Li Lu Is Betting Big on These Stocks in 2026

Core Insights - Himalaya Capital Management reported a total equity portfolio value of approximately $3.23 billion, showcasing a highly concentrated investment strategy focused on high-conviction positions [1][2] - The fund maintains a long-term, low-turnover investment approach, with no full exits or significant share changes reported this quarter [5][9] Portfolio Overview - Total Portfolio Value: ~$3.23 billion [2] - Top 10 Holdings Weight: 100%, indicating full concentration [2] - Turnover: Minimal or none, reinforcing a concentrated investment style [2] Top Holdings - Alphabet (GOOGL + GOOG) accounts for approximately 37% of total assets, with individual values of $618 million (19.1%) for Class A and $597 million (18.5%) for Class C [3][7] - PDD Holdings represents $609 million (18.9%) and remains a core bet for Chinese exposure [3][7] - Other significant holdings include Bank of America ($535 million, 16.7%), Berkshire Hathaway ($451 million, 14.0%), and East West Bancorp ($296 million, 9.1%) [3] Geographic and Sector Exposure - The portfolio shows a majority allocation to U.S. companies, with significant exposure to China through PDD [8] - Sector themes include technology/internet platforms, financials, and select cyclicals such as energy [8][9] Investment Philosophy - Himalaya Capital adheres to a deeply concentrated, buy-and-hold philosophy, focusing on scalable and competitively advantaged businesses [9] - The absence of trading activity this quarter indicates strong conviction in the existing portfolio despite changing macroeconomic conditions [9]