Li Lu - Himalaya Capital Management Investment Strategy & Portfolio Analysis

As of Mar 31, 2026, Li Lu's Himalaya Capital Management portfolio reflects a highly concentrated, high-conviction approach across 14 reported 13F positions. Portfolio returns are primarily driven by a small set of mega-cap compounders, with the top five holdings accounting for approximately 82% of total exposure and Alphabet alone contributing ~23%. While the portfolio includes 14 positions, economic outcomes are highly concentrated in a narrow set of large-cap financial names. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance instead anchored in durable, cash-generating businesses across communication services, financials, and consumer discretionary. The portfolio exhibits extremely low turnover, reinforcing a long-term capital allocation approach centered on high-conviction, long-duration holdings. Distinctive traits include Long-Term Holder, Highly Concentrated, Economically Concentrated.