Himalaya Capital Management (Li Lu)
china, li-lu, value, concentrated, active
Quarter Analysis
13F change notes for Himalaya Capital Management (Li Lu) in 2025-12-31.
Pure persistence quarter — every position held flat in shares. Book size up modestly to $3.57B as the underlying compounders worked. Alphabet (both classes) 22%+, BofA 16%, Berkshire 12.6%, East West Bancorp 8.7%. Top-3 weight 56% → 60% from price appreciation alone, not portfolio moves. Li Lu's 'do nothing' phase is the cleanest example on the watchlist of what disciplined concentrated value looks like.
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★ HELD
ALPHABET INC GOOGL
15 quarters untouched at +218% unrealized — weight 19.1% → 22.3% purely from price.
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★ HELD
ALPHABET INC GOOG
23 quarters untouched at +233% unrealized — the GOOG line has the most extreme price-driven weight gain in the book.
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★ HELD
BK OF AMERICA CORP BAC
24 quarters untouched at +113% unrealized — the trim doesn't come until Q1-2026.
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★ HELD
BERKSHIRE HATHAWAY INC DEL BRK/B
18 quarters held flat at +84% unrealized — the indirect Buffett exposure inside the Munger-mentored book.
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★ HELD
EAST WEST BANCORP INC EWBC
12 quarters held flat at +103% unrealized — the doubled-up China-US bank bet still intact.
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• CONTEXT
Zero share changes across the top-5. The 'do nothing' principle in action — top-3 weight rose 56% → 60% from price moves alone.