Li Lu
Himalaya Capital Management
Li Lu (Himalaya Capital Management) discloses a $3.20B portfolio across 14 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is GOOGL at 22.8% of the book. The biggest move of the quarter: trimmed the BAC share count by 71% (position now $146M). Latticework's clone backtest puts this 13F book at -1.3%/yr vs SPY over 8.9 years.
About Li Lu
Li Lu runs Himalaya Capital Management, a Seattle-based long-only equity vehicle that, as of the latest filing, held 14 positions with roughly 82% of the $3.2B U.S. equity book concentrated in the top five. The style is best described as high-conviction, long-duration value: Li Lu has described his approach as a direct extension of Munger-Buffett thinking, and Charlie Munger publicly endorsed him as among the few investors he would trust with his own capital — a statement that drew sustained attention to Himalaya well before its filings were widely parsed. The current 13F reflects that orientation plainly, with the Alphabet share classes together accounting for nearly half the disclosed book. Two structural caveats matter for readers: first, Himalaya's most celebrated position — a large stake in BYD accumulated starting around 2008 — is a Hong Kong-listed equity that does not appear in U.S. 13F filings at all, meaning the disclosed portfolio is a partial and potentially unrepresentative slice of the actual fund; second, the standard 45-day disclosure lag applies, so position-level data trails reality by at least a quarter.
2026Q1 brief
Li Lu's $3.2B Himalaya portfolio is defined by extraordinary concentration in Alphabet — GOOGL (22.8%) and GOOG (22.0%) together account for nearly 45% of AUM, cementing it as one of the most concentrated single-stock bets among tracked super-investors. The quarter's most notable action is a sharp trim of BAC (-71%, now just 4.6%), a meaningful reduction that mirrors some peers' caution on large-cap U.S. bank exposure. On the buy side, Lu initiated five new positions — SPGI (1.6%), MCO (1.6%), and MSCI (0.3%) form a coherent cluster of financial data/index franchise businesses prized for pricing power, while TME (1.9%) adds Chinese digital entertainment exposure, and HRB (1.6%) is a contrarian consumer-services pick. CROX was added to (+41%, now 2.3%), suggesting continued conviction in the discounted footwear thesis. PDD (14.7%) and BRK/B (13.4%) remain core anchors. Watch whether the BAC trim continues toward a full exit in Q2, and whether the SPGI/MCO/MSCI data-infrastructure cluster gets scaled into a meaningful combined position.
AI-generated. Not investment advice.
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Holdings (14) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | GOOGL | 22.8% | $731M | |||
| 2 | GOOG | 22.0% | $703M | |||
| 3 | PDD | 14.7% | $471M | |||
| 4 | BRK/B | 13.4% | $430M | |||
| 5 | EWBC | 9.3% | $296M | |||
| 6 | BAC | 4.6% | $146M | |||
| 7 | OXY | 3.0% | $95M | |||
| 8 | CROX | 2.3% | $74M | |||
| 9 | TME | 1.9% | $61M | |||
| 10 | SPGI | 1.6% | $52M | |||
| 11 | HRB | 1.6% | $52M | |||
| 12 | MCO | 1.6% | $51M | |||
| 13 | AAPL | 0.9% | $28M | |||
| 14 | MSCI | 0.3% | $10M |
- port22.8%val$731MAlphabet Inc-cl Athis Q hold·16q
- 2GOOGport22.0%val$703MAlphabet Inc-cl Cthis Q hold·24q
- 3PDDport14.7%val$471MPdd Holdings Incthis Q hold·8q
- port13.4%val$430MBerkshire Hathaway Inc-cl Bthis Q hold·19q
- 5EWBCport9.3%val$296MEast West Bancorp Incthis Q hold·13q
- 6BACport4.6%val$146MBank OF America Corpthis Q -71%·25q
- 7OXYport3.0%val$95MOccidental Petroleum Corpthis Q hold·8q
- 8CROXport2.3%val$74MCrocs Incthis Q +41%·2q
- 9TMEport1.9%val$61MTencent Music Entertainm-adrthis Q New·—1q
- 10SPGIport1.6%val$52MS&p Global Incthis Q New·—1q
- 11HRBport1.6%val$52MH&r Block Incthis Q New·—1q
- 12MCOport1.6%val$51MMoody's Corpthis Q New·—1q
- 13AAPLport0.9%val$28MApple Incthis Q hold·22q
- 14MSCIport0.3%val$10MMsci Incthis Q New·—1q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| BAC | Bank OF America Corp | TRIM | 4.6% | -71% | $146M |
| CROX | Crocs Inc | ADD | 2.3% | +41% | $74M |
| TME | Tencent Music Entertainm-adr | NEW | 1.9% | +100% | $61M |
| SPGI | S&p Global Inc | NEW | 1.6% | +100% | $52M |
| HRB | H&r Block Inc | NEW | 1.6% | +100% | $52M |
| MCO | Moody's Corp | NEW | 1.6% | +100% | $51M |
| MSCI | Msci Inc | NEW | 0.3% | +100% | $10M |
- TRIMBAC4.6%Bank OF America CorpΔ -71%·$146M
- ADDCROX2.3%Crocs IncΔ +41%·$74M
- NEWTME1.9%Tencent Music Entertainm-adrΔ +100%·$61M
- NEWSPGI1.6%S&p Global IncΔ +100%·$52M
- NEWHRB1.6%H&r Block IncΔ +100%·$52M
- NEWMCO1.6%Moody's CorpΔ +100%·$51M
- NEWMSCI0.3%Msci IncΔ +100%·$10M
Frequently asked questions
- What stocks does Li Lu own?
- As of 2026Q1, Li Lu's 13F discloses 14 positions worth $3.20B. The top five holdings: GOOGL (22.8%), GOOG (22.0%), PDD (14.7%), BRK/B (13.4%), EWBC (9.3%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Li Lu buy this quarter?
- In 2026Q1, the filing shows 5 new positions and 1 addition to existing holdings. The largest positions touched by buying: CROX, TME, SPGI, HRB, MCO.
- How big is Li Lu's portfolio?
- $3.20B across 14 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 82% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001709323). Not investment advice.