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Li Lu Himalaya Capital Management

AUM $3.7B
1-Year Est. Return 39.18%
 

Li Lu is the founder of Himalaya Capital Management and a prominent value investor influenced by the Berkshire Hathaway tradition. A student of Charlie Munger’s approach, he is known for concentrated portfolios, long holding periods, and deep fundamental research. His firm’s public filings are followed closely by investors seeking exposure to high-conviction ideas across U.S. and Asian markets.

This Fund
S&P 500
This Quarter Est. Return
+21.93%
1 Year Est. Return
+39.18%
3 Year Est. Return
+115.66%
5 Year Est. Return
+79.58%
10 Year Est. Return
–
AUM
$3.23B
AUM Growth
+$541M
Cap. Flow
$0
Cap. Flow %
0%
Top 10 Hldgs %
100%
Holding
9
New
–
Increased
–
Reduced
–
Closed
–

Top Buys

No buys this quarter

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Financials 39.78%
2 Communication Services 37.62%
3 Consumer Discretionary 18.85%
4 Energy 2.87%
5 Technology 0.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GOOGL icon
1
Alphabet (Google) Class A
GOOGL
$4.23T
$618M 19.14%
2,543,300
– –
PDD icon
2
Pinduoduo
PDD
$121B
$609M 18.85%
4,608,000
– –
GOOG icon
3
Alphabet (Google) Class C
GOOG
$4.2T
$597M 18.48%
2,451,300
– –
BAC icon
4
Bank of America
BAC
$451B
$538M 16.66%
10,431,387
– –
BRK.B icon
5
Berkshire Hathaway Class B
BRK.B
$1.08T
$451M 13.97%
897,749
– –
EWBC icon
6
East-West Bancorp
EWBC
$18.7B
$296M 9.15%
2,776,351
– –
OXY icon
7
Occidental Petroleum
OXY
$58.3B
$69.3M 2.15%
1,466,500
– –
AAPL icon
8
Apple
AAPL
$4.46T
$28.2M 0.87%
110,600
– –
SOC icon
9
Sable Offshore Corp
SOC
$796M
$23.4M 0.73%
1,343,000
– –

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Li Lu's Q3 2025 Portfolio in Review

As of Q3 2025, Li Lu held 9 positions worth $3.23B, up 20% from $2.69B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Trading was light in Q3 2025: portfolio turnover was 0%. Li Lu opened no new positions and made no exits, leaving the 9-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 40% of assets, down from 45% a quarter earlier, followed by Communication Services and Consumer Discretionary.

  • Li Lu's ten largest holdings make up 100% of its $3.23B portfolio in Q3 2025.
  • Li Lu opened 0 new positions and closed 0 in Q3 2025.
  • Li Lu's portfolio value rose 20% quarter-over-quarter to $3.23B.

Based on Himalaya Capital Management's 13F filing for Q3 2025, filed 12 Nov 2025.