...and then there is the trim of Bank of America Corp (BAC), which sits at $146,151,866, marking the only notable decrease in the portfolio this quarter. It feels like a tactical adjustment for Himalaya Capital, keeping the position at roughly 4.56% of the $3,201,226,867 total value. When Li Lu cuts a legacy financial name, it grabs your attention, but he kept the rest of the core engine running with a high level of conviction. If you look at the screener, you’ll see this is still a very tight book, holding only 14 positions in total, which speaks volumes about the level of research required to earn a spot in this portfolio.

The Financial Data and Core Anchors

The portfolio is dominated by a heavy concentration in two classes of Alphabet. Alphabet Inc (GOOGL) remains the top holding at $731,351,348, representing 22.85% of the total, with no changes made to the position. Not far behind is the CL C share class of ALPHABET INC-CL C (GOOG), which sits at $703,179,918, accounting for 21.97% of the book, also held steady. Seeing over 44% of the AUM parked in one issuer shows exactly where the team thinks the value is hiding.

PDD HOLDINGS INC (PDD) remains a massive part of the strategy, valued at $470,845,440 and making up 14.71% of the portfolio with no changes reported. I find the patience here interesting; these are massive positions to sit on without fluctuation. BERKSHIRE HATHAWAY INC-CL B (BRK-B) stays locked in at $430,201,321, representing 13.44% of the assets. It’s a classic anchor for a whale like Himalaya. EAST WEST BANCORP INC (EWBC) keeps its slot at $296,403,233, contributing 9.26% to the total pie, with the manager choosing to leave it untouched. OCCIDENTAL PETROLEUM CORP (OXY) remains at $95,322,500, holding steady at 2.98% of the book.

Scaling Up and Spreading Out

The move on CROCS INC (CROX) is worth noting because it represents an increase in conviction. The position now stands at $73,646,461, or 2.30% of the total value. It’s one of the few places where we see active capital deployment into an existing name. This contrasts with the broader strategy of bringing in five fresh ideas, which shows a desire to expand the diversity of the portfolio while staying highly selective.

The new additions reveal an interesting tilt toward financial services and data providers. TME (TME) entered the portfolio with a $61,162,958 stake. SPGI (SPGI) follows closely with a new position valued at $51,663,072. HRB (HRB) also joined the ranks, coming in at $51,637,996. MCO (MCO) was added to the mix with a $51,383,270 position. Finally, MSCI (MSCI) was added at a smaller size of $10,208,310.

These five new positions collectively add a layer of complexity to the 14-stock portfolio. By adding MCO, SPGI, and MSCI, the firm is effectively doubling down on the "toll bridge" business models that define the financial data industry. It’s a pivot from having just the banks and the big tech giants, moving toward the companies that provide the plumbing for the entire global market. Each of these new entries is small enough to be a pilot position, but large enough to suggest that Li Lu is looking for long-term compounding rather than short-term gains.

When you look at the total value of these new positions, it’s clear that liquidity was managed carefully to enter these names without dismantling the core. The firm is sitting on a massive concentration in tech and retail—specifically Alphabet and PDD—so these additions look like a way to balance the exposure to macro-sensitive cyclical businesses. Holding only 14 companies means there is absolutely no room for "index-hugging." Every ticker here is a high-conviction bet that the underlying business will be worth significantly more in five or ten years, regardless of what the broader market is doing in the interim. The fact that the biggest change was a partial trim of a bank while adding a suite of financial information providers suggests a very specific, structural view on the future of the financial services sector.

This filing is based on public 13F data from May 15, 2026, and does not constitute investment advice.