Li Lu’s Himalaya Capital in Q2 2026: seven stocks, PDD more than doubled, six positions sold

Himalaya Capital Management, the firm Li Lu founded and runs, filed its 13F for the second quarter of 2026 on August 14. It lists eight lines — seven companies, with Alphabet’s two share classes counted together — worth $3.70 billion on June 30, 2026, up from 14 lines and $3.20 billion three months earlier. It is one of the most concentrated portfolios among the 38 managers this site tracks: Alphabet alone is 47.9%, and the three largest positions are 85.1%. The full list is on Li Lu’s page.

What changed

Only two positions grew. PDD Holdings more than doubled, from 4,608,000 American depositary shares to 10,761,119 (+133.5%), which took it from 14.7% of the portfolio in March to 22.2% in June. Berkshire Hathaway’s Class B shares rose 23.5%, from 897,749 to 1,108,318 — the first change to that line since it first appeared in Himalaya’s 13F in the third quarter of 2021, after 19 straight quarters at exactly 897,749 shares. Alphabet, East West Bancorp, Crocs, Tencent Music and Apple were left untouched.

Six positions, worth $406 million at the end of March (12.7% of the portfolio then), were sold out. Bank of America ($146.2 million) had been in every Himalaya 13F since the first quarter of 2020, and Occidental Petroleum ($95.3 million) since the second quarter of 2024. The other four — S&P Global, H&R Block and Moody’s, about $51 million each, and MSCI at $10.2 million — had appeared for the first time only one quarter earlier, in the March 13F.

A 13F shows holdings at the end of the quarter. It does not say on which day shares were bought or sold, or at what price, and nothing in the filing links the sales to the purchases.

PDD: a return, now the second-largest position

PDD is not new to Himalaya. Its 13F filings show 363,165 American depositary shares from the fourth quarter of 2020 to the third quarter of 2021; the position then disappeared until the second quarter of 2025, when 4,608,000 shares showed up. At $76.28 per share on June 30, 2026, the 10.8 million shares were worth $820.9 million. PDD and Tencent Music are both held as American depositary shares, and the 13F counts depositary shares, not the underlying ordinary shares.

Alphabet: almost half the portfolio

Alphabet appears in two lines: 2,543,300 Class A shares (GOOGL) and 2,451,300 Class C shares (GOOG), together worth $1.78 billion. Neither changed in the quarter. The Class C line has been in Himalaya’s 13F since the second quarter of 2020 and the Class A line since the second quarter of 2022.

The same shares at today’s prices

Repriced at the October 15, 2026 close — and assuming nothing changed since June 30, which the 13F cannot tell us — the seven positions would be worth about $3.76 billion, 1.5% more. Apple rose 18.2% over that span, PDD 8.0% and Berkshire 5.1%, while Alphabet slipped 2.3% and East West Bancorp 2.2%. The next 13F, for the third quarter, is due by November 14.

A 13F covers only U.S.-listed long positions: it does not show short positions, shares listed only outside the United States, cash or other assets, so it is Himalaya Capital’s U.S. stock portfolio rather than everything the firm owns. None of this is investment advice.