Himalaya Capital Portfolio in 2026: Top Holdings & Recent Changes
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Li Lu, the legendary value investor and founder of Himalaya Capital, exemplifies the power of patience in a volatile market. His $3.2B Q3 2025 portfolio shows zero turnover across all positions, underscoring a rock-solid commitment to high-conviction holdings that have been nurtured for years.
Portfolio Overview: The Pinnacle of Extreme Concentration
Portfolio Highlights (Q3 2025): - Market Value: $3,230.3M - Top 10 Holdings: 100.0% - Portfolio Size: 9 +0 - Average Holding Period: 13 quarters - Turnover: 0.0%
Himalaya Capital's portfolio represents the epitome of focused investing, with 100% of its value concentrated in just nine positions—and the top 10 holdings (which cover the entire portfolio) dominating every dollar. This ultra-concentrated structure is no accident; it's a deliberate strategy by Li Lu, who has built his reputation on deep research into a handful of exceptional businesses rather than chasing breadth. The complete lack of changes this quarter, reflected in the 0.0% turnover, signals immense confidence in the current lineup amid market uncertainties.
With an average holding period stretching 13 quarters (over three years), Himalaya Capital prioritizes long-term compounding over short-term trading. This approach aligns perfectly with Li Lu's value investing philosophy, influenced by Charlie Munger, emphasizing businesses with durable competitive advantages. Tracking the Himalaya Capital portfolio on ValueSense reveals how such discipline has historically delivered outsized returns for patient investors.
The portfolio size remaining steady at 9 positions +0 further highlights stability—no new bets, no exits, just steadfast ownership. In a world of high-frequency trading, this 0.0% turnover stands out as a masterclass in conviction, allowing compounders like these holdings to work their magic uninterrupted.
Top Holdings: Tech Dominance Meets Financial Stability
Himalaya Capital's portfolio leads with heavy exposure to technology and growth leaders. Anchoring the top spot is Alphabet Inc. (GOOGL) at 19.1% with $618.3M in value, showing no change. Right behind is PDD Holdings Inc. (PDD) at 18.9% $609.0M, also unchanged, reflecting continued faith in its e-commerce dominance.
Alphabet Inc. (GOOG) follows closely at 18.5% $597.0M, with no change, making Alphabet the largest overall exposure through both share classes. Financials enter strongly via Bank of America Corporation (BAC) at 16.7% ($538.2M, no change), a staple for its scale and dividend reliability. Berkshire Hathaway Inc. (BRK-B) commands 14.0% ($451.3M, no change), embodying Li Lu's admiration for Warren Buffett's model.
Rounding out the core are East West Bancorp, Inc. (EWBC) at 9.1% ($295.5M, no change), a regional banking powerhouse, and Occidental Petroleum Corporation (OXY) at 2.1% ($69.3M, no change), adding energy diversification. Smaller but notable positions include Apple Inc. (AAPL) at 0.9% ($28.2M, no change) and Sable Offshore Corp. (SOC) at 0.7% ($23.4M, no change). Across the board, every holding maintained its stance, underscoring a portfolio built for endurance rather than reaction.
What the Portfolio Reveals
Himalaya Capital's Q3 2025 lineup reveals a strategy laser-focused on quality compounders with global reach, blending tech innovation with financial resilience:
- Tech-Heavy Tilt: Over 56% in Alphabet (GOOGL + GOOG) and PDD signals bets on AI, digital advertising, and China e-commerce growth, prioritizing scalable moats over cyclical sectors.
- Financial Fortress: BAC, BRK-B, and EWBC (nearly 40%) highlight preference for well-capitalized banks with strong balance sheets, offering stability and dividends in uncertain times.
- Selective Diversification: Energy via OXY and smaller stakes in AAPL/SOC provide hedges against tech volatility, but remain minor to avoid dilution.
- Risk Management via Conviction: Zero turnover and 13-quarter holds demonstrate patience, avoiding market noise while letting winners run.
- Geographic Nuance: Exposure to PDD taps Asia growth, balanced by U.S. giants, reflecting Li Lu's cross-border value hunting.
This mix favors businesses with wide moats and management Li Lu trusts, eschewing high-growth speculation for proven execution.
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Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Alphabet Inc. (GOOGL) | $618.3M | 19.1% | No change |
| PDD Holdings Inc. (PDD) | $609.0M | 18.9% | No change |
| Alphabet Inc. (GOOG) | $597.0M | 18.5% | No change |
| Bank of America Corporation (BAC) | $538.2M | 16.7% | No change |
| Berkshire Hathaway Inc. (BRK-B) | $451.3M | 14.0% | No change |
| East West Bancorp, Inc. (EWBC) | $295.5M | 9.1% | No change |
| Occidental Petroleum Corporation (OXY) | $69.3M | 2.1% | No change |
| Apple Inc. (AAPL) | $28.2M | 0.9% | No change |
| Sable Offshore Corp. (SOC) | $23.4M | 0.7% | No change |
This table illustrates Himalaya Capital's extreme concentration, with the top five holdings alone comprising nearly 87% of the $3.23B portfolio. The absence of any changes across all positions reinforces a "set it and forget it" mindset, where Li Lu only acts when profound insights demand it. Such top-heavy allocation amplifies returns from winners like Alphabet and PDD but demands unyielding conviction—perfect for those who share his research depth.
The 100% top-10 coverage (with just nine total positions) minimizes diversification risk by maximizing exposure to elite businesses, a hallmark of Li Lu's approach that has rewarded long-term holders handsomely.
Investment Lessons from Li Lu's Himalaya Capital
Li Lu's Q3 2025 portfolio distills timeless principles for value investors:
- Extreme Concentration Beats Diversification: When you truly understand a business, bet big—100% in nine positions shows how focus drives alpha.
- Patience is the Ultimate Edge: 13-quarter average holds and 0% turnover prove holding through volatility unlocks compounding.
- Seek Moats with Global Scale: From Alphabet's AI dominance to PDD's China e-commerce, prioritize durable advantages over fads.
- Quality Management Trumps All: BRK-B and BAC reflect trust in proven leaders, echoing Li Lu's Munger-inspired philosophy.
- Stability in Core Holdings: Financials like EWBC provide ballast, balancing tech bets without diluting conviction.
These lessons, trackable via Himalaya Capital's portfolio, offer a blueprint for building wealth amid noise.
Looking Ahead: What Comes Next?
Himalaya Capital's static positioning sets up for opportunistic deployment if valuations correct. With no reported cash drag and full commitment to these nine names, Li Lu appears poised to add to winners or initiate new bets in undervalued moats—perhaps more Asia tech or energy if dips emerge. Current holdings like PDD and EWBC are well-placed for 2026 growth amid AI expansion and banking recovery.
Market volatility could create entry points, aligning with Li Lu's history of pouncing on mispricings. Watch for Q4 13F filings on ValueSense for signals—these positions' strength positions Himalaya for continued outperformance.
FAQ about Himalaya Capital Portfolio
Q: Why no changes in Himalaya Capital's Q3 2025 13F filing?
A: Zero turnover reflects Li Lu's high-conviction strategy—only profound shifts prompt action. All top holdings like GOOGL and PDD stayed steady, signaling strong belief in their long-term trajectories.
Q: What makes Himalaya Capital's concentration strategy unique?
A: 100% in top 10 (9 total positions) with 13-quarter holds emphasizes deep research over diversification. It's ideal for patient investors following Li Lu's Munger-influenced value approach via tools like ValueSense.
Q: How does Li Lu select holdings like BRK-B and BAC?
A: Li Lu targets businesses with exceptional management, moats, and compounding potential. Berkshire and Bank of America fit his criteria for financial stability and capital allocation excellence.
Q: What's the sector focus in this portfolio?
A: Tech (~56% via Alphabet/PDD/AAPL) leads, followed by financials (~40% BAC/BRK-B/EWBC), with energy (~3% OXY/SOC). This balances growth with resilience.
Q: How can I track Himalaya Capital's portfolio and 13F filings?
A: Use ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/himalaya for real-time updates. Note 13F filings lag 45 days, so track quarterly for changes.
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