For information and research only. Not investment advice.
13F filings
Himalaya Capital
Li Lu
Performance
Assuming an initial $100,000 · Benchmark: S&P 500
Hypothetical
Replication modeTop 5Top 10>1%
YTD1Y5Y8YAll
CompoundFixed
Gains are reinvested — principal and returns grow together.
Backtest through 2026-07-28
After filingAt quarter endBenchmark · S&P 500
After filing — buys the holdings only once the filing is public — about 45 days after the quarter ends. The path someone could actually have taken.
At quarter end — pretends the same holdings were bought on the last day of the quarter, before anyone could have known them. Not possible in reality — shown dashed for comparison only.
Benchmark — S&P 500 (SPY) total return over the same window — what doing nothing but holding the market would earn.
Hypothetical backtest — not a real trading record. Simulated on public data from 2017-08: each position is bought only after the filing became public (using no information unavailable at the time), with trading costs deducted, on a total-return basis. Past performance does not predict future results.
All metrics below are computed on the After-filing curve.
Return?
13.5%
Compound annual return over the sample.
Risk?
30.9%
How much returns swing (annualized stdev); lower is steadier.
Return vs risk?
0.56
Return ÷ volatility; higher is better.
Beat SPX?
−1.4%
Annualized gain over the S&P.
Excess?
−2.4%
The strategy's own annual excess, apart from the market.
Significance?
t=−0.36 · very weak
t-value: how solid the excess is — higher is more reliable.
Max DD?
−44.0%
Largest peak-to-trough fall.
Leverage?
1.26×
How many times it rises and falls together with the market.
Longest recovery?
28 mo
Longest wait from a peak back to a new high.
About
Li Lu
Graham-and-Munger-lineage concentrated value: own only the few businesses you truly understand, and hold for years. Charlie Munger entrusted his own family capital to Li Lu, regarding him as value investing's bridge into China—an endorsement almost unheard of in the industry.
Holdings & changes
Replication modeTop 5Top 10>1%
Current holdingsPosition changes
2026-Q1 filing · filed 2026-05-15
>1% · filed weights
Others 14.6%
Ticker
Name
Weight
vs last filing
GOOGL
Alphabet Inc. Class A Common Stock
22.9%
+1.3 ▲
GOOG
Alphabet Inc. Class C Capital Stock
22.0%
−0.3 ▼
PDD
PDD Holdings Inc. American Depositary Shares
14.7%
—
EWBC
East-West Bancorp Inc
9.3%
+0.5 ▲
BAC
Bank of America Corporation
4.6%
−11.5 ▼
OXY
Occidental Petroleum Corporation
3.0%
+1.3 ▲
CROX
Crocs, Inc.
2.3%
+0.8 ▲
TME
Tencent Musi-adr
1.9%
New
SPGI
S&P Global Inc.
1.6%
New
HRB
Block H & R Inc
1.6%
New
MCO
Moody's Corporation
1.6%
New
Risk
The replication is built from public filings: ~45-day lag, US long stock positions only; replication returns are not the fund’s real returns, and the manager may have traded since.
Past / backtested performance does not predict the future. Masterfolio is an information service / publisher, not an investment adviser.