Li Lu
Himalaya Capital
Profile & Investment Philosophy
Li Lu, founder of Himalaya Capital, executed a strategic class swap in Alphabet shares during Q1 2026, moving his exposure to Class A shares. He also maintained a high-conviction stake in Pinduoduo, reflecting his deep understanding of Chinese consumer platforms. Li Lu's philosophy blends classic Berkshire value principles with a unique expertise in Asian markets, focusing on businesses with durable long-term moats.
Track Record
Li Lu's Himalaya Capital, founded in 1997, has compounded at well above public market returns over more than two decades, with Charlie Munger personally entrusting most of his family money to the firm. Munger described Li Lu as the only outside manager he ever fully backed. AUM is reported in the low double-digit billions of dollars, deliberately kept small relative to opportunity. The strategy is concentrated value across US and Chinese listed equities, with very low turnover and long holding periods. The track record is private, but Munger's public endorsement and the persistence of his family allocation are the strongest available signal.
Signature Trades
Current Strategy (2026)
Himalaya's 2026 US 13F is the most concentrated it has ever looked: Alphabet (GOOGL plus GOOG) makes up roughly 45% of the disclosed equity book, an unusually large single-company bet for a value manager. Bank of America has been cut by about 71% from prior reporting, a clear reduction of the financials weight. The remaining slots are dominated by a handful of long-term US compounders and selective Asian listings that do not show up in US filings. The picture is of a manager doubling down on a search-and-AI thesis around Google while taking risk off elsewhere, consistent with Li Lu's view that quality at a fair price is preferable to mediocrity at a cheap price.
BMI Counter-Take
Li Lu is the cleanest living example of the Munger doctrine: very few names, very long horizons, no apology for concentration. The 45% Alphabet bet is either visionary or one antitrust ruling away from a public lesson in concentration risk. We respect the underwriting because it predates the AI hype, but allocating 45% of your own portfolio to a single stock because Himalaya does is misreading the structure: Li Lu has decades of family wealth around him and a permanent capital base. You probably do not. Treat Alphabet's weight as a conviction signal, not as a sizing recipe.
Current Portfolio
LATEST 13F 2026-03-31Latest SEC Form 13F filing. Total portfolio value: $3.20 B. Holdings: 14 positions.
| Security | Shares | Δ vs Prev | Value ($) | Portfolio % |
|---|---|---|---|---|
| Alphabet Inc. | 2.54 M | +3.75% | $731 M | 22.9 % |
| Alphabet Inc. | 2.45 M | -3.62% | $703 M | 22.0 % |
| Pdd Holdings Inc. | 4.61 M | — | $471 M | 14.7 % |
| Berkshire Hathaway Inc. Del | 897,749 | — | $430 M | 13.4 % |
| East West Bancorp Inc. | 2.78 M | — | $296 M | 9.26 % |
| Bk Of America Corp. | 3.00 M | -71.26% | $146 M | 4.57 % |
| Occidental Pete Corp. | 1.47 M | — | $95.3 M | 2.98 % |
| Crocs Inc. | 887,093 | +41.22% | $73.6 M | 2.30 % |
| Tencent Music Entmt Group | 6.59 M | ★ NEW | $61.2 M | 1.91 % |
| S&P Global Inc. | 121,463 | ★ NEW | $51.7 M | 1.61 % |
SOURCE: SEC Form 13F (2026-05-15). BMI Smart Money Tracker.