Li Lu - Himalaya Capital Management
Himalaya Capital Management
Latest 13F filing
Q4 2025
filed Feb 19, 2026
Portfolio value
$3.57B
Positions
9
Top 10 concentration
174.4%
QoQ change
+10.5%
+$338.61M
Activity vs. Q3 2025
2
New positions
1
Added to
14
Unchanged
1
Reduced
2
Exited
Portfolio composition — Q4 2025
- GOOGALPHABET INC22.3%
- GOOGLALPHABET INC22.3%
- GOOGLALPHABET INC21.6%
- GOOGALPHABET INC21.6%
- BACBK OF AMERICA CORP16.1%
- BACBK OF AMERICA CORP16.1%
- PDDPDD HOLDINGS INC14.6%
- PDDPDD HOLDINGS INC14.6%
- BRK/BBERKSHIRE HATHAWAY INC DEL12.6%
- BRK/BBERKSHIRE HATHAWAY INC DEL12.6%
- Other8 more positions25.6%
Top buys
New & added positions, by size
Holdings as of Q4 2025
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | GOOG | ALPHABET INC | 2,543,300 | $796.05M | 22.31% | $313.00 | ADD | +3.8% |
| 2 | GOOGL | ALPHABET INC | 2,543,300 | $796.05M | 22.31% | $313.00 | — | 0% |
| 3 | GOOGL | ALPHABET INC | 2,451,300 | $769.22M | 21.55% | $313.80 | REDUCE | -3.6% |
| 4 | GOOG | ALPHABET INC | 2,451,300 | $769.22M | 21.55% | $313.80 | — | 0% |
| 5 | BAC | BK OF AMERICA CORP | 10,431,387 | $573.73M | 16.08% | $55.00 | — | 0% |
| 6 | BAC | BK OF AMERICA CORP | 10,431,387 | $573.73M | 16.08% | $55.00 | — | 0% |
| 7 | PDD | PDD HOLDINGS INC | 4,608,000 | $522.50M | 14.64% | $113.39 | — | 0% |
| 8 | PDD | PDD HOLDINGS INC | 4,608,000 | $522.50M | 14.64% | $113.39 | — | 0% |
| 9 | BRK/B | BERKSHIRE HATHAWAY INC DEL | 897,749 | $451.25M | 12.64% | $502.65 | — | 0% |
| 10 | BRK/B | BERKSHIRE HATHAWAY INC DEL | 897,749 | $451.25M | 12.64% | $502.65 | — | 0% |
| 11 | EWBC | EAST WEST BANCORP INC | 2,776,351 | $312.03M | 8.74% | $112.39 | — | 0% |
| 12 | EWBC | EAST WEST BANCORP INC | 2,776,351 | $312.03M | 8.74% | $112.39 | — | 0% |
| 13 | OXY | OCCIDENTAL PETE CORP | 1,466,500 | $60.30M | 1.69% | $41.12 | — | 0% |
| 14 | OXY | OCCIDENTAL PETE CORP | 1,466,500 | $60.30M | 1.69% | $41.12 | — | 0% |
| 15 | CROX | CROCS INC | 628,159 | $53.72M | 1.51% | $85.52 | NEW | — |
| 16 | CROX | CROCS INC | 628,159 | $53.72M | 1.51% | $85.52 | NEW | — |
| 17 | AAPL | APPLE INC | 110,600 | $30.07M | 0.84% | $271.86 | — | 0% |
| 18 | AAPL | APPLE INC | 110,600 | $30.07M | 0.84% | $271.86 | — | 0% |
Positions exited in Q4 2025
Source: SEC EDGAR 13F-HR filing Feb 19, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001709323.