Himalaya Capital

Q4 2025 13F · by Li Lu, portfolio manager

Picture100.0% US stock

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

+1.5 pp in · −0.7 pp out

Very concentrated · behaves like 6 equal-sized positions

Low turnover · 2.6% a year, more than 30 years per position

restated 2 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Feb 18, 2026 ↗


GOOGLAlphabet Inc. Class A	22.31%	2,543,300	$796M	held	—	15 q
GOOGAlphabet Inc. Class C	21.55%	2,451,300	$769M	held	—	23 q
BACBank of America Corporation	16.08%	10,431,387	$574M	held	—	24 q
PDDPDD Holdings Inc.	14.64%	4,608,000	$523M	held	—	3 q
BRK.BBERKSHIRE HATHAWAY Class B	12.64%	897,749	$451M	held	—	18 q
EWBCEast-West Bancorp Inc	8.74%	2,776,351	$312M	held	—	12 q
OXYOccidental Petroleum Corporation	1.69%	1,466,500	$60M	held	—	7 q
CROXCrocs, Inc.	1.51%	628,159	$54M	new	+1.51 pp	new
AAPLApple Inc.	0.84%	110,600	$30M	held	—	21 q
SOCSable Offshore Corp.	—	−1,343,000	—	exited	−0.73 pp	—