Li Lu portfolio & holdings
Himalaya Capital Management
Historical clone performance and limitations
Li Lu (Himalaya Capital Management) discloses a $3.70B portfolio across 8 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). The largest holding is GOOGL at 24.5% of the book.
A material reported change · Q2 2026
Li Lu increased reported PDD shares by 133.5%.
Holdings as of Jun 30, 2026 · filed Aug 14, 2026. Position at period end: 22.2% of the reported portfolio. The filing does not reveal the trade date, price, or reason.
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Holdings (8) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | GOOGL | 24.5% | $909M | |||
| 2 | GOOG | 23.4% | $866M | |||
| 3 | PDD | 22.2% | $821M | |||
| 4 | BRK/B | 15.0% | $555M | |||
| 5 | EWBC | 9.7% | $358M | |||
| 6 | CROX | 2.9% | $107M | |||
| 7 | TME | 1.5% | $55M | |||
| 8 | AAPL | 0.9% | $32M |
- port24.5%val$909MAlphabet Inc-cl Athis Q hold·17q
- 2GOOGport23.4%val$866MAlphabet Inc-cl Cthis Q hold·25q
- 3PDDport22.2%val$821MPdd Holdings Incthis Q +134%·9q
- port15.0%val$555MBerkshire Hathaway Inc-cl Bthis Q +23%·20q
- 5EWBCport9.7%val$358MEast West Bancorp Incthis Q hold·14q
- 6CROXport2.9%val$107MCrocs Incthis Q hold·3q
- 7TMEport1.5%val$55MTencent Music Entertainm-adrthis Q hold·2q
- 8AAPLport0.9%val$32MApple Incthis Q hold·23q
2026Q2 moves, by size (8)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| PDD | Pdd Holdings Inc | ADD | 22.2% | +134% | $821M |
| BRK/B | Berkshire Hathaway Inc-cl B | ADD | 15.0% | +23% | $555M |
| BAC | Bank OF America Corp | EXIT | 4.6% | -100% | $0 |
| OXY | Occidental Petroleum Corp | EXIT | 3.0% | -100% | $0 |
| SPGI | S&p Global Inc | EXIT | 1.6% | -100% | $0 |
| HRB | H&r Block Inc | EXIT | 1.6% | -100% | $0 |
| MCO | Moody's Corp | EXIT | 1.6% | -100% | $0 |
| MSCI | Msci Inc | EXIT | 0.3% | -100% | $0 |
- ADDPDD22.2%Pdd Holdings IncΔ +134%·$821M
- ADDBRK/B15.0%Berkshire Hathaway Inc-cl BΔ +23%·$555M
- EXITBAC4.6%Bank OF America CorpΔ -100%·$0
- EXITOXY3.0%Occidental Petroleum CorpΔ -100%·$0
- EXITSPGI1.6%S&p Global IncΔ -100%·$0
- EXITHRB1.6%H&r Block IncΔ -100%·$0
- EXITMCO1.6%Moody's CorpΔ -100%·$0
- EXITMSCI0.3%Msci IncΔ -100%·$0
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.
2026Q2 brief
Li Lu's Himalaya Capital made its most dramatic repositioning in years during Q2 2026, nearly tripling its PDD stake (+133.5%) to 22.2% of a $3.7B portfolio — making the Chinese e-commerce giant the third-largest position and signaling deep conviction in beaten-down China consumer tech. Simultaneously, he exited six positions entirely — BAC (4.6%), OXY (3.0%), SPGI (1.6%), HRB (1.6%), MCO (1.6%), and MSCI (0.3%) — a sweeping purge of financials, energy, and data analytics names that frees up capital for his highest-conviction ideas. BRK/B was added to (+23.5%, now 15.0%), reinforcing his Munger-school anchor. The combined GOOGL/GOOG position now represents ~48% of the book, and alongside PDD, nearly two-thirds of assets sit in just these three names. This is classic Li Lu: radical concentration in misunderstood compounders. Watch next filing for whether PDD continues to grow as a top-1 or top-2 position, which would signal a full conviction regime shift toward China.
AI-generated. Not investment advice.
Filing history
Li Lu's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 8 | $3.70B |
| Q1 2026 — what changed → | 14 | $3.20B |
| Q4 2025 — what changed → | 9 | $3.57B |
| Q3 2025 holdings | 9 | $3.23B |
| Q2 2025 — what changed → | 9 | $2.69B |
| Q1 2025 — what changed → | 8 | $2.21B |
| Q4 2024 holdings | 8 | $2.71B |
| Q3 2024 holdings | 8 | $2.47B |
| Q2 2024 holdings | 7 | $2.56B |
| Q1 2024 holdings | 6 | $2.26B |
| Q4 2023 holdings | 6 | $2.06B |
| Q3 2023 holdings | 6 | $1.82B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Manager evidence
12 material decisions, preserved in sequence.
See what Li Lu bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open Li Lu's decision evidence →Frequently asked questions
- What stocks does Li Lu own?
- As of 2026Q2, Li Lu's 13F discloses 8 positions worth $3.70B. The top five holdings: GOOGL (24.5%), GOOG (23.4%), PDD (22.2%), BRK/B (15.0%), EWBC (9.7%). 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 2026Q2, the filing shows 0 new positions and 2 additions to existing holdings. The largest positions touched by buying: PDD, BRK/B.
- How big is Li Lu's portfolio?
- $3.70B across 8 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 95% of the disclosed book.
Similar portfolios
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001709323). Not investment advice.