‘Chinese Warren Buffett’ exits BofA, bets on Pinduoduo: Inside Li Lu’s $3.7bn portfolio

Lu was born in China in 1966. As a young man, he was a student leader during the Tiananmen Square protests in 1989. The movement ended in the tragic Tiananmen Square massacre later that year. Lu eventually left China and moved to the United States, where his life took a new direction. At Columbia University, Lu attended a lecture by Warren Buffett, the legendary value investor. The lecture changed his path. He decided to seriously pursue investing and never looked back.

In 1997, Lu launched Himalaya Capital. Today, the firm manages a $3.7 billion portfolio spread across eight stocks, based on its latest Q2 2026 filing dated 30 June 2026. In 2003, Lu met the late Charlie Munger, Warren Buffett’s longtime partner and Berkshire Hathaway’s vice chair until his death in 2023. Munger trusted Lu enough to give him $88 million to manage. Munger described Lu as the “Chinese Warren Buffett,” and the nickname stayed with him.

Inside Li Lu and Himalaya Capital’s Q2 2026 portfolio

According to data by Dataroma as of 30 June 2026, Himalaya Capital held eight stocks worth a combined $3,702,920,000. The portfolio is highly concentrated: two stocks, both linked to Alphabet, make up nearly half of the entire portfolio. Himalaya Capital made two major additions and exited six positions completely during the quarter. The moves show that Lu actively changed the portfolio during this period.

Alphabet Inc (GOOGL) – 24.55% of the portfolio

Alphabet’s Class A shares are the biggest single holding in Himalaya Capital’s portfolio. The fund holds 2,543,300 shares, reported at a price of $357.37, with a total value of $908,899,000 (Reported Price is the price of the security as of the portfolio date). The current price is $342.48, down 4.17% from the reported price. Over the past year, the stock has traded between $226.11 and $408.61.

Alphabet Inc CL C (GOOG) – 23.39% of the portfolio

Alphabet’s Class C shares are the second-largest holding in the portfolio. Himalaya holds 2,451,300 shares, reported at $353.33, worth $866,118,000. The current price is $339.08, down 4.03% from the reported price. The stock has traded between $226.11 and $404.23 over the past 52 weeks.

Pinduoduo Inc (PDD) – 22.17% of the portfolio

Pinduoduo is the third-largest holding and one of the biggest moves made by Himalaya Capital this quarter. The fund increased its stake by 133.53%. Himalaya now owns 10,761,119 shares, reported at $76.28, with a total value of $820,858,000. The current price is $81.63, up 7.01% from the reported price. The stock has traded between $71.94 and $139.41 over the past year. This is Lu’s clearest bet on China’s e-commerce and consumer market.

Berkshire Hathaway CL B (BRK.B) – 14.98% of the portfolio

Berkshire Hathaway remains one of Lu’s biggest holdings. The investment fits closely with his long relationship with Charlie Munger and his admiration for Warren Buffett. Himalaya holds 1,108,318 shares, reported at $500.39, worth $554,591,000. The current price is $508.13, up 1.55% from the reported price. Over the past 52 weeks, the stock has traded between $464.01 and $537.74. Himalaya increased its stake in Berkshire by 23.46% during the quarter, showing Lu’s continued confidence in the company.

Li Lu’s Portfolio — June 2026

Source: Dataroma

East West Bancorp (EWBC) – 9.68% of the portfolio

East West Bancorp is a medium-sized holding in the portfolio. Himalaya holds 2,776,351 shares, reported at $129.09, with a total value of $358,399,000. The current price is $130.61, up 1.18% from the reported price. The stock has traded between $90.34 and $137.47 over the past year. The bank serves customers with connections to both the US and Greater China, making it a natural fit for Lu’s experience as a cross-border investor.

Crocs Inc (CROX) – 2.89% of the portfolio

Crocs is a smaller holding in Himalaya Capital’s portfolio. The fund owns 887,093 shares, reported at $120.64, worth $107,019,000. The current price is $116.01, down 3.84% from the reported price. Over the past year, the stock has traded between $73.21 and $141.28. Crocs gives Lu exposure to a consumer brand with a loyal customer base and strong margins. It is different from the technology and financial companies that make up most of the portfolio.

Tencent Music Entertainment Group (TME) – 1.49% of the portfolio

Tencent Music is one of the smaller holdings in the portfolio. Himalaya holds 6,590,836 shares, reported at $8.35, with a value of $55,033,000. The current price is $8.20, down 1.80% from the reported price. The stock has traded between $7.94 and $26.00 over the past year.

Apple Inc (AAPL) – 0.86% of the portfolio

Apple is the smallest holding in Himalaya Capital’s portfolio. The fund holds 110,600 shares, reported at $289.36, worth $32,003,000. The current price has risen to $328.21, up 13.43% from the reported price. This makes Apple the best-performing stock in the portfolio right now. The stock has traded between $225.12 and $344.27 over the past year.

Buys: More money in China and Berkshire

Lu increased his investments in two existing holdings during the quarter. Pinduoduo (PDD) saw the biggest increase. Himalaya added 133.53% to its stake and bought 6,153,119 more shares. This changed 12.68% of the portfolio, making it the firm’s biggest bet during the quarter. Berkshire Hathaway CL B (BRK.B) also saw an increase. The firm added 23.46% to its holding and bought 210,569 more shares. This changed 2.85% of the portfolio.

Sells: Six complete exits

Himalaya Capital completely exited six stocks during the quarter, selling its entire holding in each company. Bank of America Corp (BAC) saw 2,997,987 shares sold, making a 4.57% change to the portfolio. Occidental Petroleum (OXY) saw 1,466,500 shares sold, making a 2.98% change to the portfolio. H&R Block Inc (HRB) saw 1,626,906 shares sold, making a 1.61% change to the portfolio.

Moody’s Corp (MCO) saw 117,784 shares sold, creating a 1.61% change to the portfolio. S&P Global Inc (SPGI) saw 121,463 shares sold, making a 1.61% change to the portfolio. MSCI Inc (MSCI) saw 18,939 shares sold, making a 0.32% change to the portfolio. Through these selling of holdings we can see that Lu appears to have reduced his exposure to several US financial and data services companies.

Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a registered financial advisor in the respective jurisdiction.