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Li Lu

Himalaya Capital

Himalaya Capital founder, long-term value and China business quality

Himalaya Capital is central for understanding Li Lu's long-term value investing, his study of Chinese compounders, and the way the Buffett/Munger framework is applied to China and global businesses. The most useful materials are speeches, interviews, fund materials, visible US holdings, and long-running cases such as BYD, banks, and platform companies.

Sources Himalaya Capital official site SEC EDGAR profile Helena member profile
Long-term value / China compounders CIK 1709323
2026-03-31 Latest 13F 14 Current holdings 15 Last 4 periods Change 4 Public materials
Latest 13F snapshot 2026-03-31 · 14 disclosed positions · $3.2B Top five 82.2%: GOOGL, GOOG, PDD, BRK.B, EWBC

Performance materials

  • Himalaya does not publish a continuous public fund-level annual return table. Public materials and disclosed holdings are the main evidence for return context.
  • If official fund letters or return materials become public, they should become the primary performance reference.
  • Non-US holdings and older comments are best read by date to understand how the view changed.

Firm and key people

  • Li Lu moved to the United States after 1989, studied there, and later founded Himalaya Capital with a focus on a small number of deeply researched companies.
  • His public talks often discuss circle of competence, long-termism, and the competitive strength of Chinese businesses.
  • 13F filings, speeches, and media materials each show a different part of the Himalaya research record.

Investment style

  • Prefer companies that can compound for a long time, have clear moats, credible management, and attractive prices.
  • Focus on business essence, culture, and long-term competitive position rather than short-term trading catalysts.
  • For Chinese and global quality companies, governance, regulation, and capital allocation history matter.

Public materials

View timeline
Shareholder letters / memos 0
Interview 1
Public video 1
Public Q&A / speeches / presentations 2

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
GOOGL 2,543,300 $731.4M 22.8%
GOOG 2,451,300 $703.2M 22.0%
PDD 4,608,000 $470.8M 14.7%
BRK.B 897,749 $430.2M 13.4%
EWBC 2,776,351 $296.4M 9.3%
BAC 2,997,987 $146.2M 4.6%
OXY 1,466,500 $95.3M 3.0%
CROX 887,093 $73.6M 2.3%
TME 6,590,836 $61.2M 1.9%
SPGI 121,463 $51.7M 1.6%
HRB 1,626,906 $51.6M 1.6%
MCO 117,784 $51.4M 1.6%
AAPL 110,600 $28.1M 0.9%
MSCI 18,939 $10.2M 0.3%

Last 4 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
BAC Major reduction 2026-03-31 Filed 2026-05-15 2,997,987 10,431,387 -71.3% -$427.6M
GOOG Minor reduction 2026-03-31 Filed 2026-05-15 2,451,300 2,543,300 -3.6% -$92.9M
TME New 2026-03-31 Filed 2026-05-15 6,590,836 0 - +$61.2M
SPGI New 2026-03-31 Filed 2026-05-15 121,463 0 - +$51.7M
HRB New 2026-03-31 Filed 2026-05-15 1,626,906 0 - +$51.6M
MCO New 2026-03-31 Filed 2026-05-15 117,784 0 - +$51.4M
GOOGL Minor increase 2026-03-31 Filed 2026-05-15 2,543,300 2,451,300 3.8% -$37.9M
CROX Major increase 2026-03-31 Filed 2026-05-15 887,093 628,159 41.2% +$19.9M
MSCI New 2026-03-31 Filed 2026-05-15 18,939 0 - +$10.2M
GOOG Minor increase 2025-12-31 Filed 2026-02-17 2,543,300 2,451,300 3.8% +$199.0M
GOOGL Minor reduction 2025-12-31 Filed 2026-02-17 2,451,300 2,543,300 -3.6% +$150.9M
CROX New 2025-12-31 Filed 2026-02-17 628,159 0 - +$53.7M
SOC Sold out 2025-12-31 Filed 2026-02-17 0 1,343,000 -100.0% -$23.4M
PDD New 2025-06-30 Filed 2025-08-14 4,608,000 0 - +$482.3M
BAC Major reduction 2025-06-30 Filed 2025-08-14 10,431,387 13,846,633 -24.7% -$84.2M

Public video / Interview / Shareholder letter / Public Q&A

4 reliable public materials
Public video

Li Lu: Global value investing and the times

Li Lu delivered a long speech at the 10th anniversary of the "Value Investment" course at Peking University Guanghua School of Management. The theme was global value investment and the times, focusing on insufficient domestic demand, private economic confidence, changes in the American order, the middle-income stage, modern capital markets and global value investment methods.

  • This speech puts value investing in the context of the times: Li Lu believes that although investment is a bottom-up fundamental discipline, companies and investors inevitably live in the macro era.
  • He used phenomena such as domestic employment, private economic confidence, insufficient demand, and shrinking wealth in real estate and capital markets to explain the structural challenges China faces after entering the middle-income stage.
  • Regarding the international order, he emphasized that the US post-war order, global trade, capital flows and changes in Sino-US relations will all affect the opportunity frontier for Chinese companies and global investors.
  • He opposed the simple division of virtual and real economies, citing examples such as games, software, NVIDIA and TSMC to illustrate that what is really important in the modern economy is the circulation of production factors, knowledge and capital market efficiency.
  • Returning to the value investing approach, he reiterated the principles of stock ownership, Mr. Market, margin of safety, circles of competence, and fishing where the fish are, but expanded the goal to owning quality businesses in the world's most dynamic economies.
  • The Q&A section expands on selling, long-term high returns, outstanding entrepreneurial characteristics, economic functions of value investors, and cheap judgments. It is suitable for reading in conjunction with Li Lu's 2013 Columbia interview and 2019 Peking University Q&A.
Public Q&A

Li Lu 2019 Peking University Speech and Q&A

Li Lu's public lectures and Q&A at Peking University, focusing on China opportunities, value investment practices, circles of competence, long-termism and corporate research, are important public materials for understanding Himalaya's Chinese perspective.

  • This Q&A discusses value investing in the context of the Chinese market. The focus is not simply to be bullish on China, but how to find long-term business amid differences in systems, industries, and companies.
  • Li Lu emphasized that value investing in practice must deal with uncertainty and cannot just stay at the textbook safety margin and low valuation.
  • Long-term research and independent judgment appear repeatedly in the Q&A, which is suitable to be viewed together with a small number of long-term positions in Himalaya 13F.
  • The significance of the material to ordinary investors is that cross-market investment requires an understanding of culture, systems and business structures, and is not a mechanical transfer of the American value investment formula.
  • The source is a transcription archive, not the official page of Peking University; therefore, only traceable public information is included, not the latest views.
Interview Classic

Graham & Doddsville Interview with Li Lu

Columbia Business School Graham & Doddsville's long interview with Li Lu, discussing the introduction to value investing, how investors can find a style that suits them, management judgment, error control, and long-term compounding.

  • This interview is one of Li Lu's most reliable first-hand interviews in English, and is sourced from the Columbia Business School's Value Investing newsletter, rather than a second-hand excerpt.
  • He described value investing as a way of looking at the world and companies, not a simple screening of low valuations; investors need to find a style that matches their own personality.
  • The interviews emphasized management quality, but acknowledged that evaluating management is difficult and must be judged in conjunction with long-term behavior, capital allocation, and corporate culture.
  • Error control is given a high priority: avoiding major mistakes is more important than pursuing being exactly right every time, consistent with Himalaya's focused, patient style.
  • This classic interview explains how Li Lu developed his own judgment system from the Buffett/Munger framework.
Public speech Classic

Li Lu Speech at San Francisco State University

Li Lu's public speech at San Francisco State University talked about the basic principles of value investing, circle of competence, cash flow, market fluctuations and long-term mentality. It is one of the classic speeches long cited in the Chinese investment circle.

  • The speech started from his encounter with Buffett's class at Columbia, explaining that the change in value investing for him was not a technical level, but a change in the framework for understanding enterprises and markets.
  • He emphasized that the company is behind the stock, and the real judgment must fall on future cash flow, competitive advantages and management, rather than the price chart.
  • Market fluctuations are seen as a mechanism to serve investors: prices will give opportunities, but only if investors have independent judgment and sufficient patience.
  • The circle of competence is not a static label, but is slowly expanded through long-term learning and business research; opportunities that you do not understand should be skipped even if they are popular.
  • This piece of information should be marked as classic, but the source is a transcription archive, not the school’s official website, so the page needs to retain the source caliber.