Himalaya Capital Management
Himalaya Capital Management, led by Li Lu, is known for its concentrated investment approach focusing on value investing principles. Li Lu, who has a commendable reputation in the investment community, often emphasizes long-term investments in high-quality companies. The firm's strategy typically involves deep fundamental analysis to identify undervalued securities that offer significant growth potential.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 14 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| GOOGL | $731.4M | 22.85% | $287.39 | $369.41 | +28.5% | 22.9% | |
| GOOG | $703.2M | 21.97% | $286.69 | $366.15 | +27.7% | 22.0% | |
| PDD | $470.9M | 14.71% | $102.18 | $82.54 | -19.2% | 14.7% | |
| BRKB | $430.2M | 13.44% | — | — | 13.4% | ||
| EWBC | $296.4M | 9.26% | $106.08 | $130.62 | +23.1% | 9.3% | |
| BAC | $146.2M | 4.57% | $48.50 | $60.11 | +23.9% | 4.6% | |
| OXY | $95.3M | 2.98% | $64.70 | $50.54 | -21.9% | 3.0% | |
| CROX | $73.7M | 2.30% | $83.02 | $125.68 | +51.4% | 2.3% | |
| TME | $61.2M | 1.91% | $9.04 | $8.61 | -4.8% | 1.9% | |
| SPGI | $51.7M | 1.61% | $401.47 | $442.64 | +10.3% | 1.6% | |
| HRB | $51.6M | 1.61% | $31.74 | $40.06 | +26.2% | 1.6% | |
| MCO | $51.4M | 1.61% | $435.21 | $504.23 | +15.9% | 1.6% | |
| AAPL | $28.1M | 0.88% | $253.56 | $313.01 | +23.4% | 0.9% | |
| MSCI | $10.2M | 0.32% | $537.07 | $611.44 | +13.8% | 0.3% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (5)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| TME | $61.2M | -4.8% | |
| SPGI | $51.7M | +10.3% | |
| HRB | $51.6M | +26.2% | |
| MCO | $51.4M | +15.9% | |
| MSCI | $10.2M | +13.8% |
Exited Positions
None this quarter
Increased (2)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| CROX | $19.9M | +41.2% | +51.4% | |
| GOOGL | $-37.9M | +3.8% | +28.5% |
Trimmed (2)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| BAC | $-427.6M | -71.3% | +23.9% | |
| GOOG | $-92.9M | -3.6% | +27.7% |
Quarter Activity
During the quarter, Himalaya Capital Management initiated several notable new positions, including Tencent Music Entertainment (TME) at $61 million, S&P Global (SPGI) at $52 million, and Moody's Corporation (MCO) at $51 million. The fund increased its stakes in Crocs, Inc. (CROX) by $41 million and Alphabet Inc. (GOOGL) by $4 million. Conversely, it reduced its holdings in Bank of America Corp (BAC) by $71 million and Alphabet Inc. (GOOG) by $4 million, reflecting a shift in its portfolio concentration.
AI Commentary
<p>Himalaya Capital Management's portfolio showcases a strong concentration in technology and financial sectors. The fund's top conviction positions are in Alphabet Inc., with shares in both GOOGL and GOOG combining to make up 44.9% of the portfolio, highlighting a significant bet on this single entity. Other major holdings include PDD Holdings Inc. and Berkshire Hathaway Inc. DEL, which together account for 28.1% of the assets under management. This sector-focused strategy indicates a bullish stance on tech and finance, sectors known for their robust growth potential and significant impact on broad market indices.</p> <p>The recent quarterly adjustments suggest strategic shifts in Himalaya Capital Management’s investment thesis. The initiation of positions in Tencent Music Entertainment Group (TME) and S&P Global Inc. (SPGI), alongside significant increases in Crocs Inc. (CROX), indicates a growing interest in both media and consumer discretionary sectors. Conversely, the substantial reduction in Bank of America Corp. (BAC) by 71% could signal a bearish outlook on certain traditional banking operations amidst evolving financial landscapes. These moves reflect the fund's dynamic approach to capitalizing on sector-specific growth while adjusting exposure based on macroeconomic forecasts and market conditions.</p>