Why do so few positions make up the whole portfolio?

Concentration is the method. Li Lu buys a small number of businesses he expects to understand for years and invests a substantial amount in each one rather than spreading the capital thinly.

What is the connection to Charlie Munger?

Munger gave Himalaya part of his family's money to manage and said in public that Li Lu was the only outside manager he ever did that for.

Does this show the Asian holdings?

Only the ones listed in the United States. A 13F does not report shares traded on Asian exchanges, and those are a large part of what the firm owns.

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Value investor

The Himalaya Capital portfolio

Li Lu holds a handful of companies and holds them for years. Charlie Munger gave him his family's money to manage.

Size$3.7BPositions7Turnover100%Current weights, 12 m+13.7%

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The Himalaya Capital portfolio

Size$3.7B

Current weights, 12 m+13.7%

Create an account and we will tell you when this investor reports a trade.

CompanyPortfolio weightDisclosed sincePrice24h30dValue

Alphabet Inc.GOOGL47.9%since 2020$342.36+1.3%—$1.8B

PDD Holdings Inc.PDD22.2%since 2020$78.20−1.3%—$821M

47.9%

Alphabet Inc.GOOGL · $342.36+1.3%

22.2%

PDD Holdings Inc.PDD · $78.20−1.3%

Berkshire Hathaway Inc.BRK-B15.0%since 2021$505.18−0.4%—$555M

East West Bancorp, Inc.EWBC9.7%since 2023$125.62+0.9%—$358M

Crocs, Inc.CROX2.9%since 2025$123.44−0.9%—$107M

Tencent Music Entertainment GroupTME1.5%since 2026$8.34+1.5%—$55M

Apple Inc.AAPL0.9%since 2020$335.92−0.3%—$32M

15.0%

Berkshire Hathaway Inc.BRK-B · $505.18−0.4%

9.7%

East West Bancorp, Inc.EWBC · $125.62+0.9%

2.9%

Crocs, Inc.CROX · $123.44−0.9%

1.5%

Tencent Music Entertainment GroupTME · $8.34+1.5%

0.9%

Apple Inc.AAPL · $335.92−0.3%

SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026

The +13.7% above is the 12-month change these weights would have produced. It is not Himalaya Capital's return.

Why people follow this portfolio

Himalaya Capital is the firm Li Lu founded in 1997. These are its US-listed positions from the latest filing.

Li Lu left China after 1989 and arrived in the United States with no money and no English. Years later he built an investment firm that Charlie Munger trusted with part of his family's wealth. Munger said publicly that Li Lu was the only outside manager he ever gave money to. That is why most readers know the name.

The portfolio is small in number and large in value. A few positions make up the whole portfolio, and several of them have been there for a decade. The approach is the one Munger and Warren Buffett describe: understand a small number of businesses well enough to hold them through the years when nothing goes right.

The firm invests heavily in Asia, and those holdings are not on this form. A 13F reports US-listed shares, so the Chinese and other Asian companies Himalaya is known for appear only when they trade in New York.

Where this data comes from

Positions come from the 13F form the firm files with the SEC each quarter. The form covers long positions in US-listed shares only, so the firm's holdings on Asian exchanges do not appear.

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