Li Lu’s Himalaya Capital Management reported a $3.23 billion equity portfolio in the latest quarter, revealing a characteristically focused collection of high-conviction positions. The fund continues to concentrate its capital in dominant U.S. and Chinese franchises with durable competitive advantages, reflecting Li Lu’s deep value and quality-compounder orientation. With the top holdings accounting for the full portfolio and essentially no turnover during the quarter, Himalaya Capital remains a patient, lo ...