LI LU – HIMALAYA CAPITAL MANAGEMENT Q1 2025 PORTFOLIO


Himalaya Capital Management, a value investing firm managed by Li Lu, disclosed 8 security holdings in its Q1 2025 13F filing, with a total portfolio value of $2,212,436,862.

Li Lu’s Himalaya Capital Management

Q1 2025 Holdings and Strategic Analysis

As of Q1 2025, Li Lu’s portfolio at Himalaya Capital Management continues to showcase a disciplined, value-oriented strategy with significant changes from the previous quarter. Now valued at $2.21 billion, the portfolio demonstrates Li Lu’s conviction in high-quality financial institutions and technology leaders, though with notable reductions in several key positions.

Top Holdings

1
BAC
Bank of America Corp.
Reduced -23.42%
Portfolio: 26.12%
Shares: 13,846,633
Reported Price: $41.73
Value: $577,820,000
Bank of America remains the largest holding despite a significant reduction of 4.2 million shares. This adjustment suggests Li Lu may be taking profits while maintaining conviction in the banking giant’s long-term fundamentals and diverse revenue streams from retail banking, wealth management, and investment banking.
2
BRK.B
Berkshire Hathaway CL B
No Change
Portfolio: 21.61%
Shares: 897,749
Reported Price: $532.58
Value: $478,123,000
Berkshire Hathaway’s Class B shares have moved up to become the second-largest position in the portfolio, reflecting both price appreciation and the reduction in other holdings. This steady position underscores Li Lu’s enduring confidence in Warren Buffett’s conglomerate and its diverse business portfolio.
3
GOOGL
Alphabet Inc. Class A
No Change
Portfolio: 17.78%
Shares: 2,543,300
Reported Price: $154.64
Value: $393,296,000
Li Lu maintained his full position in Alphabet’s Class A shares, demonstrating continued confidence in the tech giant’s prospects. This steadfast commitment comes even as he trimmed the Class C shares, suggesting a preference for the voting rights afforded by the Class A shares.
4
GOOG
Alphabet Inc. Class C
Reduced -19.47%
Portfolio: 17.31%
Shares: 2,451,300
Reported Price: $156.23
Value: $382,967,000
Alphabet’s Class C shares saw a significant reduction of nearly 593,000 shares (19.47%), while Li Lu maintained his full Class A position. This selective trimming may represent profit-taking while preserving voting rights through the Class A shares, or a strategic rebalancing of his Alphabet exposure.
5
EWBC
East West Bancorp
No Change
Portfolio: 11.26%
Shares: 2,776,351
Reported Price: $89.76
Value: $249,205,000
East West Bancorp retains its position in the portfolio, reflecting Li Lu’s continued interest in cross-border banking services between the U.S. and Asia. This unchanged stake highlights his long-term view on the strategic importance of facilitating trade and financial flows across the Pacific.
6
OXY
Occidental Petroleum
No Change
Portfolio: 3.27%
Shares: 1,466,500
Reported Price: $49.36
Value: $72,386,000
Occidental Petroleum maintains its position in the portfolio, providing energy sector diversification and potential inflation protection. Despite market volatility in energy prices, Li Lu’s unchanged position indicates comfort with the company’s long-term production profile and operational efficiency.
7
SOC
Sable Offshore Corp
No Change
Portfolio: 1.54%
Shares: 1,343,000
Reported Price: $25.37
Value: $34,072,000
Sable Offshore Corp maintains its share in the portfolio, though its relative position has increased slightly due to reductions in other holdings. This specialized energy company offers niche exposure to offshore production assets that complement Li Lu’s broader energy sector positioning through Occidental.
8
AAPL
Apple Inc.
Reduced -65.19%
Portfolio: 1.11%
Shares: 110,600
Reported Price: $222.13
Value: $24,568,000
Apple has seen the most dramatic reduction in Li Lu’s portfolio, with shares cut by 65.19% (207,100 shares). This substantial trimming has reduced Apple to the smallest position in the portfolio, potentially reflecting concerns about growth prospects, valuation, or a strategic shift toward other opportunities.

Portfolio Strategy Analysis

1
Strategic Position Reductions

Q1 2025 marks a significant shift in Li Lu’s approach, with substantial reductions in three key holdings. Bank of America (-23.42%), Alphabet Class C (-19.47%), and most notably Apple (-65.19%) all saw major cuts. These moves likely represent a combination of profit-taking, valuation concerns, and portfolio rebalancing rather than a fundamental loss of confidence. The selective nature of these reductions—maintaining full positions in several other holdings—suggests a deliberate recalibration rather than a defensive retreat from equities.

2
Financial Services Concentration

Despite reducing his Bank of America position, Li Lu maintains significant exposure to financial services, which still represent approximately 59% of the portfolio when combining BAC, BRK.B, and EWBC. The maintenance of his full position in East West Bancorp alongside the reduced but still substantial BAC stake suggests continued conviction in banking fundamentals, albeit with some valuation sensitivity. Berkshire Hathaway’s increased prominence in the portfolio (now the second-largest position) provides diversified exposure to multiple sectors through its conglomerate structure.

3
Selective Technology Exposure

Li Lu’s approach to technology has become increasingly selective. While maintaining his full Alphabet Class A position, he reduced Alphabet Class C shares and dramatically cut his Apple stake. This suggests a preference for companies with diverse revenue streams and emerging AI capabilities (Alphabet) over pure consumer hardware plays. The differential treatment between Alphabet’s share classes may also indicate a strategic preference for voting rights, giving Li Lu a voice in corporate governance while still optimizing position sizes.

Conclusion

Li Lu’s Q1 2025 portfolio adjustments reveal a more cautious approach to certain market segments while maintaining core convictions. The substantial reductions in Bank of America, Alphabet Class C, and Apple likely represent profit-taking after strong performance rather than abandonment of these companies’ long-term prospects.


The increased prominence of Berkshire Hathaway in the portfolio highlights Li Lu’s continued affinity for Warren Buffett’s value-oriented investment approach. Meanwhile, the maintained positions in East West Bancorp, Occidental Petroleum, and Sable Offshore demonstrate commitment to his diversification strategy across financial services and energy.


Overall, the Q1 2025 changes suggest a tactical recalibration while preserving Li Lu’s fundamental investment philosophy focused on quality businesses with strong competitive positions. The portfolio remains concentrated with just eight positions, reflecting his high-conviction approach to capital allocation.

Himalaya Capital Management LLC Portfolio Analysis

Based on 13F filing for reporting period: Q1, 2025

Portfolio Manager

Li Lu

Filing Date

May 15, 2025

Total Value

$2,212,000,000+

Number of Positions

8

Portfolio Allocation

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Holdings Breakdown

Rank Company Name % of Portfolio Q1 Activity Ticker Shares Market Value ($)
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