# Himalaya Capital (Li Lu): 13F portfolio, Q2 2026

Li Lu's investment firm, Seattle.

Source: SEC Form 13F filed 2026-08-14 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1709323/000204358526000022/0002043585-26-000022-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/himalaya-capital
Updated: 2026-08-14 · Next filing due by 2026-11-14

## Summary
- Reported value: $3.7B (Q1 2026: $3.2B)
- Positions: 8 (Q1 2026: 14)
- Top 10 holdings: 100.0% of the portfolio
- This quarter: 0 new, 2 added to, 0 trimmed, 6 sold out

## What Lu did in Q2 2026
Himalaya Capital raised its stake in PDD Holdings by 134%. It sold out of 6 positions, among them Bank Of America, Occidental Petroleum and S&P Global. Alphabet is still the largest holding, at 24.5% of the portfolio.

## Biggest buys
- PDD Holdings (PDD): +134%
- Berkshire Hathaway (BRK-B): +23%

## Biggest sells
- Bank Of America (BAC): Sold out
- Occidental Petroleum (OXY): Sold out
- S&P Global (SPGI): Sold out
- H&R Block (HRB): Sold out
- Moodys (MCO): Sold out

## Top 8 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Alphabet | GOOGL | 24.5% | $908.9M | No change | Q3 2024 or earlier |
| 2 | Alphabet | GOOG | 23.4% | $866.1M | No change | Q3 2024 or earlier |
| 3 | PDD Holdings | PDD | 22.2% | $820.9M | +134% | Q2 2025 |
| 4 | Berkshire Hathaway | BRK-B | 15.0% | $554.6M | +23% | Q3 2024 or earlier |
| 5 | East West Bancorp | EWBC | 9.7% | $358.4M | No change | Q3 2024 or earlier |
| 6 | Crocs | CROX | 2.9% | $107.0M | No change | Q4 2025 |
| 7 | Tencent Music Entertainment Group | TME | 1.5% | $55.0M | No change | Q1 2026 |
| 8 | Apple | AAPL | 0.9% | $32.0M | No change | Q3 2024 or earlier |

## Other value investors
- Icahn (Carl Icahn): https://valuepeg.com/managers/carl-icahn
- Kahn Brothers: https://valuepeg.com/managers/kahn-brothers
- Leon Cooperman: https://valuepeg.com/managers/leon-cooperman
- Lindsell Train: https://valuepeg.com/managers/lindsell-train
- Lone Pine Capital: https://valuepeg.com/managers/lone-pine-capital

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.