Profil et philosophie d'investissement

Li Lu, fondateur de Himalaya Capital, a procédé à un échange stratégique de catégories d'actions Alphabet au premier trimestre 2026, déplaçant son exposition vers les actions de catégorie A. Il a également conservé une position de forte conviction dans Pinduoduo, reflet de sa connaissance approfondie des plateformes de consommation chinoises. La philosophie de Li Lu allie les principes value classiques de Berkshire à une expertise unique des marchés asiatiques, en privilégiant les entreprises dotées de barrières concurrentielles durables.

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.

Trades emblématiques

Stratégie actuelle (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.

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.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 2,79 Md €. Positions: 14 positions.