Great investors · Li Lu · Q4 2025
What Li Lu bought and sold in Q4 2025
Himalaya Capital 13F portfolio as of Dec 31, 2025: 9 positions worth $3.6 bn. Largest: GOOGL, BAC, PDD, BRK/B. Filed with the SEC on Feb 18, 2026.
The 13F is filed by Himalaya Capital, not by Li Lu personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2025
- NewCrocsCROX+1.5 pp
Sells in Q4 2025
- Sold outSable OffshoreSOC−0.7 pp
2 companies with material moves, out of 2 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Himalaya Capital's Q4 2025 13F lists 9 lines of US-listed securities worth $3.6 bn; the largest is GOOGL at 22.3% of the portfolio. It was accepted by the SEC on Feb 18, 2026 at 8:20 PM ET.
Against the previous quarter, it opened 1 position (CROX), closed 1 (SOC), added to none and trimmed none. 8 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Alphabet GOOGL | 2.5 M | $796M | 22.3% | no change |
| 2 | Alphabet GOOG | 2.5 M | $769M | 21.6% | no change |
| 3 | Bank of America BAC | 10.4 M | $574M | 16.1% | no change |
| 4 | PDD Holdings PDD | 4.6 M | $523M | 14.6% | no change |
| 5 | Berkshire Hathaway BRK/B | 897,749 | $451M | 12.6% | no change |
| 6 | East West Bancorp EWBC | 2.8 M | $312M | 8.74% | no change |
| 7 | Occidental Petroleum OXY | 1.5 M | $60.3M | 1.69% | no change |
| 8 | Crocs CROX | 628,159 | $53.7M | 1.51% | new |
| 9 | Apple AAPL | 110,600 | $30.1M | 0.84% | no change |
Positions it closed (1)
- Sable Offshore SOCwas 0.73% · 1.3 M shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Himalaya Capital's 13F filings on EDGAR (SEC) ↗
Follow Li Lu and see their Q3 2026 13F once it is filed
Free. We email you (if you turn it on) and in Following you see what each manager you follow bought and sold.
Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.