
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
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
Portfolio Strategy Analysis
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.
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.
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
$2,212,000,000+
Number of Positions
8
Portfolio Allocation
Holdings Breakdown
Rank | Company Name | % of Portfolio | Q1 Activity | Ticker | Shares | Market Value ($) |
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