We break down the stocks Li Lu (Himalaya Capital) bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from Himalaya Capital's 13F filed on November 14, 2024.
Who are Li Lu and 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.
Portfolio Changes in Q3 2024
New positions
Himalaya Capital initiated a new position in Sable Offshore (SOC) with 1,343,000 shares valued at $31.7 million.
Bought
Himalaya Capital did not increase any existing positions during Q3 2024.
Sold
Himalaya Capital significantly trimmed its Apple (AAPL) position by 441,900 shares (58% reduction), reducing the holding from 759,600 to 317,700 shares, with the position value declining from $160.0 million to $74.0 million.
New Investments in Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SOC | Sable Offshore | 100.0% | NEW | $31.74M |
Sable Offshore SOC
Li Lu bought $31.74M of Sable Offshore in Q3 2024. Sable Offshore Corp. reported a significant net loss of $109.5 million in Q1 2025, driven by costs associated with restarting production at its non-operational Santa Ynez Unit (SYU) assets. The company faces existential risks if it fails to restart production by March 1, 2026, as its SYU assets would revert to ExxonMobil. Despite operational challenges, the stock has declined 1.65% year-to-date, reflecting investor concerns about execution risks and permit approvals.
- $109.5 million net loss in Q1 2025 attributed to production restart costs .
- SYU assets remain non-producing since 2015 shutdown, with March 1, 2026 deadline to resume operations or face asset reversion .
- Stock price at $32.22, down 1.65% since last close, reflecting market skepticism .
Holdings at the end of Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BAC | Bank of America | 29.0% | $717.46M | |
| GOOG | Alphabet | 20.6% | $508.93M | |
| GOOGL | Alphabet | 17.1% | $421.81M | |
| BRK-B | Berkshire Hathaway | 16.7% | $413.2M | |
| EWBC | East West Bancorp | 9.3% | $229.72M | |
| OXY | Occidental | 3.1% | $75.58M | |
| AAPL | Apple | 3.0% | Trimmed (-58%) | $74.02M |
| SOC | Sable Offshore | 1.3% | NEW | $31.74M |
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