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Li Lu Portfolio

Li Lu is a Chinese-born American value investor who founded Himalaya Capital in 1997 and serves as its chairman.

Himalaya Capital Management LLC Holdings · Q1 2026

Disclosed value
$3.2B
Holdings
14
Top sector
Communication Services
Filed
May 15, 2026
Performance
YTD
+5.1%
−3.9% vs S&P 500
1Y
+37.8%
+19.4% vs S&P 500
3Y
+101.8%
+37.5% vs S&P 500
Li Lu's latest portfolio (Q1 2026) holds 14 stocks worth $3.2B. Top holdings: Alphabet Inc. (GOOGL), Alphabet Inc. (GOOG), PDD Holdings Inc. (PDD).Biggest last-quarter moves:

Himalaya Capital Management LLC Holdings · 14

Q1 2026 · Showing 14 positions from the selected holding view.
Stock % Avg. buy price Estimated gain Quarter-end price Last transaction
GInternet Content & InformationAlphabet Inc. (GOOGL) 22.8%
Avg. buy price $100.94 Estimated gain+178.8%Quarter-end price $281.41 Last transaction Added· Q4 2022Increased shares by 168.3%
G 22.8% $100.94 +178.8% $281.41 Added· Q4 2022Increased shares by 168.3%
GInternet Content & InformationAlphabet Inc. (GOOG) 22.0%
Avg. buy price $111.66 Estimated gain+152.0%Quarter-end price $281.39 Last transaction Reduced· Q1 2025Sold 19.5% of shares
G 22.0% $111.66 +152.0% $281.39 Reduced· Q1 2025Sold 19.5% of shares
PDepartment StoresPDD Holdings Inc. (PDD) 14.7%
Avg. buy price $104.82 Estimated gain−2.5%Quarter-end price $102.18 Last transaction New· Q2 2025Opened a new position
P 14.7% $104.82 −2.5% $102.18 New· Q2 2025Opened a new position
BInsurance - DiversifiedBerkshire Hathaway Inc. (BRK-B) 13.4%
Avg. buy price $284.56 Estimated gain+68.4%Quarter-end price $479.11 Last transaction New· Q3 2021Opened a new position
B 13.4% $284.56 +68.4% $479.11 New· Q3 2021Opened a new position
E 9.3% – – – Added· Q2 2023Increased shares by 20.9%
BBanks - DiversifiedBank of America Corporation (BAC) 4.6%
Avg. buy price $33.35 Estimated gain+46.2%Quarter-end price $48.75 Last transaction Reduced· Q1 2026Sold 71.3% of shares
B 4.6% $33.35 +46.2% $48.75 Reduced· Q1 2026Sold 71.3% of shares
OOil & Gas Exploration & ProductionOccidental Petroleum Corporation (OXY) 3.0%
Avg. buy price $64.13 Estimated gain+4.6%Quarter-end price $67.08 Last transaction New· Q2 2024Opened a new position
O 3.0% $64.13 +4.6% $67.08 New· Q2 2024Opened a new position
CApparel - Footwear & AccessoriesCrocs, Inc. (CROX) 2.3%
Avg. buy price $84.21 Estimated gain−1.4%Quarter-end price $83.02 Last transaction Added· Q1 2026Increased shares by 41.2%
C 2.3% $84.21 −1.4% $83.02 Added· Q1 2026Increased shares by 41.2%
T 1.9% – – – New· Q1 2026Opened a new position
SFinancial - Data & Stock ExchangesS&P Global Inc. (SPGI) 1.6%
Avg. buy price $464.65 Estimated gain−8.5%Quarter-end price $425.34 Last transaction New· Q1 2026Opened a new position
S 1.6% $464.65 −8.5% $425.34 New· Q1 2026Opened a new position
HPersonal Products & ServicesH&R Block, Inc. (HRB) 1.6%
Last transaction New· Q1 2026Opened a new position
H 1.6% – – – New· Q1 2026Opened a new position
MFinancial - Data & Stock ExchangesMoody's Corporation (MCO) 1.6%
Avg. buy price $473.00 Estimated gain−7.8%Quarter-end price $436.25 Last transaction New· Q1 2026Opened a new position
M 1.6% $473.00 −7.8% $436.25 New· Q1 2026Opened a new position
AConsumer ElectronicsApple Inc. (AAPL) 0.9%
Avg. buy price $156.95 Estimated gain+61.3%Quarter-end price $253.09 Last transaction Reduced· Q1 2025Sold 65.2% of shares
A 0.9% $156.95 +61.3% $253.09 Reduced· Q1 2025Sold 65.2% of shares
MFinancial - Data & Stock ExchangesMSCI Inc. (MSCI) 0.3%
Avg. buy price $563.45 Estimated gain−4.3%Quarter-end price $539.01 Last transaction New· Q1 2026Opened a new position
M 0.3% $563.45 −4.3% $539.01 New· Q1 2026Opened a new position
Data through Q1 2026 · filed May 15, 2026
14 of 14

Biggest position changes

In Q1 2026: 5 new, 1 added, 1 reduced, 0 exited.
Q1 2026Q4 2025Q3 2025Q2 2025
Largest disclosed changes in Q1 2026, ranked by estimated dollar change using the quarter's average market price.
Reduced or exitedBought or added
B Bank of America Corporation (BAC) −$384M S S&P Global Inc. (SPGI) New+$56M M Moody's Corporation (MCO) New+$56M C Crocs, Inc. (CROX) +$22M M MSCI Inc. (MSCI) New+$11M
Other share changes without a dollar estimate, ranked by size.
Reduced or exitedBought or added
T Tencent Music Entertainment Group (TME) New+6.6M H H&R Block, Inc. (HRB) New+1.6M

New this quarter

S S&P Global Inc. (SPGI) New· Q1 2026 M Moody's Corporation (MCO) New· Q1 2026 M MSCI Inc. (MSCI) New· Q1 2026 T Tencent Music Entertainment Group (TME) New· Q1 2026 H H&R Block, Inc. (HRB) New· Q1 2026

Portfolio composition

Largest holdings in Q1 2026, sized by their share of the disclosed portfolio. This shows what is owned, not what changed.

Alphabet Inc. (GOOGL): 22.8%Alphabet Inc. (GOOG): 22.0%PDD Holdings Inc. (PDD): 14.7%Berkshire Hathaway Inc. (BRK-B): 13.4%East West Bancorp, Inc. (EWBC): 9.3%Other holdings: 17.8%
G Alphabet Inc. (GOOGL) 22.8%
G Alphabet Inc. (GOOG) 22.0%
P PDD Holdings Inc. (PDD) 14.7%
B Berkshire Hathaway Inc. (BRK-B) 13.4%
E East West Bancorp, Inc. (EWBC) 9.3%
Other holdings 17.8%
Show more

Portfolio over time

Each band is a top holding's share of the disclosed portfolio, quarter by quarter; the rest is grouped as other.
3Y5YAll
0%50%100%202120222023202420252026
Alphabet Inc. (GOOGL)Alphabet Inc. (GOOG)PDD Holdings Inc. (PDD)Berkshire Hathaway Inc. (BRK-B)East West Bancorp, Inc. (EWBC)Bank of America Corporation (BAC)Occidental Petroleum Corporation (OXY)Crocs, Inc. (CROX)Other holdings

Investors with similar portfolios

Tiger Global ManagementTiger Global Management LLCAlso holds Alphabet Inc. (GOOGL)InvescoInvesco Ltd.Also holds Alphabet Inc. (GOOGL) and PDD Holdings Inc. (PDD)Jeremy GranthamGrantham, Mayo, Van Otterloo & Co. LLCAlso holds Alphabet Inc. (GOOGL) and Berkshire Hathaway Inc. (BRK-B)David TepperAppaloosa LPAlso holds PDD Holdings Inc. (PDD)Ken FisherFisher Asset Management, LLCAlso holds PDD Holdings Inc. (PDD) and Berkshire Hathaway Inc. (BRK-B)Terry SmithFundsmith LLPAlso holds Alphabet Inc. (GOOGL) and MSCI Inc. (MSCI)

About Li Lu and Himalaya Capital Management LLC

Li Lu is a Chinese-born American value investor who founded Himalaya Capital in 1997 and serves as its chairman. This page shows Himalaya's quarterly Form 13F report of certain United States listed long positions, not Li Lu's personal account or the firm's complete portfolio.

SEC filing history for Himalaya Capital Management LLC

Li Lu FAQ

Profile refreshed July 20, 2026

What stocks does Li Lu own?

As of the Q1 2026 filing, Li Lu's largest disclosed holdings are Alphabet Inc. (GOOGL), Alphabet Inc. (GOOG), PDD Holdings Inc. (PDD). The table shows 14 of 14 positions by default, with an exact-count control for the remaining rows. Disclosed shares and values remain visible even when a separate market-price estimate is unavailable.

What did Li Lu buy last quarter?

The biggest disclosed buys in Q1 2026 were S&P Global Inc. (SPGI), Moody's Corporation (MCO), Crocs, Inc. (CROX), based on the Himalaya Capital Management LLC 13F filing. New positions are marked "new" in the table above.

What did Li Lu sell last quarter?

The biggest reductions in Q1 2026 were Bank of America Corporation (BAC). The filing comparison contains 0 full exits, summarized in the activity view above.

How big is Li Lu's portfolio?

The latest 13F discloses $3.2B across 14 positions in Q1 2026. 13F filings cover US-listed long positions only; cash and short positions are not disclosed.

How up to date is this?

Funds file 13Fs up to 45 days after each quarter ends, so this portfolio reflects Q1 2026, the latest disclosed quarter. The filing date is shown with every table.

Where does the Himalaya Capital Management LLC portfolio data come from?

Non-rejected, non-superseded SEC Form 13F filings for Himalaya Capital Management LLC provide the Q1 2026 holdings, disclosed values, and filing date shown here. WhoBought prefers filings whose value units validate and labels a sparse filing when validation is unavailable. Industry labels come from the local company classification record.

How is performance calculated?

Performance uses daily closing prices for holdings with available market-price history. It covers the priced share of disclosed value (87%); holdings without sufficient price history are excluded from the calculation.

Who is Li Lu?

Li Lu is a Chinese-born American value investor and philanthropist. He founded Himalaya Capital in 1997 and serves as its chairman.

What happened to Li Lu during the Tiananmen Square protests?

Li was one of the student leaders of the 1989 protests. After the government crackdown, he left China, traveled first to France, and later settled in New York.

Where did Li Lu study?

He studied physics and then economics at Nanjing University. At Columbia, he completed a bachelor's degree in economics, an MBA, and a law degree in 1996.

How did Warren Buffett influence Li Lu?

Li heard Buffett speak at Columbia in 1993 and found his explanation of investing compelling. He began buying stocks while he was still a student.

When did Li Lu start Himalaya Capital?

Li founded Himalaya Capital in 1997 after working in investment banking. The firm follows a disciplined, value-oriented approach.

How does Li Lu invest?

Li looks for businesses that can compound over many years and whose competitive position can still be understood well into the future. He has also stressed complete information and the discipline to admit what he does not know.

What was Li Lu's relationship with Charlie Munger?

Munger invested with Li and became his mentor and friend. Munger publicly praised Li's investment ability and called him the Chinese Warren Buffett.

Why is Li Lu associated with BYD?

Li introduced the Chinese battery and electric-vehicle company BYD to Charlie Munger and Warren Buffett. He has also been described as an informal adviser to BYD.

Was Li Lu going to manage part of Berkshire Hathaway's portfolio?

He was discussed as a possible future Berkshire investment manager, but he withdrew from consideration in 2010. He does not work for Berkshire.

Does this page reveal all of Li Lu's investments?

No. The holdings table and quarterly-changes section follow Himalaya Capital's disclosed US-listed long positions. They do not show Li's personal account, private securities, shorts, many derivatives, or every foreign holding.