Himalaya Capital Management LLC

Himalaya Capital Management's March 2026 portfolio — the $3.20B flagship of value investor Li Lu — carries one of the most distinctive fingerprints in the institutional 13F dataset, and Q1 2026 produced the most consequential rotation the fund has shown in recent quarters. The defining trade: Bank of America (BAC) was reduced by 71% in shares — from 10.4M to 3.0M shares, shedding roughly $428M in value and collapsing from 16.1% to 4.6% of the portfolio. That single reduction more than funded five simultaneous initiations in financial-information and data-analytics names: S&P Global ($52M), Moody's ($51M), MSCI ($10M), H&R Block ($52M), and Tencent Music ($61M). The portfolio's core remains unchanged: Alphabet Class A (GOOGL, $731M, 22.8%) and Alphabet Class C (GOOG, $703M, 22.0%) together consume 44.8% of the book across two share classes — an unusual dual-class structure that effectively functions as a single 45% Alphabet position. Berkshire Hathaway ($430M, 13.4%) and PDD Holdings ($471M, 14.7%, the Chinese e-commerce platform) anchor the remainder of the concentrated core alongside East West Bancorp ($296M, 9.3%). Occidental Petroleum ($95M) and Crocs ($74M, up $20M) complete the non-financial sleeve. The portfolio's $368M AUM decline reflects the BAC markdown and partial offset from Alphabet appreciation. The analytical signal of this filing is directional and clean: Himalaya has materially reduced its largest bank position while building a financial-data-and-information complex that mirrors the Berkshire-like financial-services intelligence theme — credit ratings (SPGI, MCO), market data and indexing (MSCI), tax-filing and consumer-financial information (HRB), and Chinese consumer monetization (TME). The rotation is deliberate, thematic, and consistent with the fund's established value-and-conviction approach.