Oriental Harbor Investment Master Fund, the overseas fund managed by Dan Bin, filed its 13F report with the U.S. Securities and Exchange Commission on April 28, disclosing its portfolio movements for the first quarter of 2026.

The report indicated that the fund's portfolio value reached $1.133 billion, approximately RMB 7.75 billion, by the end of the quarter. The portfolio added four new stocks, bringing the total holdings to twelve. The top ten holdings accounted for a highly concentrated 97.56% of the portfolio, continuing its focused, high-conviction investment style.

During the first quarter, U.S. stocks declined due to tensions in the Middle East, with the Nasdaq index falling 7.1%. The "Magnificent Seven" tech stocks generally pulled back, with Microsoft dropping over 23%. Dan Bin's portfolio was also affected, with nine of its twelve holdings experiencing price declines.

However, since April, U.S. stocks have rapidly recovered their losses, with indices like the S&P 500 and Nasdaq reaching new highs. Stocks such as Google and Nvidia have also hit record highs. During the market downturn, Oriental Harbor did not retreat but instead increased its investments counter-cyclically. By adding new positions in Google Class A shares, TSMC, and Micron Technology, the fund further concentrated its bets on the dominant theme of AI computing power and infrastructure.

Thanks to these decisive moves, the net asset values of many products under Oriental Harbor have recently reached new highs.

As of April 24, the average three-year return for over 70 of Dan Bin's publicly disclosed products exceeded 140%. The Oriental Harbor Marathon No. 1 fund, established in August 2015, has achieved an annualized return of 17.36% since inception. The Oriental Harbor Marathon Global fund, established in March 2016, has an annualized return of 26.3%.

Dan Bin believes that Nvidia's market capitalization breaking through $5 trillion is not just a highlight for one company but a strong signal of a new cyclical upswing in the global AI computing industry. This market trend is not an isolated case but a collective surge across the entire industry chain. The Philadelphia Semiconductor Index rose nearly 4%, approaching a record 18 consecutive days of gains.

It is important to note that the market is shifting from a beta-driven rally led by mega-caps to an alpha-driven rotation among specialized sectors. From a medium-term perspective, the demand explosion for AI infrastructure is still in its early stages. The earnings certainty and growth potential in sectors like memory and optical modules will continue to support structural opportunities within the板块.

A summary of Oriental Harbor's complete U.S. stock holdings as of Q1 2026 is as follows:

Key characteristics of Dan Bin's Q1 portfolio include:

1. **Slight Decrease in Portfolio Value, Increase in Number of Holdings** By the end of Q1, the portfolio value was $1.133 billion, down slightly from $1.316 billion at the end of the previous quarter. This decrease was partly due to the overall market correction and partly due to active repositioning, such as completely exiting positions in Microsoft and the FNGU ETF, while reducing the holding in TQQQ. The fund initiated four new positions: Google Class A, TSMC, Micron Technology, and Circle Internet, increasing the total number of holdings to twelve. The concentration in the top ten holdings remained extremely high, indicating a highly focused portfolio on a few core names.

2. **Increasing Allocation to Google, Weight Rises to 37.5%** The top two holdings remained Google Class C shares and Nvidia, together accounting for over 50% of the portfolio. Google Class C, with a holding value of $346 million, constituted 30.5% of the portfolio, firmly holding the top spot. Nvidia saw a slight increase of 1.12%, accounting for 19.79%. More notably, the fund initiated a new position in Google Class A shares, with a value of approximately $79.67 million, directly making it the fifth-largest holding at 7.03%. This move increased the combined weight of Google shares to about 37.5%, far exceeding Nvidia and any other single holding. During a significant market adjustment, Dan Bin chose to further increase exposure to Google, steadfastly aligning with the AI theme and disregarding short-term volatility like geopolitical conflicts or valuation concerns. Among other major holdings, Apple's weight remained stable at 7.71% with a slight increase; the ProShares UltraPro QQQ ETF was significantly reduced to 7.22%, likely to control leverage risk. Holdings in Meta and Tesla were roughly flat or saw minor increases, at 6.91% and 6.54% respectively, remaining core long-term positions.

3. **New Positions in TSMC and Micron Technology Strengthen AI Compute Chain Layout** Besides Google Class A, Oriental Harbor initiated three other new positions: TSMC, Micron Technology, and Circle Internet. These moves point towards semiconductors and crypto finance. For TSMC, the fund bought approximately 209,700 shares, valued at $70.87 million, making it the eighth-largest holding at 6.25%. Notably, TSMC was completely sold off in Q4 2025; its reintroduction at a significant weight indicates a shift in Dan Bin's view. As the dominant global leader in advanced chip manufacturing, TSMC's return fills a critical link from design to manufacturing, creating a synergistic configuration with Nvidia. Dan Bin expressed that TSMC's market cap breaching $2 trillion signals that AI brings consolidation, not universal红利, and that TSMC is one of the most certain companies in the AI chain due to its irreplaceable technological moat. The second-largest new buy was Micron Technology, with approximately 73,000 shares valued at $24.67 million, representing 2.18% as the eleventh-largest holding. As a memory leader, Micron's HBM is an indispensable component in AI server clusters, working with GPUs to determine training and inference efficiency. This addition deepens the portfolio's exposure along the AI compute chain, extending from GPUs to memory and foundry. The position in Circle Internet, the issuer of the USDC stablecoin, is a very small exploratory allocation at 0.27%. Overall, among the new positions, TSMC and Micron are substantial holdings, forming a core triangle with Nvidia in the AI产业链, demonstrating Oriental Harbor's intent to solidify its tech hardware base and deepen its布局 in AI infrastructure. As of April 28, Google Class A, TSMC, and Micron had all reached record highs, with Micron surging 76.76% year-to-date.

4. **Exiting Microsoft and FNGU; Capital Redeployed to AI Chain** In Q1, Oriental Harbor exited two positions: Microsoft and the Triple Leveraged FANG+ Index ETN. While both declined significantly in Q1 and had not fully recovered by April 28, the sales likely represent active portfolio rebalancing rather than passive止损. The capital from selling Microsoft, which had a 7.11% weight the previous quarter, was reallocated to positions like Google and TSMC. Dan Bin explained that selling FNGU and reducing TQQQ was part of a strategy to shift from leveraged ETFs to underlying stocks, specifically increasing exposure to Google, TSMC, and Micron. This indicates the moves were not bearish on tech overall but a rebalancing within the sector towards stocks with stronger产业链 synergy.

5. **Domestic Holdings: Transition from "Moutai Era" to Full Embrace of AI** An Oriental Harbor domestic product, Galaxy Oriental Harbor No. 2, also discloses regular reports. Its holdings, as of the end of 2025, included A-shares like Zhongji Innolight, Shenghong Tech, and Eoptolink, alongside Hong Kong-listed Tencent and Alibaba. This portfolio shows a complete shift from traditional value stocks like Kweichow Moutai towards AI tech stocks.

6. **Shift from Mega-Cap Beta to Sub-Sector Alpha Rotation** Beyond portfolio adjustments, Dan Bin has shared observations on the AI industry's evolution. He noted that while the Nasdaq hits new highs, the market shows clear differentiation: traditional "Magnificent Seven" stocks are lagging the index, while AI infrastructure companies like those in memory and optical modules are leading the charge. This reflects a deeper market understanding of the AI产业链. The core logic is the extension from general computing power to infrastructure. Companies like Micron and SanDisk are benefiting from surging demand, while optical module firms like Ciena and Coherent are hitting records due to their role in AI network build-outs. This marks a shift from a beta rally led by giants to an alpha rotation among specialized sectors, requiring focus on real demand and earnings delivery. From a medium-term view, the AI infrastructure demand surge is still early, and sectors like memory and optical modules have strong fundamentals supporting further structural gains. Nvidia's market cap returning to $5 trillion is seen as a signal of a new upcycle for the entire global AI compute industry, evidenced by broad-based strength across semiconductor stocks. The market's euphoria is essentially a repricing of the certainty of AI compute demand. Overly focusing on short-term noise risks missing the major industry wave, which has already begun.