Li Lu portfolio
Latest holdings of Himalaya Capital Management as of Q2 2026: 8 positions worth $3.7B, decoded into plain English.
Portfolio summary and charts
- Alphabet (Class A) (GOOGL) is the largest position at 24.5% of a $3.7B portfolio.
- Biggest buy: added most to PDD, about $469M of new money.
- Biggest sale: sold out of Bank of America, about $146M.
- Very high conviction: the top 10 holdings make up 100%, and the portfolio behaves like 5 equal-sized bets.
Every box is a position, sized by its weight
What this meansAlphabet (Class A) alone is 25% of the portfolio, and the top three make up 70%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
Where the money is
What this meansCommunication is the biggest slice at 49% of the portfolio.
How focused is the portfolio?
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 5 equal-sized positions.
Biggest buys and sells
What this meansThe largest move was adding to PDD, worth about $469M. Values are estimated at quarter-end prices.
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $2.6B to $3.7B over 9 quarters.
How today’s top positions grew over time
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
All 8 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | GOOGL Alphabet (Class A) | Communication | 24.55% | Hold | 2,543,300 | $909M |
| 2 | GOOG Alphabet (Class C) | Communication | 23.39% | Hold | 2,451,300 | $866M |
| 3 | PDD PDD | Industrials | 22.17% | Added +134% | 10,761,119 | $821M |
| 4 | BRK.B Berkshire Hathaway (Class B) | Financials | 14.98% | Added +23% | 1,108,318 | $555M |
| 5 | EWBC East West Bancorp | Financials | 9.68% | Hold | 2,776,351 | $358M |
| 6 | CROX Crocs | Materials | 2.89% | Hold | 887,093 | $107M |
| 7 | TME Tencent Music Entertainment | Communication | 1.49% | Hold | 6,590,836 | $55M |
| 8 | AAPL Apple | Technology | 0.86% | Hold | 110,600 | $32M |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0002043585-26-000022 · all filings on EDGAR.
Li Lu
Li Lu founded Himalaya Capital in 1997 and is a long-time partner of the late Charlie Munger, who entrusted part of his family’s money to him. Himalaya runs a very concentrated portfolio of US and Asian businesses.
Philosophy in brief
- Think like an owner of the whole business, not a trader of its stock.
- Concentrate on the few ideas you understand deeply.
- Let compounding work over decades.
How to read this page
Who else is trading these holdings
- 01GOOGL Alphabet (Class A)24 congressional trades disclosed (7 buys)24.5% of portfolio
- 02GOOG Alphabet (Class C)11 congressional trades disclosed (7 buys)23.4% of portfolio
- 04BRK.B Berkshire Hathaway (Class B)21 congressional trades disclosed (12 buys) · insiders bought $250K in Q3 202615.0% of portfolio
- 06CROX Crocsinsiders bought $613K in Q3 20262.9% of portfolio
- 08AAPL Apple44 congressional trades disclosed (18 buys)0.9% of portfolio
Investors who think alike
Cosine similarity of position weights (100 = identical portfolios). Chips show the biggest shared holdings.
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