,500 shares of connectivity chip leader Astera Labs and 29,000 shares of Broadcom, a key compute chip supplier, plus 185,900 shares of BitMine Immersion Technologies for AI-powered energy solutions.

Addressing market scrutiny on November 23, Dan Bin emphasized: "Short-term volatility is like storms—they don’t alter our commitment to growing with exceptional companies. Investing is the realization of insight; every adjustment reflects reverence for value."

**Performance Split: Balancing Long-Term Brilliance and Short-Term "Mediocrity"** Dan Bin’s strategy shows starkly different outcomes across time horizons, fueling debate.

The overseas fund’s three-year 138.98% return (top three globally) validates its "quality-focused, cross-market" approach. Industry analysts note: "Value investing thrives on compounding—a doubling in three years demonstrates Dan Bin’s asset selection prowess."

Yet its one-year 26.63% return, while above the 24.32% domestic long-only average, trails the top 5% (82.48%). More notably, Oriental Harbor’s domestic products averaged ~15% year-to-date—lagging peers. For example, its flagship "Oriental Harbor Marathon No.1" gained 15.07% YTD (19.86% over one year), while "Marathon No.17" returned 12.51% YTD (17.01% annually).

These products faced steep drawdowns early in 2025: "Marathon No.1" lost 1.9%/7.13%/14.5% from January-March and retreated 6.35% in November; "No.17" dropped 1.99%/8.19%/14.89% in Q1 before a 6.32% November dip.

"Long-term results are stellar, but short-term performance isn’t miraculous—even lagging many peers," remarked one investor, questioning whether Dan Bin’s reputation overshadows reality.

Chen Xingwen, Chief Strategist at Black Kite Capital, offered perspective: "This divergence reflects inherent tensions between value investing and short-term speculation in structural bull markets."

In 2025’s slow-growth A股 rally, tech-resource sector rotation spawned fleeting opportunities. Some managers leveraged high-risk bets on AI/robotics for >80% returns—a strategy prone to volatility and mean reversion.

"Judging a long-term player by single-year metrics is a cognitive bias," noted one私募source. Dan Bin’s 34% annualized three-year return far exceeds market averages, while his 26.63% one-year gain, though unspectacular, demonstrates disciplined risk control amid AI turbulence.

Dan Bin’s holdings and commentary confirm his "long-game" ethos. As AI transitions from hype to earnings, his steadfast positions in Nvidia, Alphabet, and new bets on Alibaba reflect faith in structural winners. For investors, the real question isn’t short-term fireworks—but whether to chase fleeting stars or marathon champions.