Himalaya Capital Management (Li Lu)
china, li-lu, value, concentrated, active
Quarter Analysis
13F change notes for Himalaya Capital Management (Li Lu) in 2026-03-31.
Classic Li Lu quarter — almost zero share changes across the entire book. The only meaningful move: Bank of America cut -71% in shares (weight 16% → 4.6%) on +89% unrealized. Both Alphabet classes (GOOGL 22.8% + GOOG 22.0%) untouched, Berkshire untouched, East West Bancorp untouched. Top-3 weight flat at 60%. This is what Munger's hand-picked successor looks like: 14 names, 16+ quarters of held positions, and a single multi-bagger trim per quarter when prices warrant.
-
▼ REDUCED
BK OF AMERICA CORP BAC
Cut -71% in shares — Li Lu taking massive profit on BAC at +89% unrealized after 25 quarters held. The single big move of the quarter.
-
★ HELD
ALPHABET INC GOOGL
Untouched in shares for the 16th quarter at +193% unrealized — co-top weight 22.8%.
-
★ HELD
ALPHABET INC GOOG
Untouched for 24 quarters at +205% unrealized — held as a separate class alongside GOOGL; combined Alphabet exposure is ~45% of book.
-
★ HELD
BERKSHIRE HATHAWAY INC DEL BRK/B
19 quarters held untouched at +76% unrealized — direct exposure to Buffett alongside Munger's framework, the meta-position.
-
★ HELD
EAST WEST BANCORP INC EWBC
13 quarters untouched at +93% unrealized — Chinese-American regional bank, the quiet conviction bet.
-
• CONTEXT
The entire 13F is 14 names, ~60% in Alphabet's two share classes. Li Lu runs the lowest-turnover concentrated book on the watchlist.