Himalaya Capital

Q2 2025 13F · by Li Lu, portfolio manager

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $2.7B · prev $2.2B
Positions: 9 · prev 8
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves2 since the prior filing

+17.9 pp in · −7.8 pp out

New 1 +17.93 pp
Added 0 0.00 pp
Trimmed 1 −7.76 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions85% of US stock

BAC Bank of America Corporation trimmed−7.76 pp trimmed−7.7618.4%
PDD PDD Holdings Inc. new+17.93 pp new+17.9317.9%
GOOGL Alphabet Inc. Class A held held16.7%
BRK.B BERKSHIRE HATHAWAY Class B held held16.2%
GOOG Alphabet Inc. Class C held held16.2%

Positions9 in this filing · 0 exited


BACBank of America Corporation	18.36%	10,431,387	$494M	trimmed−25%	−7.76 pp	22 q
PDDPDD Holdings Inc.	17.93%	4,608,000	$482M	new	+17.93 pp	new
GOOGLAlphabet Inc. Class A	16.67%	2,543,300	$448M	held	—	13 q
BRK.BBERKSHIRE HATHAWAY Class B	16.22%	897,749	$436M	held	—	16 q
GOOGAlphabet Inc. Class C	16.17%	2,451,300	$435M	held	—	21 q
EWBCEast-West Bancorp Inc	10.43%	2,776,351	$280M	held	—	10 q
OXYOccidental Petroleum Corporation	2.29%	1,466,500	$62M	held	—	5 q
SOCSable Offshore Corp.	1.10%	1,343,000	$30M	held	—	4 q
AAPLApple Inc.	0.84%	110,600	$23M	held	—	19 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0002043585-25-000010
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet