Li Lu's Trades and Holdings in Q3 2025

Breaking down the stocks Li Lu (Himalaya Capital) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Himalaya Capital's 13F filed on November 12, 2025.

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.

Himcap.com
Wikipedia on Li Lu
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Li Lu's Himalaya Capital maintained its characteristic concentrated value approach in Q3 2025, holding just nine positions dominated by technology giants Alphabet and PDD Holdings alongside financial institutions Bank of America and East West Bancorp, with no new purchases or exits during the quarter. The portfolio reflects the firm's disciplined strategy of long-term ownership in high-quality companies with substantial economic moats, blending exposure to U.S. mega-cap technology and banking sectors with a significant bet on Chinese e-commerce through PDD, while maintaining an anchor position in Berkshire Hathaway that underscores Lu's alignment with Munger-Buffett investment principles.

New Investments

Himalaya Capital did not open any new positions during Q3 2025.

Added, Trimmed, and Exited

Added

Himalaya Capital did not initiate any new positions or add to existing holdings during Q3 2025.
What it means: Li Lu maintained his characteristically patient approach, making no additions to the portfolio despite strong performance in most holdings. This suggests confidence in existing position sizes and a disciplined waiting for compelling new opportunities at attractive valuations. Given the significant appreciation in major holdings like Alphabet (GOOGL/GOOG) and PDD Holdings (PDD), which gained 37% and 26% respectively, the lack of adding may indicate Lu views these positions as appropriately sized despite their continued strength.

Trimmed

Himalaya Capital did not reduce any existing positions during the quarter.
What it means: Despite substantial gains in core holdings—with Alphabet up 37%, PDD Holdings up 26%, and Apple (AAPL) up 24%—Li Lu chose not to take profits or rebalance. This reflects his long-term, concentrated investment philosophy inherited from mentors Warren Buffett and Charlie Munger. The decision to hold through appreciation, even as the portfolio became more concentrated in these winners, demonstrates conviction that these businesses retain significant value creation potential. Notably, Lu also held onto Sable Offshore (SOC) despite its 20.6% decline, suggesting belief in the long-term thesis.

Exited

Himalaya Capital did not fully exit any positions during Q3 2025.
What it means: The absence of exits reinforces Li Lu's unwavering commitment to long-term ownership of high-quality businesses with durable competitive advantages. Even underperformers like Sable Offshore were retained, indicating Lu's focus on multi-year business fundamentals rather than short-term price movements. This static approach during a volatile quarter demonstrates the patience and conviction that has defined his value investing philosophy.

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.