# Himalaya Capital
**Himalaya Capital** is a Seattle-based investment partnership founded by Li Lu in 1997 that follows the value investment principles of [Benjamin Graham](https://www.edgepedia.org/benjamin-graham), Warren Buffett, and Charles Munger, focusing primarily on publicly traded companies in Asia and North America.[1](https://www.himcap.com/) The firm is a Delaware limited liability company controlled and principally owned by Li Lu, who serves as its portfolio manager.[2](https://9at.com/Adviser/801-72763)
| Key fact | Detail |
|---|---|
| Founded | 1997, by Li Lu; Delaware LLC, Seattle (1301 2nd Avenue, Suite 2100)[1](https://www.himcap.com/) • [2](https://9at.com/Adviser/801-72763) • [3](https://alpha-file.com/manager/0001709323-himalaya-capital-management-llc) |
| Structure | Single master fund, Himalaya Capital Investors, L.P. (formerly LL Investment Partners, L.P.), with a Cayman offshore feeder; LL Group, LLC entities are general partners[2](https://9at.com/Adviser/801-72763) |
| Regulatory AUM | $14,985,604,000 as of December 31, 2023; a later Form ADV shows $21,392,207,523 with 21 employees and 2 private funds[2](https://9at.com/Adviser/801-72763) |
| Largest 13F holdings (Q2 2026) | Alphabet ~$1.77B across two share classes (~48%), PDD Holdings $820.9M (22%), Berkshire Hathaway Class B $554.6M (15%)[2](https://9at.com/Adviser/801-72763) • [3](https://alpha-file.com/manager/0001709323-himalaya-capital-management-llc) |
| Concentration | 75% of the US portfolio in three stocks at end-2025; top five positions were 94.08% of the disclosed US portfolio at Q4 2024[4](https://www.fool.com/investing/2026/03/20/li-lu-the-chinese-warren-buffett-has-75-of-himalay/) • [5](https://fasterthannormal.co/people/li-lu) |
| Signature investment | BYD, bought at its 2002 IPO below HK$3 (about $0.37); a July 2021 partial sale of over $300 million at HK$227.62 was a return of nearly 76-fold[6](https://goldsea.com/article_details/li-lu-himalaya-capitals-chinese-warren-buffett) |
| Access | Partnership generally closed to new partners except referrals from current partners; clients are mainly endowments, foundations, family offices, individuals, and pension plans[1](https://www.himcap.com/) |
## History and founding
Li Lu moved to the United States and attended a lecture by [Warren Buffett](https://www.edgepedia.org/warren-buffett) at Columbia University, which inspired him to take up investing.[4](https://www.fool.com/investing/2026/03/20/li-lu-the-chinese-warren-buffett-has-75-of-himalay/) He launched Himalaya Capital in 1997.[1](https://www.himcap.com/)
**The Munger relationship.** In 2003 Li Lu met [Charlie Munger](https://www.edgepedia.org/charlie-munger), Berkshire Hathaway's vice chairman, at a [Thanksgiving](https://www.edgepedia.org/thanksgiving) lunch through the human rights contact Jane Olson, and on Munger's advice he restructured Himalaya from a hedge fund into a long-only partnership.[5](https://fasterthannormal.co/people/li-lu) In 2004 Munger entrusted Li with $88 million of family money, described as the only outside manager Munger had ever invested with, and taught him the methods of "quality" value investing similar to Buffett.[5](https://fasterthannormal.co/people/li-lu) • [7](https://www.emergingmoats.com/p/podcast-li-lu-the-warren-buffett) Munger later said, "We made unholy good returns for a long, long time. That $88 million has become four or five times that."[5](https://fasterthannormal.co/people/li-lu) One specialist account reports the $88 million grew to roughly $400 million.[7](https://www.emergingmoats.com/p/podcast-li-lu-the-warren-buffett) Munger often described Li Lu as the "Chinese Warren Buffett."[4](https://www.fool.com/investing/2026/03/20/li-lu-the-chinese-warren-buffett-has-75-of-himalay/)
Li Lu has written that for the last 23 years he has managed a single fund in which basically all his own money is invested, so that his results can be directly judged.[8](https://www.longriverinv.com/thought/the-practice-of-value-investing-by-li-lu)
## Investment approach and portfolio
The firm's stated approach is concentrated, long-horizon ownership of publicly traded companies in Asia and North America under Graham, Buffett, and Munger principles.[1](https://www.himcap.com/) Some of its holdings date back twenty years.[1](https://www.himcap.com/) The disclosed US portfolio shows average turnover of 6.2%, implying an approximate 16.3-year holding period, with 22 total investments since 2016.[3](https://alpha-file.com/manager/0001709323-himalaya-capital-management-llc)
The 13F shows only part of the book. Himalaya Capital Management LLC files quarterly 13F-HR reports with the SEC under CIK 0001709323, but these filings cover only 13F-reportable securities and exclude China and Hong Kong positions such as BYD.[9](https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001709323&action=getcompany&type=13F-HR) • [7](https://www.emergingmoats.com/p/podcast-li-lu-the-warren-buffett) In the August 2026 filing, the US book comprised Alphabet Class A at $908,899,121 (24.55%), Alphabet Class C at $866,117,829 (23.39%), PDD Holdings at $820,858,157 (22.17%), Berkshire Hathaway Class B at $554,591,244 (14.98%), [East West Bancorp](https://www.edgepedia.org/east-west-bancorp) at $358,399,151 (9.68%), Crocs at $107,018,900 (2.89%), [Tencent Music](https://www.edgepedia.org/tencent-music) at $55,033,481 (1.49%), and Apple at $32,003,216 (0.86%).[3](https://alpha-file.com/manager/0001709323-himalaya-capital-management-llc)
## By the numbers
Himalaya's reported scale differs by basis. Its Form ADV reported approximately $14,985,604,000 in regulatory assets under management on a discretionary basis as of December 31, 2023, and a later filing shows $21,392,207,523 with 21 employees, 15 in advisory functions, and 2 private funds.[2](https://9at.com/Adviser/801-72763) Press figures sit lower: about $15 billion including $2.71 billion in eight US-listed stocks as of March 2025, and a description of the firm as a $3.5 billion investment manager holding nine stocks in March 2026.[10](https://247wallst.com/investing/2025/03/25/charlie-mungers-favorite-value-investor-has-83-of-hedge-funds-assets-in-these-3-stocks/) • [4](https://www.fool.com/investing/2026/03/20/li-lu-the-chinese-warren-buffett-has-75-of-himalay/) A 2024 SEC Form D/A shows a total offering amount sold of $8,195,339,409 across the funds Li Lu controls.[11](https://www.sec.gov/Archives/edgar/data/1576745/000157674524000001/xslFormDX08/primary_doc.xml)
Concentration is the portfolio's defining feature. At the end of 2025, 75% of the US stock portfolio was in just three stocks.[4](https://www.fool.com/investing/2026/03/20/li-lu-the-chinese-warren-buffett-has-75-of-himalay/) As of the fourth quarter of 2024, the top five positions, counting Alphabet's two share classes separately, were [Bank of America](https://www.edgepedia.org/bank-of-america), Berkshire Hathaway Class B, Alphabet, and East West Bancorp, comprising 94.08 percent of the disclosed US portfolio.[5](https://fasterthannormal.co/people/li-lu) By August 2026 Alphabet alone was roughly 48% of the reported 13F portfolio.[2](https://9at.com/Adviser/801-72763)
One specialist account reports an unconfirmed rumor of roughly 30% annual returns since inception, which it explicitly says it cannot confirm.[7](https://www.emergingmoats.com/p/podcast-li-lu-the-warren-buffett)
## The BYD investment
Li Lu took a large stake in BYD after its 2002 IPO.[6](https://goldsea.com/article_details/li-lu-himalaya-capitals-chinese-warren-buffett) A specialist account described the firm as having held the position for 22 years, during which BYD's stock dropped more than 50% at least six times and once by more than 80%, while the company's sales grew from one billion yuan to nearly one trillion yuan.[7](https://www.emergingmoats.com/p/podcast-li-lu-the-warren-buffett)
The investment also connected Himalaya to [Berkshire Hathaway](https://www.edgepedia.org/berkshire-hathaway). Li Lu's work on BYD convinced Munger, and Berkshire Hathaway took a 10% stake in the company in 2008, for approximately $230 million according to one biography.[12](https://newsletter.fiscal.ai/p/the-warren-buffett-of-china) • [5](https://fasterthannormal.co/people/li-lu)
**Returns on BYD, with conflicting estimates.** In July 2021, Himalaya sold over $300 million worth of BYD shares at HK$227.62 (about $28) per share, a return of nearly 76-fold, while retaining a 6% stake.[6](https://goldsea.com/article_details/li-lu-himalaya-capitals-chinese-warren-buffett) One specialist account calls BYD a 100-bagger since 2002 with a 24% total return CAGR, reaching $100 billion in revenue in 2024.[7](https://www.emergingmoats.com/p/podcast-li-lu-the-warren-buffett) Another newsletter puts the gain since 2004 at 7,826%, a 23% annual return.[12](https://newsletter.fiscal.ai/p/the-warren-buffett-of-china) A personal investment blog gives a lower figure, saying the fund owns about 2.5% of BYD and that over more than 20 years of holding the income was close to HK$20 billion with a maximum return exceeding 38 times.[13](https://www.granitefirm.com/blog/us/2025/09/04/li-lu-himalaya-capital/)
## How it compares with Hillhouse Capital
Hillhouse Capital, founded by Zhang Lei in 2005 with a seed from Yale, operates across early-stage venture, growth equity, buyouts, and public markets, unlike Himalaya's concentrated public-equity value approach.[14](https://ofhie.com/article/2765170) Hillhouse also runs a concentrated portfolio of big conviction bets rather than owning 200 companies, and its deep ties to the Chinese tech ecosystem have drawn geopolitical scrutiny in recent years.[14](https://ofhie.com/article/2765170)
## Recent developments
The disclosed US book has grown and rotated. In the August 2026 13F, Himalaya increased PDD Holdings by 134% (adding 6,153,119 shares to reach 10,761,119) and Berkshire Hathaway by 23%, while fully selling out of Bank of America, Occidental Petroleum, S&P Global, H&R Block, Moody's, and MSCI.[2](https://9at.com/Adviser/801-72763) Alphabet became the dominant holding at roughly $1.77 billion across two share classes, about 48% of the $3.70 billion reported portfolio.[2](https://9at.com/Adviser/801-72763) This marks a shift from March 2025, when Bank of America was the largest 13F holding at 29.31% and Alphabet's two classes combined were 39.2%.[10](https://247wallst.com/investing/2025/03/25/charlie-mungers-favorite-value-investor-has-83-of-hedge-funds-assets-in-these-3-stocks/) Apple now stands at $32,003,216, about 0.86% of the US book.[3](https://alpha-file.com/manager/0001709323-himalaya-capital-management-llc)
## References
1. [Himalaya Capital, Official Firm Website](https://www.himcap.com/)
2. [Himalaya Capital Form ADV and 13F Summary (SEC file 801-72763), 9AT](https://9at.com/Adviser/801-72763)
3. [Himalaya Capital Management LLC 13F Filings, Alpha-File](https://alpha-file.com/manager/0001709323-himalaya-capital-management-llc)
4. [Li Lu, the 'Chinese Warren Buffett,' Has 75% of Himalaya Capital's U.S. Stock Portfolio Invested in Just 3 Stocks, The Motley Fool (March 2026)](https://www.fool.com/investing/2026/03/20/li-lu-the-chinese-warren-buffett-has-75-of-himalay/)
5. [Li Lu, Biography, Career & Key Ideas, Faster Than Normal](https://fasterthannormal.co/people/li-lu)
6. [Li Lu, Himalaya Capital's "Chinese Warren Buffett", Goldsea (May 2025)](https://goldsea.com/article_details/li-lu-himalaya-capitals-chinese-warren-buffett)
7. [Podcast: Li Lu, The Warren Buffett of China, Emerging Moats](https://www.emergingmoats.com/p/podcast-li-lu-the-warren-buffett)
8. [The Practice of Value Investing, by Li Lu (reprinted essay)](https://www.longriverinv.com/thought/the-practice-of-value-investing-by-li-lu)
9. [SEC EDGAR, Himalaya Capital Management LLC 13F-HR filings (CIK 0001709323)](https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001709323&action=getcompany&type=13F-HR)
10. [Charlie Munger's Favorite Value Investor Has 83% of Hedge Fund's Assets in These 3 Stocks, 24/7 Wall St. (March 2025)](https://247wallst.com/investing/2025/03/25/charlie-mungers-favorite-value-investor-has-83-of-hedge-funds-assets-in-these-3-stocks/)
11. [SEC Form D/A, Himalaya Capital Management](https://www.sec.gov/Archives/edgar/data/1576745/000157674524000001/xslFormDX08/primary_doc.xml)
12. [The Warren Buffett of China, Fiscal.ai newsletter](https://newsletter.fiscal.ai/p/the-warren-buffett-of-china)
13. [Li Lu, Munger's disciple, and his Himalaya Capital, Andy Lin's Long-term Stock Investment Blog (September 2025)](https://www.granitefirm.com/blog/us/2025/09/04/li-lu-himalaya-capital/)
14. [Hillhouse Capital Management: Inside Asia's Premier Investment Firm, OFHIE](https://ofhie.com/article/2765170)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Investment banking and asset management › Investment banks and advisory firms*
*Initially written Sep 17, 2026 · Reviewed: Oct 10, 2026 · Edited: Oct 10, 2026; Oct 11, 2026; Oct 15, 2026 · Last review: Oct 10, 2026*
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License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license