Investor profile

Li Lu

Himalaya Capital · Founder · Net worth: ~$1B

Tiananmen Square protest leader turned fund manager. Charlie Munger called him 'the Asian Warren Buffett.'

"Long-term value, China expertise, Charlie Munger's protégé."

Today — 2026-04-21

All movers →

Portfolio day:+1.32%

Biggest winner:BABA +4.19%

Biggest loser:BRK.B -1.16%

Positions: Q4 2025 13F · Prices: EOD 2026-04-21

Latest 13F: Q4 2025(69d ago)Next due: Q1 2026by 2026-05-15View on SEC EDGAR →● RSS — move alerts

Tracked positions

Top concentration

100%

Longest holding

Bank of America (since 2009)

Concentration profile

Concentrated

Top 1 · GOOG

22.3%

Top 5 combined

87.2%

Top 10 combined

99.9%

Tracked positions

GOOGTop-5 zoneTop-10

Li's single largest bet is GOOG at 22.3% of tracked positions. Top 5 names carry 87% of the weight — a focused approach without single-stock dominance.

Realized 10-year track record

Himalaya Capital (private; interview estimates)

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10y CAGR

11.1%

net of fees

Alpha vs S&P

-2.0%

vs 13.1% benchmark

Win rate

40%

years beating S&P

Quality score

4.5

computed 0–10

Best year

+35%

Worst year

-19%

Cumulative 10y

2.9×

Volatility

15%

Recent moves

Manager quality score: 4.5/10

Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.

Q4 2025

3 buys · 0 sells

Ticker	Activity	Share change	% portfolio
CROCS	Buy (new)	+628K	1.50%
META	Add 15% Adding to the compounder.	+75K	12.80%
BAC	Add 12% Doubling down further on BAC.	+1.44M	28.60%

Q3 2025

2 buys · 1 sell

Ticker	Activity	Share change	% portfolio
META	Add 18% Compounder add.	+76K	11.80%
BAC	Add 10% Doubling down on 15-yr BAC.	+1.09M	27.40%
BABA	Reduce 12% Took some Alibaba profits.	-680K	9.70%

Q2 2025

3 buys · 0 sells

Ticker	Activity	Share change	% portfolio
PDD	Buy (new)	+4.61M	17.90%
META	Add 10% Compounder add.	+44K	10.20%
BAC	Add 8% First of three consecutive BAC adds.	+820K	25.10%

Q1 2025

1 buy · 2 sells

Ticker	Activity	Share change	% portfolio
BAC	Add 6% First of multi-quarter BAC conviction build.	+580K	23.20%
AAPL	Reduce 65%	-207K	1.10%
GOOG	Reduce 19%	-593K	17.30%

Q3 2024

0 buys · 1 sell

Ticker	Activity	Share change	% portfolio
AAPL	Reduce 58%	-442K	3.00%

Q2 2024

1 buy · 0 sells

Ticker	Activity	Share change	% portfolio
OXY	Buy (new)	+1.47M	3.60%

Li's sector breakdown

How the top 9 positions are diversified across 4 sectors. Weighted by stated portfolio percentage.

Technology

3 positions · GOOG, GOOGL, AAPL

44.7%

44.7% of AUM

Financials

2 positions · BAC, BRK.B

28.7%

28.7% of AUM

Other

3 positions · PDD, EWBC, CROCS

24.8%

24.8% of AUM

Energy

1 position · OXY

1.7%

1.7% of AUM

Top holdings

Ticker	Company	% Portfolio	Shares (M)
GOOG	ALPHABET INC Quality compounder + AI optionality.	22.3%	2.54
GOOGL	ALPHABET INC	21.6%	2.45
BAC	BK OF AMERICA CORP 15-year holding. Deep conviction in US banking franchise.	16.1%	10.43
PDD	PDD HOLDINGS INC	14.6%	4.61
BRK.B	BERKSHIRE HATHAWAY INC DEL Following the master.	12.6%	0.9
EWBC	EAST WEST BANCORP INC	8.7%	2.78
OXY	OCCIDENTAL PETE CORP	1.7%	1.47
CROCS	CROCS INC	1.5%	0.63
AAPL	APPLE INC	0.8%	0.11

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Dividend tax by country

Estimate your withholding on cross-border dividends

Your country of residenceCompany is domiciled inGross dividend (example)

Withholding rate

Domestic (no cross-border)

Tax withheld

$0.00

You'd receive

$1000.00

Of $1000 gross

Source & treaty reference

Treaty: Domestic — no cross-border withholding

Citation: IRC §§ 1441–1446 (withholding applies to foreign persons; US residents not subject to WHT on US-source dividends)

U.S. residents receiving U.S.-source dividends: no cross-border withholding; taxed on return at qualified (0/15/20%) or ordinary rates.

Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.

Full dividend-tax rules for United States investors →