Q2 value · Li Lu / Himalaya Capital
Li Lu doubled PDD in Q2, cleaned out six US financials, kept Google unchanged
Changes
8
0 NEW · 2 ADD · 0 TRIM · 6 DROP
Top-5 concentration
94.8%
GOOGL 24.5%
Li Lu's 2026 Q2 13F cut the book from 15 positions to 8 by exiting six US financial names — BAC ($146M in Q1), OXY ($95M), MCO ($52M), SPGI ($52M), HRB ($52M) and MSCI ($10M). PDD shares more than doubled +133.5% to $821M (22.2% of AUM, #3). BRK/B added +23.5% shares to $555M. Google was unchanged: GOOGL $909M / 24.5%, GOOG $866M / 23.4% — combined ~48% of the book. AI-related holdings total $1.81B across 3 names (49% of AUM).
New positions
0| Ticker | Company | | Value | Shares | % of book |
|---|
Exited positions
6| Ticker | Name | Note |
|---|
| BAC | Bank of America | US bank out ($146M in Q1) |
| OXY | Occidental Petroleum | Buffett-style oil out ($95M) |
| MCO | Moody's | rating agency out ($52M) |
| SPGI | S&P Global | rating agency out ($52M) |
| HRB | H&R Block | tax services out ($52M) |
| MSCI |