H&H International Investment, LLC 13F holdings and portfolio analysis
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Baseline
Analyse-NachrichtenVorbereitete Q&A zu diesem Fonds. Als Referenzkontext für Ihre eigene Analyse verwenden.
Directly following the baseline exposes an investor to very high concentration in a few large-cap names, especially Apple. In the baseline artifact, AAPL is 51.42%, BRK.A 21.09%, and NVDA 7.89%, while the top 5 total 91.45% and the top 10 99.84%. Sector exposure is similarly concentrated: Information Technology is 61.98% and Financials 21.09%. That structure helped drive a 25.74% annualized return and 10.02 alpha, but it also means portfolio risk is dominated by a handful of securities rather than diversified factor or sector bets.
The baseline trade-off is well illustrated by a mix of strong alpha periods and weak, concentrated drawdown periods. Positive examples include 2024-03-31, when optimized return was 13.04% versus SPY at 2.31% for +10.72% excess, and 2025-06-30, when return was 13.73% versus 4.2% for +9.53% excess. Weak examples include 2024-06-30, when baseline returned 2.94% versus SPY at 9.83% for -6.89% excess, and 2024-12-31, when baseline lost -9.52% versus SPY at -3.63% for -5.89% excess. So the same concentrated structure that generated outsized upside also created periods of meaningful benchmark lag and a -27.69% max drawdown.
A user should inspect three things next: single-name concentration, turnover spikes, and lag risk. The baseline artifact flags Apple above 51% weight, top five above 91%, and a period with 98.9% rebalance turnover in the risk notes. It also notes filing-based implementation delay, which is critical for a 13F strategy because actual trades can occur weeks after the manager acted. Even though estimated implementation cost was only 1.3837 and Sharpe was 1.06, the combination of concentration and lag can make realized results diverge sharply from the backtest.