Li Lu's Portfolio Activity: Significant Increases in PDD and BRK-B Observed at Himalaya Capital Management

In this quarter ending June 30th, 2026, investor Li Lu, managing the funds at Himalaya Capital Management, saw changes in his portfolio holdings. The analysis focuses on observable increases and decreases based on disclosed data.

Two stocks showed significant activity this quarter:

• PDD Holdings Inc. (PDD): Li Lu's stake in PDD increased substantially by 6,153,119 shares, representing a 133.53% growth from the prior period. This significant increase moved PDD to become one of his largest holdings.
• Berkshire Hathaway Inc. (BRK-B): His position in BRK-B also grew by an additional 210,569 shares, a modest but positive 23.46% increase from the previous quarter.

These changes occurred within specific sectors:

• The substantial share growth in PDD was noted within its Consumer Cyclical sector allocation at Himalaya Capital Management.
• The modest increase in BRK-B impacted the Financial Services allocation for this quarter.

For other holdings, no changes were observed:

• Alphabet Inc. (GOOGL): Li Lu held GOOGL at a stable portfolio percentage of 24.55% with unchanged shares.
• Alphabet Inc. (GOOG): His stake in the other class of Alphabet remained constant at its prior period level, maintaining an allocation of 23.39%.
• The remaining holdings (EWBC, CROX, and AAPL) also showed no change in shares held during this period.

Overall, Li Lu's portfolio maintained its structure with a focus on large-cap US technology and consumer companies:

• The top two holdings by value were PDD and BRK-B, accounting for approximately half of the total portfolio allocation (25.06% + 24.66%).
• Communication Services remains his dominant sector with a combined allocation of 49.42%, primarily driven by Alphabet Inc.
• Consumer Cyclical is another major focus, holding PDD and CROX at an allocation of 25.06%.

The portfolio's diversification appears strong based on the top holdings data:

• The top five holdings by weight accounted for a substantial 94.76% of his total assets, indicating concentration in these core positions.
• There were no large sell-offs reported during this quarter at Himalaya Capital Management.

In summary, Li Lu's portfolio experienced two notable increases this quarter: a significant boost in PDD Holdings Inc. and a modest rise in his stake of Berkshire Hathaway Inc. (BRK-B). No other changes were observed for the remaining holdings, suggesting stability or continued focus on these existing positions.