LI LU – HIMALAYA CAPITAL MANAGEMENT Q3 2025 PORTFOLIO

Himalaya Capital Management, a value investing firm managed by Li Lu, disclosed 9 security holdings in its Q3 2025 13F filing, with a total portfolio value of $3,230,264,839.

Li Lu’s Himalaya Capital Management

Q3 2025 Holdings and Strategic Analysis

As of Q3 2025, Li Lu’s portfolio at Himalaya Capital Management demonstrates remarkable conviction and patience, maintaining all nine positions completely unchanged while benefiting from strong market performance. The portfolio surged 20% in value from $2.69 billion to $3.23 billion, driven entirely by price appreciation rather than trading activity. This strategic hold reflects Li Lu’s confidence in his existing positions following Q2’s transformational addition of PinDuoDuo, as he allows his concentrated bets to compound.

Top Holdings

GOOGL

Alphabet Inc. Class A

No Change

Portfolio: 19.14%

Shares: 2,543,300

Reported Price: $243.10

Value: $618,276,230

Alphabet Class A shares surged to become the portfolio’s largest position purely through price appreciation, rising 38% during Q3. The unchanged share count demonstrates Li Lu’s continued conviction in Google’s AI capabilities, search dominance, and cloud computing growth. With shares climbing from $176 to $243, this position now represents the portfolio’s largest single allocation at 19.14%.

PDD

PinDuoDuo Inc. ADR

No Change

Portfolio: 18.85%

Shares: 4,608,000

Reported Price: $132.17

Value: $609,039,360

PinDuoDuo maintained its massive position unchanged through Q3, with shares rising 26% from $104.66 to $132.17. This hands-off approach after Q2’s bold entry validates Li Lu’s initial conviction in PDD’s business model. The company’s international Temu expansion and strong Chinese consumption trends continued delivering results, justifying Li Lu’s decision to hold the full position at nearly 19% of the portfolio.

GOOG

Alphabet Inc. Class C

No Change

Portfolio: 18.48%

Shares: 2,451,300

Reported Price: $243.55

Value: $597,014,115

Alphabet Class C shares delivered exceptional Q3 performance, rising 37% alongside the Class A shares. The unchanged position demonstrates Li Lu’s satisfaction with his existing Alphabet allocation. Combined with Class A holdings, Alphabet now represents 37.62% of the entire portfolio, making it by far the largest concentration and reflecting deep conviction in Google’s long-term AI and advertising dominance.

BAC

Bank of America Corp.

No Change

Portfolio: 16.66%

Shares: 10,431,387

Reported Price: $51.59

Value: $538,155,255

Bank of America shares held steady with no changes in Q3, after two consecutive quarters of heavy selling in Q1 and Q2. This stability suggests Li Lu has completed his BAC rebalancing and is comfortable with the current 16.66% allocation. The 9% price increase during the quarter brought modest gains, and the unchanged position indicates BAC may have reached Li Lu’s target weighting following earlier optimizations.

BRK.B

Berkshire Hathaway CL B

No Change

Portfolio: 13.97%

Shares: 897,749

Reported Price: $502.74

Value: $451,334,332

Berkshire Hathaway remains a core holding with no changes for the third consecutive quarter. The 3.5% price increase during Q3 provided steady gains, though the position’s relative weighting declined slightly as technology holdings surged. Li Lu continues to value Berkshire’s diversification benefits and Warren Buffett’s capital allocation track record as a portfolio stabilizer.

EWBC

East West Bancorp

No Change

Portfolio: 9.15%

Shares: 2,776,351

Reported Price: $106.45

Value: $295,542,564

East West Bancorp maintained its unchanged position, gaining 5.4% during Q3. The bank’s specialization in U.S.-China cross-border banking continues to complement Li Lu’s PDD investment perfectly. As both Chinese consumption and U.S.-China trade relationships evolve, EWBC provides strategic exposure to the financial infrastructure supporting this economic corridor, making it a natural portfolio companion to PinDuoDuo.

OXY

Occidental Petroleum

No Change

Portfolio: 2.15%

Shares: 1,466,500

Reported Price: $47.25

Value: $69,292,125

Occidental Petroleum continued unchanged for the third consecutive quarter, gaining 12.5% during Q3 as energy prices strengthened. Despite representing just 2.15% of the portfolio, this energy position provides valuable diversification from the heavy technology and financial services concentrations, offering inflation protection and exposure to different economic cycles.

SOC

Sable Offshore Corp

No Change

Portfolio: 0.73%

Shares: 1,343,000

Reported Price: $17.46

Value: $23,448,780

Sable Offshore Corp maintained its small position unchanged, declining 20.6% during Q3. This specialized offshore energy company continues providing niche exposure to deepwater production assets. Despite underperformance this quarter, the unchanged position suggests Li Lu sees long-term value in this concentrated bet on offshore drilling economics.

AAPL

Apple Inc.

No Change

Portfolio: 0.87%

Shares: 110,600

Reported Price: $254.63

Value: $28,162,078

Apple remains the portfolio’s smallest position at under 1% after dramatic reductions in Q1. The unchanged position in Q3, following Q2’s unchanged status, suggests Li Lu has finished trimming Apple and is comfortable maintaining this minimal exposure. The 24% price gain during the quarter provided modest portfolio benefits while keeping Apple as essentially a token holding.

Portfolio Strategy Analysis

Conviction Through Inaction

Q3 2025 represents a masterclass in Li Lu’s investment philosophy: do nothing when you own the right businesses. After Q2’s transformational PinDuoDuo addition and the dramatic Bank of America reductions in Q1-Q2, Li Lu made zero portfolio changes in Q3. This strategic patience allowed his concentrated positions to compound, generating a 20% portfolio increase to $3.23 billion purely through price appreciation. The decision to remain inactive speaks volumes about Li Lu’s satisfaction with his current allocation and confidence in his nine holdings.

Alphabet Dominance Through Performance

The combined Alphabet positions (both Class A and Class C shares) surged to represent 37.62% of the portfolio, making it by far the largest concentration. This dramatic increase resulted entirely from Alphabet’s 38% price appreciation during Q3 rather than additional buying. Li Lu’s decision not to trim despite this concentration growth demonstrates extraordinary conviction in Google’s AI capabilities, search dominance, and long-term competitive position. The dual-class holding strategy continues providing both economic exposure and voting rights while Alphabet becomes an even more dominant portfolio anchor.

Validation of the PDD Investment

The decision to hold PinDuoDuo completely unchanged in Q3 validates Li Lu’s Q2 entry timing and conviction. PDD delivered 26% returns during the quarter, outperforming most global markets and demonstrating the strength of its business model. Rather than taking profits after such gains, Li Lu maintained the full 18.85% position, suggesting he views current valuation as reasonable relative to PDD’s long-term growth trajectory. This hands-off approach after a major position addition is classic Li Lu: make bold moves when conviction is high, then let compounding work.

Portfolio Rebalancing Complete

After aggressively trimming Bank of America in Q1 (23.42%) and Q2 (24.66%), Li Lu held the position steady in Q3, suggesting his rebalancing is complete. BAC now sits at 16.66% of the portfolio, apparently Li Lu’s target allocation after the systematic profit-taking that funded the PDD purchase. The fact that he didn’t trim further despite having sufficient gains suggests 16-17% represents his preferred weighting for this financial services anchor. This stability after two quarters of aggressive selling indicates strategic rather than fundamental concerns drove the earlier reductions.

Conclusion

Li Lu’s Q3 2025 portfolio tells a powerful story of disciplined inaction and conviction. After Q2’s bold transformation with the massive PinDuoDuo addition, Li Lu made the strategic choice to change nothing, allowing his concentrated positions to compound. The resulting 20% portfolio surge to $3.23 billion came entirely from price appreciation, validating his position selection and timing.

The portfolio’s evolution showcases Li Lu’s investment philosophy at its finest: Alphabet surged to 37.62% concentration through performance alone, yet Li Lu didn’t trim despite the massive weighting. PinDuoDuo delivered strong returns and remained unchanged, confirming his entry conviction. Bank of America stabilized after systematic reductions, indicating completed rebalancing. Every other position—Berkshire Hathaway, East West Bancorp, Occidental Petroleum, and the smaller holdings—remained untouched.

With just nine positions and extreme concentration in his top holdings, Li Lu continues demonstrating that exceptional returns come from owning a few outstanding businesses and doing nothing when you’re right. The Q3 inactivity wasn’t passivity—it was strategic patience, allowing his carefully constructed portfolio to maximize compound returns. This hands-off quarter following Q2’s transformation perfectly illustrates value investing’s greatest paradox: sometimes the best action is no action at all.

Himalaya Capital Management LLC Portfolio Analysis

Based on 13F filing for reporting period: Q3, 2025

Portfolio Manager

Li Lu

Filing Date

November 12, 2025

Total Value

$3,230,000,000+

Number of Positions

Portfolio Allocation

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Holdings Breakdown

Rank	Company Name	% of Portfolio	Q3 Activity	Ticker	Shares	Market Value ($)