Li Lu - Himalaya Capital Management Investment Strategy (Dec 31, 2025)

As of Dec 31, 2025, the Himalaya Capital Management portfolio managed by Li Lu demonstrates a sophisticated investment approach with 11 positions and an average holding period of 497 quarters. The strategy focuses on Communication Services, Consumer Cyclical, Energy, Financial Services, Technology sectors with a typical position size of 13.2% of the portfolio.

The portfolio's risk management approach includes a maximum position size of 13.19% and sector diversification of 5%, exemplified by the case study of ALPHABET INC (GOOG). This strategic framework provides insights into Li Lu's investment philosophy, risk management practices, and long-term value creation approach.

Key metrics revealing investment style, risk management, and performance characteristics

Metric	Value	Category	Description
Holding Period	1.4 years	Style	Average duration positions are maintained
Position Count	11	Style	Number of active positions in portfolio
Position Size	13.2%	Risk	Typical allocation per position
Win Rate	53.1%	Performance	Percentage of profitable positions
Average Return	0.7%	Performance	Mean return across positions
Sharpe Ratio	0.03	Performance	Return per unit of risk taken

Investment Case Study: ALPHABET INC (GOOG)

6/30/2020 - 3/27/2026

Total Return: 26.08%

Holding Period: 2096 days

Max Position Size: $796,052,900.00

Position Weight: 17.12%

6/30/2020: ENTRY(85,900.00 shares) @ $1.41

6/30/2022: INCREASE(66,300.00 shares) @ $2.19

9/30/2022: INCREASE(2,891,800.00 shares) @ $0.10

3/31/2025: DECREASE(-592,700.00 shares) @ $156.23

12/31/2025: INCREASE(92,000.00 shares) @ $313.00

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors: