Li Lu

Himalaya Capital's $3.2B portfolio remains one of the most concentrated among super-investors, with GOOGL and GOOG together comprising nearly 45% of AUM (~$1.44B)—a combined Alphabet bet that dwarfs any single position in most peer funds. The quarter's most interesting move is a cluster of five new positions all in financial data and ratings infrastructure: SPGI (1.6%), MCO (1.6%), MSCI (0.3%), alongside tax-services name HRB (1.6%) and Chinese music platform TME (1.9%). The SPGI/MCO/MSCI trio collectively echoes a thesis on the oligopolistic pricing power of financial information—a Buffett-adjacent idea fitting for a Munger protégé. BAC was aggressively trimmed (–71%) to 4.6%, reducing U.S. bank exposure meaningfully, while CROX was added to (+41% to 2.3%), an unconventional consumer brand bet that has appeared in other value managers' books. PDD (14.7%) and EWBC (9.3%) anchor the China/Chinese-American financial exposure. Watch whether the SPGI/MCO/MSCI cluster gets consolidated or one name emerges as the primary position next quarter.