Li Lu Portfolio: All Stocks & Buys/Sells
Every US stock position Himalaya Capital Management reported in its most recent mandatory SEC filing — weightings, plus the buys and sells against the prior quarter.
As of Q1 2026 · reported on SEC Form 13F
Portfolio at a glance
What these numbers show — and what they don't
The source is SEC Form 13F, the disclosure institutional investment managers must file with the U.S. Securities and Exchange Commission (SEC). It covers long positions in US-listed securities — stocks, plus exchange-traded options and convertible notes, an option being carried at the value of the underlying shares. Cash, short positions, ordinary bonds and holdings outside the US never appear. Filings are quarterly and land up to 45 days after the reporting date, so these figures are an official but delayed and partial view — not a live portfolio.
Buys and sells this quarter
Comparing the Q1 2026 filing against Q4 2025.
New positions
- TME 6,590,836 new
- SPGI 121,463 new
- HRB 1,626,906 new
- MCO 117,784 new
- MSCI 18,939 new
Added to
- CROX 628,159 → 887,093
Trimmed
- BAC 10,431,387 → 2,997,987
Sold out
Nothing in this group.
Every position in the portfolio
Scrolls sideways. Linked tickers lead to our own stock page for that company.
| # | Ticker | Company | Value | Weight | Shares | Change |
|---|---|---|---|---|---|---|
| 1 | GOOGL | ALPHABET INC | $731.4M | 22.85% | 2,543,300 | unchanged |
| 2 | GOOG | ALPHABET INC | $703.2M | 21.97% | 2,451,300 | unchanged |
| 3 | PDD | PDD HOLDINGS INC | $470.8M | 14.71% | 4,608,000 | unchanged |
| 4 | BRK-B | BERKSHIRE HATHAWAY INC DEL | $430.2M | 13.44% | 897,749 | unchanged |
| 5 | EWBC | EAST WEST BANCORP INC | $296.4M | 9.26% | 2,776,351 | unchanged |
| 6 | BAC | BK OF AMERICA CORP | $146.2M | 4.57% | 2,997,987 | -71.3% |
| 7 | OXY | OCCIDENTAL PETE CORP | $95.3M | 2.98% | 1,466,500 | unchanged |
| 8 | CROX | CROCS INC | $73.6M | 2.30% | 887,093 | +41.2% |
| 9 | TME | TENCENT MUSIC ENTMT GROUP | $61.2M | 1.91% | 6,590,836 | new |
| 10 | SPGI | S&P GLOBAL INC | $51.7M | 1.61% | 121,463 | new |
| 11 | HRB | BLOCK H & R INC | $51.6M | 1.61% | 1,626,906 | new |
| 12 | MCO | MOODYS CORP | $51.4M | 1.61% | 117,784 | new |
| 13 | AAPL | APPLE INC | $28.1M | 0.88% | 110,600 | unchanged |
| 14 | MSCI | MSCI INC | $10.2M | 0.32% | 18,939 | new |
About Li Lu
Li Lu is one of the most respected value investors with deep roots in China, and one of Charlie Munger's closest friends and investing partners. Born in China, he fled to the United States after the events of 1989, earned degrees in economics, law, and business simultaneously at Columbia University, and founded his investment firm, Himalaya Capital Management, in 1997. Munger once called him one of the best investors of his generation and introduced him to Warren Buffett.
Li Lu is best known for his early conviction in BYD, the Chinese battery and electric-vehicle maker he recommended to Munger - a tip that eventually led Berkshire Hathaway to take its own stake and became one of the most famous China calls in value-investing circles. His approach follows classic value principles: a small number of concentrated positions, long holding periods, and a preference for deeply understanding a business over reacting to short-term price moves.
This page tracks Himalaya Capital's US stock holdings - updated automatically, including portfolio weight and quarter-over-quarter buys and sells.
One caveat: the data comes from Form 13F, a disclosure institutional investors must file with the SEC. It only captures long positions in US-listed stocks, is filed once per quarter, and can appear up to 45 days after quarter-end. It excludes short positions, options, bonds, cash, and non-US holdings - including Chinese stocks held directly on Asian exchanges. What you see here is a partial window into the portfolio, not the full picture.
Frequently Asked Questions
Himalaya Capital is known for running an unusually concentrated portfolio - often just a handful of positions in businesses Li Lu has followed closely for years, at times including US-listed names in consumer and technology. The table on this page always reflects the most recently reported snapshot filed with the SEC.
Because Himalaya Capital rarely opens new positions and tends to hold for years, buying and selling activity is typically infrequent but deliberate. The buys-and-sells section on this page tracks changes versus the prior quarter, based on the latest SEC filing.
Li Lu follows a concentrated value approach in the tradition of Munger and Buffett: few positions, deep business research, long holding periods, and a willingness to act against the crowd. He's also known for his China expertise, which gave him an edge in understanding companies like BYD well before they were widely known in the West.
A Form 13F is a quarterly disclosure that institutional investors managing at least $100 million must file with the US Securities and Exchange Commission (SEC). It lists long positions in US-listed stocks but excludes short positions, bonds, and non-US holdings, and can be published up to 45 days after the quarter ends.
Li Lu spotted BYD's potential early and recommended it to his mentor Charlie Munger, who in turn convinced Warren Buffett to have Berkshire Hathaway take a stake. The investment is widely cited as one of the clearest examples of Li Lu's China insight shaping Western value investing.
Source
SEC Form 13F — the mandatory quarterly disclosure institutional investment managers file with the U.S. Securities and Exchange Commission (SEC). One filing per quarter, submitted up to 45 days after the reporting date; values are market values on that date, in US dollars.
These pages show reported holdings. They are not investment advice and not a recommendation to buy.