Li Lu Is Betting Big on These Stocks in 2026

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, long-duration investor with limited trading activity.

Total Portfolio Value: ~$3.23B
Top 10 Weight: 100% (fully concentrated)
Turnover: Minimal / None

Li Lu is well-known for running an extremely concentrated book, and this filing reinforces that style.

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Top Holdings & Weights

Key takeaways:

• Alphabet (GOOGL + GOOG) represents ~37% of total assets

• Chinese exposure via PDD remains a core bet

• U.S. financials (BAC, BRK.B, EWBC) account for ~40% of the portfolio

• No options exposure and no new positions disclosed this quarter

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Full Exits This Quarter

None
The disclosure explicitly shows no full exits and no significant share changes.

This reflects Li Lu’s long-term, low-turnover compounding strategy.

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Portfolio Characteristics

Style: Value / Quality / Concentrated

Holding period: Multi-year

Turnover: Ultra-low

Geographic exposure:

• U.S.: Majority allocation

• China: Significant via PDD

Sector themes:

• Tech/Internet platforms

• Financials

• Select cyclicals (Energy)

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Narrative Summary

Himalaya Capital continues to express a deeply concentrated, buy-and-hold philosophy centered around scalable, competitively advantaged businesses. Alphabet and PDD remain the centerpieces of the portfolio, with financials providing ballast and energy serving as a smaller opportunistic allocation. With no trading activity reported for the quarter, Li Lu is signaling conviction in the fund’s existing positioning despite changing macro conditions.