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Li Lu

Himalaya Capital Management

Munger-backed value investor

📍 Seattle, WAEst. 1997💰 ~$5B AUM

$3.70B

Portfolio Value

8

Holdings

Q2 '26

Period

2026-08-14

Filed

About Li Lu

Li Lu (born 1966) is a Chinese-American investor and founder of Himalaya Capital Management. A protégé of Charlie Munger, Li Lu manages the only outside fund in which Munger invested his personal capital. Born in China, he was a student leader during the 1989 Tiananmen Square protests before emigrating to the United States.

Investment Philosophy

Long-term value investing influenced by Munger and Buffett, with deep expertise in Asian markets, particularly China. Focuses on companies with strong competitive advantages and honest management. Takes concentrated positions with very long holding periods. Emphasizes understanding the business deeply.

Notable Facts

  • •Charlie Munger's personal money manager — the only outside fund Munger invested in
  • •Student leader during the 1989 Tiananmen Square protests
  • •Himalaya Capital made early, large investments in BYD
  • •Holds both law and MBA degrees from Columbia University
📈

Simulated 13F Return

⚠️ Approximation

Total Return

+24.11%

Q4 '24 → Q3 '25

Annualized

+33.51%/yr

S&P: +18.77%/yr

Alpha (vs S&P)

+10.39%

3 quarters tracked

1-Year Return

—

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

PDDREDUCED
22.2% of portfolio
+134% shares+7.5pp
BRK.BREDUCED
15.0% of portfolio
+23% shares+1.5pp
BACSOLD
was 4.6%
Sold out position
Filing price: $48.75
OXYSOLD
was 3.0%
Sold out position
Filing price: $65.00
SPGISOLD
was 1.6%
Sold out position
Filing price: $425.34
HRBSOLD
was 1.6%
Sold out position
Filing price: $31.74
MCOSOLD
was 1.6%
Sold out position
Filing price: $436.25
MSCISOLD
was 0.3%
Sold out position
Filing price: $539.01

Sold Out (6)

SOLDBACBK OF AMERICA CORPwas 4.57%@$48.75
SOLDHRBBLOCK H & R INCwas 1.61%@$31.74
SOLDMCOMOODYS CORPwas 1.61%@$436.25
SOLDMSCIMSCI INCwas 0.32%@$539.01
SOLDOXYOCCIDENTAL PETE CORPwas 2.98%@$65.00
SOLDSPGIS&P GLOBAL INCwas 1.61%@$425.34

📊 Sector Breakdown

Portfolio allocation by sector

Technology 71.0%Financials 15.0%Unknown 14.1%

💼 Holdings

🔍

8 of 8 positions · $3.70B

This quarter: reduced 2, sold 6. Net seller.

GOOGL
24.5%
24.5% of portfolio
Filed ~$357
—📄
GOOG
23.4%
23.4% of portfolio
Filed ~$353
—📄
PDDREDUCED
22.2%
22.2% of portfolio (was 14.7%, trimmed)
Filed ~$76
—📄
BRK.BREDUCED
15.0%
15.0% of portfolio (was 13.4%, trimmed)
Filed ~$500
—📄
EWBC
9.7%
9.7% of portfolio
Filed ~$129
—📄
CROX
2.9%
2.9% of portfolio
Filed ~$121
—📄
TME
1.5%
1.5% of portfolio
Filed ~$8
—📄
AAPL
0.9%
0.9% of portfolio
Filed ~$289
—📄

🚫 Sold Out (6 positions)

SOLDBACBK OF AMERICA CORPwas 4.57%@$48.752997987 shares · $146.2M
SOLDHRBBLOCK H & R INCwas 1.61%@$31.741626906 shares · $51.6M
SOLDMCOMOODYS CORPwas 1.61%@$436.25117784 shares · $51.4M
SOLDMSCIMSCI INCwas 0.32%@$539.0118939 shares · $10.2M
SOLDOXYOCCIDENTAL PETE CORPwas 2.98%@$65.001466500 shares · $95.3M
SOLDSPGIS&P GLOBAL INCwas 1.61%@$425.34121463 shares · $51.7M