Li Lu
FOLLOWHimalaya Capital Management
Munger's only external manager; extreme concentration, 25yr+ exceptional record, deeply aligned with our philosophy but low transparency.
Buffett/Munger Disciples
Current Portfolio
2025-Q4 · 9 positions · Filed 2026-02-19
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | GOOGL | $796.1M | 22.3% Est. ~7.8% of total Conviction |
| 2 | GOOG | $769.2M | 21.6% Est. ~7.5% of total Conviction |
| 3 | BAC | $573.7M | 16.1% Est. ~5.6% of total Conviction |
| 4 | PDD | $522.5M | 14.6% Est. ~5.1% of total Conviction |
| 5 | BRK-A | $451.3M | 12.6% Est. ~4.4% of total Conviction |
| 6 | EWBC | $312.0M | 8.7% Est. ~3.1% of total |
| 7 | OCCIDENTAL PETE | $60.3M | 1.7% Est. ~0.6% of total |
| 8 | CROX | $53.7M | 1.5% Est. ~0.5% of total |
| 9 | AAPL | $30.1M | 0.8% Est. ~0.3% of total |
Allocation
Non-US Holdings
Estimated ~65% of total portfolio is outside US-listed securities
$20.0B
Est. Total AUM
$3.6B
US 13F Value
65%
Non-US Estimate
| Company | Country | Est. Value |
|---|---|---|
| BYD Company | China | $12.0B |
| Various Korean equities | South Korea | $1.5B |
| Other Asian positions | Asia | $1.0B |
Li Lu's Himalaya Capital has a massive position in BYD Company (China) acquired in 2002, now worth an estimated $10-15B+. He also holds Korean equities and other Asian positions. The 13F only captures a fraction of the total portfolio. Li Lu is known to be one of BYD's largest individual shareholders.
Sources: Public interviews, BYD shareholder disclosures, Media reports, Charlie Munger references
Recent Changes
2025-Q4 vs 2025-Q4
| Action | Ticker | Shares Change | Value Change |
|---|---|---|---|
| INCREASED | GOOGL | +92K(+4%) | +$26.8M Est. bought $236.57–$323.44 |
| DECREASED | GOOG | -92K(-4%) | $-26.8M |
Score Breakdown
Investment Philosophy & Portfolio Style
Philosophy
Deep value with a long-term orientation. Believes in understanding businesses at a fundamental level, buying with a large margin of safety, and holding for years or decades. Strongly influenced by Munger's multi-disciplinary mental models approach. Favors businesses with durable competitive advantages. Willing to hold concentrated positions and sit in cash when nothing meets his criteria. Has emphasized that the best investments come from understanding a business so well that price fluctuations become irrelevant. Views investing as a search for knowledge and truth about businesses.
Portfolio Style
Extremely concentrated. Historically holds 5-10 positions with top 3 comprising 60-80% of the portfolio. US 13F filings show heavy positions in Micron Technology, Bank of America, Apple, and Alphabet in recent years. Also holds significant non-US positions (BYD, other Asian equities) not visible in 13F. Patient holder -- positions often held for 5+ years. Willing to make large bets when conviction is high. Has held significant cash positions when opportunities are scarce.
Background
Born 1966 in China. Survived the Tiananmen Square protests in 1989 and fled to the US. Earned three degrees from Columbia University (economics, law, MBA). Founded Himalaya Capital in 1997. Charlie Munger's only external money manager -- Munger entrusted a significant portion of his family's wealth to Li Lu, calling him a 'Chinese Warren Buffett.' Manages roughly $3-6B in AUM. Known for extreme patience and concentration. His early investment in BYD (at Munger's suggestion, or vice versa -- the two influenced each other) was one of the great value investments of the 2000s. Deeply intellectual, has written and spoken about the intersection of civilization, knowledge, and investing.
Track Record
Exceptional long-term returns, estimated at 20-30% annualized over 25+ years, though exact figures are private. The BYD investment (entered ~2003 at very low prices) returned 50x+. Munger's willingness to give him sole external management authority is itself a strong endorsement. Has compounded through multiple cycles without blowing up. One of the best long-term track records among value-oriented managers globally, though limited public disclosure makes precise measurement difficult.
Notable Holdings
Micron Technology (large position), Bank of America, Apple, Alphabet/Google, BYD (non-US, long-standing position from early 2000s). Has historically held positions in Berkshire Hathaway. Portfolio tends to favor large-cap quality businesses with cyclical entry points.
Transparency & Integrity
Transparency(Score: 4/10)
Low public transparency. Does not do interviews frequently. No public letters to investors. 13F filings are available but only show US long equity positions. Does not seek media attention. Has given occasional talks at Columbia and other venues, but is generally private. His investment thinking can be gleaned from a few speeches and his book 'Civilizations, Modernization, Value Investing and China' (published in Chinese).
Integrity(Score: 10/10)
Very high. Munger's endorsement is the ultimate character reference in value investing circles. Li Lu has maintained a consistent, principled approach for decades. No scandals, no style drift for marketing purposes, no questionable behavior. His personal history (surviving Tiananmen, building a career from nothing in the US) speaks to extraordinary character and resilience. Known for intellectual honesty and willingness to admit mistakes.
Relevance to Us
Extremely high. Li Lu is perhaps the closest living investor to our philosophy: concentrated, long-term, downside-first, deeply analytical, patient. He buys when there is very little chance of permanent loss. His willingness to hold cash and wait, combined with decisive action on high-conviction ideas, mirrors our approach perfectly. Pre-approved by us for good reason. His Micron position is interesting -- a cyclical semiconductor play with tangible assets and potential AGI tailwinds (memory demand). Worth tracking every 13F filing.