LI LU – HIMALAYA CAPITAL MANAGEMENT Q2 2025 PORTFOLIO

Himalaya Capital Management, a value investing firm managed by Li Lu, disclosed 9 security holdings in its Q2 2025 13F filing, with a total portfolio value of $2,689,202,442.

Li Lu’s Himalaya Capital Management

Q2 2025 Holdings and Strategic Analysis

As of Q2 2025, Li Lu’s portfolio at Himalaya Capital Management has undergone dramatic changes, with the most significant being a major new position in Chinese e-commerce giant PinDuoDuo. Now valued at $2.69 billion (up from $2.21 billion in Q1), the portfolio demonstrates Li Lu’s willingness to make bold moves while continuing to trim certain existing positions. The addition of PDD represents the largest single-quarter position addition in recent years, showcasing renewed confidence in Chinese technology opportunities.

Top Holdings

BAC

Bank of America Corp.

Reduced -24.66%

Portfolio: 18.36%

Shares: 10,431,387

Reported Price: $47.32

Value: $493,613,000

Bank of America remains the largest single position despite continued significant reduction. Li Lu cut another 3.4 million shares (24.66%) in Q2, following the 23.42% reduction in Q1. This systematic trimming has reduced BAC from over 26% of the portfolio to 18.36%, indicating Li Lu is taking substantial profits while potentially funding new opportunities like PDD.

PDD

PinDuoDuo Inc. ADR

NEW Position +17.93%

Portfolio: 17.93%

Shares: 4,608,000

Reported Price: $104.66

Value: $482,273,000

PinDuoDuo represents Li Lu’s boldest move in Q2 2025, establishing a massive 17.93% position in the Chinese e-commerce platform. This $482 million investment signals renewed confidence in Chinese tech opportunities and PDD’s innovative group-buying model. The position size suggests this isn’t a speculative bet but a core conviction play on China’s consumption recovery and PDD’s international expansion through Temu.

GOOGL

Alphabet Inc. Class A

No Change

Portfolio: 16.67%

Shares: 2,543,300

Reported Price: $176.23

Value: $448,206,000

Alphabet Class A shares maintain their unchanged share count, but their portfolio weighting has decreased slightly due to the addition of PDD and overall portfolio growth. Li Lu continues to demonstrate confidence in Google’s AI capabilities and search dominance, particularly as the company benefits from the artificial intelligence boom and maintains strong fundamentals.

BRK.B

Berkshire Hathaway CL B

No Change

Portfolio: 16.22%

Shares: 897,749

Reported Price: $485.77

Value: $436,100,000

Berkshire Hathaway remains a core holding with no changes in share count, though its relative weighting has decreased due to portfolio additions. The steady position continues to provide Li Lu with diversified exposure to Warren Buffett’s investment philosophy and Berkshire’s vast array of operating businesses across multiple sectors.

GOOG

Alphabet Inc. Class C

No Change

Portfolio: 16.17%

Shares: 2,451,300

Reported Price: $177.39

Value: $434,836,000

Alphabet’s Class C shares remained unchanged in Q2 after the significant Q1 reduction. Combined with the Class A position, Li Lu maintains substantial Alphabet exposure totaling nearly 33% of the portfolio. This dual-class holding strategy provides both economic exposure and voting rights while maintaining Alphabet as the portfolio’s largest tech concentration.

EWBC

East West Bancorp

No Change

Portfolio: 10.43%

Shares: 2,776,351

Reported Price: $100.98

Value: $280,356,000

East West Bancorp maintains its unchanged position, and with the addition of PDD, this China-focused bank becomes even more strategically relevant. EWBC’s specialization in U.S.-China cross-border banking services aligns perfectly with Li Lu’s renewed focus on Chinese opportunities, potentially providing financial services support for the same economic trends driving his PDD investment.

OXY

Occidental Petroleum

No Change

Portfolio: 2.29%

Shares: 1,466,500

Reported Price: $42.01

Value: $61,608,000

Occidental Petroleum continues as an unchanged energy diversification play, representing Li Lu’s hedge against inflation and exposure to traditional energy markets. The position provides balance to the portfolio’s heavy technology and financial services weightings, offering potential correlation benefits during different market cycles.

SOC

Sable Offshore Corp

No Change

Portfolio: 1.10%

Shares: 1,343,000

Reported Price: $21.98

Value: $29,519,000

Sable Offshore Corp maintains its small but strategic position in the portfolio. This specialized offshore energy company continues to provide niche exposure to deepwater production assets, complementing the broader energy allocation through Occidental Petroleum and offering potential upside from offshore drilling recovery.

AAPL

Apple Inc.

No Change

Portfolio: 0.84%

Shares: 110,600

Reported Price: $205.17

Value: $22,692,000

Apple remains the smallest position in the portfolio after the dramatic Q1 reduction. The unchanged share count in Q2 suggests Li Lu may have completed his Apple trimming for now, maintaining a minimal position that represents less than 1% of the portfolio. This token holding keeps a window open to Apple’s ecosystem while capital is deployed elsewhere.

Portfolio Strategy Analysis

Major China Expansion Through PDD

The Q2 2025 addition of PinDuoDuo represents Li Lu’s most significant strategic shift in years. This $482 million investment (17.93% of portfolio) signals renewed confidence in Chinese technology opportunities after years of cautious positioning. PDD’s innovative group-buying model, rapid international expansion through Temu, and strong position in China’s consumption recovery likely attracted Li Lu’s attention. This move aligns with his historical preference for businesses with strong network effects and sustainable competitive advantages.

Continued Bank of America Optimization

Li Lu’s systematic reduction of Bank of America continued in Q2, with another 24.66% reduction following Q1’s 23.42% cut. This two-quarter trimming has reduced BAC from over 26% to 18.36% of the portfolio, likely providing capital for the PDD investment. Despite the reductions, BAC remains the largest single position, indicating this is tactical profit-taking rather than a fundamental shift in banking sector conviction. The timing suggests Li Lu is optimizing his financial services exposure while maintaining core positions.

Technology Concentration Strategy

With the PDD addition, technology now represents approximately 50% of the portfolio through Alphabet (both classes) and PinDuoDuo, plus a small Apple position. This technology weighting reflects Li Lu’s conviction in companies with strong network effects, data advantages, and global scalability. The contrast between maintaining full Alphabet positions while dramatically reducing Apple, then adding PDD, suggests Li Lu favors platform businesses with multiple revenue streams over single-product dependencies.

Cross-Border Investment Synergies

The combination of PinDuoDuo and East West Bancorp in the same portfolio creates interesting synergies. EWBC’s specialization in U.S.-China financial services becomes more strategically relevant alongside a major Chinese e-commerce investment. This positioning allows Li Lu to benefit from both the operational success of Chinese companies like PDD and the financial infrastructure supporting U.S.-China commerce through EWBC.

Conclusion

Li Lu’s Q2 2025 portfolio represents a transformational quarter marked by bold positioning and strategic capital reallocation. The addition of PinDuoDuo as the second-largest holding demonstrates his willingness to make concentrated bets when conviction is high, while the continued Bank of America reduction shows disciplined profit-taking to fund new opportunities.

The portfolio’s evolution reflects Li Lu’s investment philosophy in action: maintaining core positions in high-quality businesses like Berkshire Hathaway and Alphabet while opportunistically adding positions that offer compelling long-term value. The PDD investment particularly showcases his ability to identify innovative business models with strong competitive moats in growing markets.

Portfolio concentration remains a hallmark of Li Lu’s approach, with just nine positions totaling $2.69 billion. The increased technology weighting, renewed China exposure, and maintained financial services positions create a well-balanced portfolio positioned for multiple economic scenarios. The Q2 changes suggest Li Lu sees significant opportunities in the current market environment, particularly in Chinese technology companies with global expansion potential.

Himalaya Capital Management LLC Portfolio Analysis

Based on 13F filing for reporting period: Q2, 2025

Portfolio Manager

Li Lu

Filing Date

August 14, 2025

Total Value

$2,689,000,000+

Number of Positions

Portfolio Allocation

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Holdings Breakdown

Rank	Company Name	% of Portfolio	Q2 Activity	Ticker	Shares	Market Value ($)