Breaking down the stocks Li Lu (Himalaya Capital) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Himalaya Capital's 13F filed on August 14, 2025.
Who is Himalaya Capital?
Himalaya Capital Management is an investment firm founded in 1997 by Li Lu, a Tiananmen Square protest leader who became a renowned value investor and protégé of Charlie Munger. The firm embraces the value investment principles of Benjamin Graham, Warren Buffett, and Charles Munger, seeking superior returns through long-term ownership of high-quality companies with substantial economic moats. Li's disciplined approach focuses on businesses with enduring competitive advantages, growth potential, and trustworthy management teams, primarily in the U.S. and China.
Himcap.com
Wikipedia on Li Lu
Q2 '25 13F filed with SEC
Portfolio Changes in Q2 2025
New positions
Himalaya Capital established a new position in PDD Holdings (PDD), purchasing 4.6 million shares valued at $482.3 million.
Bought
No additions to existing positions were reported during the quarter.
Sold
Himalaya Capital reduced its stake in Bank of America (BAC) by 3.4 million shares, bringing the position down from 13.8 million to 10.4 million shares, with the position value declining from $577.8 million to $493.6 million.
New Investments in Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| PDD | PDD Holdings | 100.0% | NEW | $482.27M |
PDD Holdings PDD
Li Lu bought $482.27M of PDD Holdings in Q2 2025. PDD Holdings demonstrated mixed performance over the last two quarters, with 10% year-over-year revenue growth in Q1 2025 reaching RMB 95.7 billion, though the company significantly missed earnings expectations with an EPS of $1.37 versus consensus of $2.25. The Chinese e-commerce giant faces headwinds from regulatory concerns around customs enforcement affecting Chinese e-commerce platforms, which has created volatility in the sector. Despite these challenges, institutional confidence remains evident with the Swiss National Bank increasing its holdings, and analyst target prices ranging from $107 to $165 suggesting potential upside from current levels around $116.63.
- Q1 2025 revenue grew 10.2% year-over-year to $13.19 billion but fell short of analyst expectations.
- Earnings per share of $1.37 missed consensus estimates by $0.88 or approximately 39%.
- Consensus EPS forecast for Q2 2025 decreased 6.63% from $1.81 to $1.69 over the past week.
Holdings at the end of Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BAC | Bank of America | 18.4% | Trimmed (-25%) | $493.61M |
| PDD | PDD Holdings | 17.9% | NEW | $482.27M |
| GOOGL | Alphabet | 16.7% | $448.21M | |
| BRK-B | Berkshire Hathaway | 16.2% | $436.1M | |
| GOOG | Alphabet | 16.2% | $434.84M | |
| EWBC | East West Bancorp | 10.4% | $280.36M | |
| OXY | Occidental | 2.3% | $61.61M | |
| SOC | Sable Offshore | 1.1% | $29.52M | |
| AAPL | Apple | 0.8% | $22.69M |
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
