Li Lu, heavily invested over 20 billion in 8 stocks

Recently, well-known investor Li Lu’s holdings in Himalaya Capital’s U.S. stocks have been disclosed.

According to the U.S. Securities and Exchange Commission (SEC) data, as of the end of 2025, Himalaya Capital owns shares in 8 U.S. publicly traded companies, with a total market value of $3.57 billion (approximately 24.6 billion RMB). Google is its largest holding, with a market value exceeding $1.5 billion at the end of the period. Its key position in Google aligns with Dongfang Harbor and Jinglin Asset.

In addition to a focus on the technology sector, Li Lu also built a position in the famous American casual footwear brand Crocs in Q4 last year and fully sold off energy stock Sable Offshore.

Google Remains the Top Holding

As an investment manager chosen by Munger to manage his assets, Li Lu is known for value investing, characterized by low turnover and deep research into high-quality companies. This was also evident in Q4 last year.

SEC data shows that by the end of 2025, Himalaya Capital held shares in 8 companies, with the top three being Google, Bank of America, and Pinduoduo.

Compared to the holdings at the end of Q3 last year, Google remains its largest position, with no change in the number of shares held. By the end of 2025, the market value of its Google holdings reached $1.565 billion, accounting for 43.86% of the portfolio. Additionally, Bank of America is the second-largest holding, valued at $574 million, representing 16.08%. Pinduoduo is the third, with a market value accounting for 14.64%. The number of shares held in both companies remained unchanged since Q3 last year.

Technology Becomes a “Must-Have” for Private Equity Giants

Interestingly, not only Himalaya Capital, but also Jinglin Asset and Dongfang Harbor’s top holdings are Google.

SEC data shows that by the end of last year, Jinglin Asset held 2.69 million shares of Google, an increase of 926,000 shares from Q3 last year, with a market value exceeding $800 million, making it their largest holding.

Bin Zhen’s Dongfang Harbor also actively increased its Google position in Q4 last year. By the end of last year, its overseas funds held 1.2935 million shares of Google, a 40.55% increase from Q3, replacing Nvidia as its largest holding.

Google’s Q4 and full-year 2025 financial reports show that the company’s total revenue for the year first surpassed $400 billion, a 15% increase year-over-year. Company executives stated that the deployment of AI technology and rapid expansion of Google Cloud have been the main drivers of performance growth. Recently, Google launched the new AI model Gemini 3.1 Pro, accelerating the scale deployment of AI technology.

Additionally, renowned investor Duan Yongping increased his AI-related stock holdings in Q4 last year.

According to public data, by the end of 2025, Duan Yongping’s H&H International Investment held 7.2371 million shares of Nvidia, an increase of 6.6393 million shares from Q3 last year, with a market value of $1.35 billion. In Q4 last year, Duan also added positions in three AI vertical companies: CRWV, CRDO, and TEM.

Yang Jianhai, partner at Yuan Lesheng Asset, believes that the AI industry is in rapid development, with many subfields already forming complete commercial cycles. As long as underlying technologies continue to iterate and improve, companies’ capital expenditures should be met with moderate tolerance. There is no need to worry about an “AI bubble” at this stage. Opportunities in computing power, AI applications, energy storage, and electrical equipment are worth close attention.

Increasing Investment in Consumer Giants

In addition to heavy technology stock holdings, Li Lu also built a position in a well-known consumer stock in Q4 last year.

SEC data shows that by the end of 2025, Himalaya Capital held 626,000 shares of Crocs, with a market value of $53 million.

Crocs is a globally renowned manufacturer of clogs. In 2025, amid increasing consumer focus on value for money, Crocs’ revenue and net profit faced pressure, and its stock price declined for four consecutive quarters, with a total drop of over 20% for the year. However, according to Crocs’ Q4 2025 financial report released on February 12, 2026, the company’s revenue in Q4 last year was $958 million, down 3.2% year-over-year but above market expectations of $917 million. Li Lu’s purchase of Crocs in Q4 last year appeared to be a bottom-fishing move.