Li Lu

Himalaya Capital · managing since 1997 · ranked #2 of 12 by concentration

Portfolio value

$3.7B

Long US equity in the 13F

Positions

6 closed this quarter

Top five weight

94.8%

Largest is GOOGL at 25%

Average holding period

3.2 yrs

Turns the book more than most

Quarterly turnover

75%

High for a concentrated book

Where the money sits

Top 8 positions · everything else grouped as Other

GOOGLAlphabet Inc.24.6%GOOGAlphabet Inc.23.4%PDDPDD Holdings Inc.22.2%BRK.BBerkshire Hathaway Inc15.0%EWBCEast West Bancorp Inc9.7%CROXCrocs, Inc.2.9%TMETencent Music Entertainment Group1.5%AAPLApple Inc.0.9%

What changed this quarter

Filed Aug 14, 2026 · positions as of Jun 30, 2026 · 45-day lag

Lu opened 0 positions, added to 2, trimmed 0 and sold out of 6. The largest move was adding to PDD.

New positions0

Nothing this quarter

Added to2

PDDPDD Holdings Inc.+134% shares BRK.BBerkshire Hathaway Inc+24% shares

Trimmed0

Nothing this quarter

Sold out6

BACBank Of America CorpSold out HRBH&R Block IncSold out MCOMoodys CorpSold out MSCIMSCI Inc.Sold out+2 more

Holdings

8 positions · $3.7B · top five is 94.8% of the book

CompanyWeightValueChangeHeld5-year history

$909MNo change4.3 yrs

$866MNo change5.0 yrs

Berkshire Hathaway Inc

East West Bancorp Inc

9.7%

$358MNo change3.5 yrs

Tencent Music Entertainment Group

$32.0MNo change5.0 yrs

Changes compare the Q2 2026 filing with Q1 2026. Held is counted within the last 20 quarters. Not investment advice.