Li Lu Q1 2026 Portfolio — Adds Moody's, S&P Global; Cuts Bank of America Stake 71%
Li Lu's Himalaya Capital added five new positions in Q1 2026 — including Moody's, S&P Global, and H&R Block — while cutting its Bank of America stake by 71%, per its latest 13F filing. AUM stands at $3.2B, with Alphabet accounting for 44.8% of the portfolio.
- Li Lu's Q1 2026 13F: $3.2B AUM, five new buys including Moody's and S&P Global
- BAC cut 71%; Alphabet now 44.8% of the portfolio
Himalaya Capital Management, led by Li Lu, disclosed in its Q1 2026 13F filing that it initiated five new positions: Moody's (MCO), S&P Global (SPGI), H&R Block (HRB), MSCI, and Tencent Music (TME). Total assets under management (AUM) stand at $3.2 billion across 14 holdings. Over the same period, the firm cut its Bank of America (BAC) stake by 71%.
Top 5 Holdings — Q1 2026
Key Portfolio Moves
The most striking feature this quarter is the portfolio's continued concentration. Combined, Alphabet Class A (GOOGL) and Class C (GOOG) total $1.434 billion, or 44.8% of the portfolio. Add Pinduoduo (PDD) at 14.7%, Berkshire Hathaway at 13.4%, and East West Bancorp (EWBC) at 9.3%, and the top four positions account for 82% of the entire portfolio. With just 14 holdings, this extremely compact structure reflects Li Lu's signature style of concentrating on a small number of high-conviction bets.
- MCO: New position, $51M — a bet on Moody's oligopoly position in credit ratings
- SPGI: New position, $52M — added alongside Moody's, expanding exposure to the credit ratings and data sector
- BAC: Stake cut 71% to $146M — a major reduction in large-bank exposure as a risk adjustment
The new positions show a clear pivot toward the credit ratings and data analytics sector. The firm added both Moody's (MCO) and S&P Global (SPGI), along with MSCI and tax and accounting services firm H&R Block (HRB). Meanwhile, it slashed its Bank of America (BAC) stake by 71%, sharply reducing exposure to large-cap banks, and boosted Crocs (CROX) by 41%, reinforcing an undervalued consumer-goods position. No positions were fully exited this quarter, suggesting continued conviction in its existing core holdings.
What to Watch Next
Adding Moody's, S&P Global, and MSCI in a single quarter reads as a signal that Li Lu is broadening his focus toward high-barrier oligopoly businesses like credit ratings and data analytics. Meanwhile, the 71% cut to BAC suggests a cooling outlook on bank stocks. The key things to watch in the next 13F filing are whether these new positions grow further and whether concentration in core holdings like Alphabet and Pinduoduo is maintained.
Frequently Asked Questions
What stocks has Li Lu recently bought?
In Q1 2026, Li Lu's Himalaya Capital initiated five new positions: Moody's (MCO), S&P Global (SPGI), H&R Block (HRB), MSCI, and Tencent Music (TME).
What was the biggest change in Li Lu's Q1 2026 portfolio?
The biggest change was a 71% cut to its Bank of America (BAC) stake, while its Crocs (CROX) position was increased by 41%.
What is Li Lu's largest holding?
Alphabet Class A (GOOGL) is the largest holding at $731 million, or 22.8% of the portfolio; combined with Class C (GOOG), Alphabet's total weight reaches 44.8%.
What is Himalaya Capital Management's AUM?
As of its Q1 2026 13F filing, Himalaya Capital Management's total assets under management (AUM) were $3.2 billion, spread across 14 holdings.
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