Li Lu - Himalaya Capital
Li Lu founded Himalaya Capital and is one of the very few investors Charlie Munger entrusted with capital. A deep-value investor, he is credited with introducing Munger to BYD.
Li Lu - Himalaya Capital manages a $3B U.S. equity portfolio of 14 positions, based on the latest SEC Form 13F-HR filing (Q1 2026). Below you'll find every holding, the biggest quarter-over-quarter buys and sells, position weights, and an estimated average buy price.
Portfolio Value
$3B
Positions
14
Top 10 Weight
95.59%
Largest Position
22.85%
As of
Q1 2026
Filed
May 15, 2026
Portfolio Composition
Strategy Snapshot
- › Portfolio value fell 10.3% quarter-over-quarter to $3B.
- › Highly concentrated portfolio — the top 10 holdings make up 95.6% of assets.
- › This quarter: 5 new buys, 2 adds, 2 trims, 0 full exits — net buyer
- › Biggest new buy: TENCENT MUSIC ENTMT GROUP (TME) ($61M)
Changes since Q4 2025
New Buys
Added To / Trimmed
- BANK AMER CORP (BAC)−71.3%
- ALPHABET INC (GOOGL)++3.8%
- ALPHABET INC (GOOG)−3.6%
- CROCS INC (CROX)++41.2%
Exited
None
Current Holdings
| # | Security | Value | % of Portfolio | Avg Buy Price | Price | Gain | vs 52W High | This Qtr | Last Activity | First Buy |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ALPHABET INC GOOGL | $731M | 22.85% | ~$185.96 | $363.79 | +95.6% | −11.0% | +3.8% | Bought Q1 2026 | Q2 2024 |
| 2 | ALPHABET INC GOOG | $703M | 21.97% | ~$188.11 | $362.10 | +92.5% | −10.5% | −3.6% | Sold Q1 2026 | Q2 2024 |
| 3 | PDD HOLDINGS INC PDD | $470M | 14.71% | ~$104.66 | $79.86 | −23.7% | −42.7% | UNCH | Bought Q2 2025 | Q2 2025 |
| 4 | BERKSHIRE HATHAWAY INC DEL BRK-B | $430M | 13.44% | ~$406.80 | $491.28 | +20.8% | −4.9% | UNCH | Bought Q2 2024 | Q2 2024 |
| 5 | EAST WEST BANCORP INC EWBC | $296M | 9.26% | ~$73.23 | $127.26 | +73.8% | −6.4% | UNCH | Bought Q2 2024 | Q2 2024 |
| 6 | BANK AMER CORP BAC | $146M | 4.57% | ~$39.77 | $56.53 | +42.1% | −2.5% | −71.3% | Sold Q1 2026 | Q2 2024 |
| 7 | OCCIDENTAL PETE CORP OXY | $95M | 2.98% | ~$63.03 | $53.04 | −15.8% | −21.4% | UNCH | Bought Q2 2024 | Q2 2024 |
| 8 | CROCS INC CROX | $73M | 2.30% | ~$84.79 | $124.53 | +46.9% | −4.1% | +41.2% | Bought Q1 2026 | Q4 2025 |
| 9 | TENCENT MUSIC ENTMT GROUP TME | $61M | 1.91% | ~$9.28 | $8.69 | −6.4% | −67.5% | NEW | Bought Q1 2026 | Q1 2026 |
| 10 | S&P GLOBAL INC SPGI | $51M | 1.61% | ~$425.34 | $418.02 | −1.7% | −27.8% | NEW | Bought Q1 2026 | Q1 2026 |
| 11 | BLOCK H & R INC HRB | $51M | 1.61% | ~$31.74 | $35.32 | +11.3% | −38.6% | NEW | Bought Q1 2026 | Q1 2026 |
| 12 | MOODYS CORP MCO | $51M | 1.61% | ~$436.25 | $456.22 | +4.6% | −16.6% | NEW | Bought Q1 2026 | Q1 2026 |
| 13 | APPLE INC AAPL | $28M | 0.88% | ~$210.62 | $295.95 | +40.5% | −6.8% | UNCH | Sold Q1 2025 | Q2 2024 |
| 14 | MSCI INC MSCI | $10M | 0.32% | ~$539.01 | $596.89 | +10.7% | −7.4% | NEW | Bought Q1 2026 | Q1 2026 |
Filing History
| Period | Portfolio Value | QoQ Change | Positions | Filed |
|---|---|---|---|---|
| Q1 2026 | $3B | −10.3% | 14 | May 15, 2026 |
| Q4 2025 | $3B | +10.5% | 9 | Feb 17, 2026 |
| Q3 2025 | $3B | +20.1% | 9 | Nov 12, 2025 |
| Q2 2025 | $2B | +21.5% | 9 | Aug 14, 2025 |
| Q1 2025 | $2B | −18.4% | 8 | May 15, 2025 |
| Q4 2024 | $2B | +9.7% | 8 | Feb 14, 2025 |
| Q3 2024 | $2B | −3.5% | 8 | Nov 14, 2024 |
| Q2 2024 | $2B | — | 7 | Aug 14, 2024 |
Frequently Asked Questions
What stocks does Li Lu - Himalaya Capital own?
As of Q1 2026, Li Lu - Himalaya Capital held 14 U.S.-listed positions worth $3B. The largest is ALPHABET INC (GOOGL) (22.85% of the portfolio). The full holdings list is in the table above.
What is Li Lu - Himalaya Capital's largest holding?
ALPHABET INC (GOOGL) — about 22.85% of the equity portfolio as of Q1 2026.
What did Li Lu - Himalaya Capital buy recently?
Their biggest new position last quarter was TENCENT MUSIC ENTMT GROUP (TME) ($61M).
Do these holdings reflect Li Lu - Himalaya Capital's current portfolio?
They reflect the latest 13F filing (Q1 2026), which can lag actual trades by up to 45 days and excludes short positions, cash, and non-U.S. holdings.