Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Himalaya Capital (Li Lu)
superinvestor_value
A
Reliability stable可靠性稳定
leaderboard rank榜单排名 #4FOLLOW跟随
Book持仓规模
$3.7B
long US listed only仅美股多头
Positions持仓数
8
100% resolved已解析
Top-10 concentration前十集中度
100%
% of book占组合%
Turnover换手
LOW
9.8% per quarter每季
Median excess中位超额
+3%
buys vs SPY, since filing买入相对SPY，自披露起 · n 13
Hit rate胜率
54%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: E-Commerce — added PDD (+22.2pp of book this quarter)核心倾向：E-Commerce — 本季度加仓 PDD（占组合 +22.2pp）
E-CommerceE-Commerce
+22.2pp
22.2% of book held占组合持有
· 1 names标的
· Software
PDD
PlatformsPlatforms
+22.2pp
22.2% of book held占组合持有
· 1 names标的
· E-commerce
PDD
Financials (Equal-Weight)金融（等权）
+15.0pp
15.0% of book held占组合持有
· 1 names标的
· US Sectors (EW)
BRK-B
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: stable稳定 · 2 scored quarters已评分季度 · 50% positive为正 · recent-4 median近4季中位 +2% vs all-time对全期 +2%
Median excess by quarter各季度中位超额: █▁ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2026-03-31 | 6 | +4% | 67% | +4% |
| 2026-06-30 | 2 | -1% | 50% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Communication Services
49.4%
▲ +2.7pp
Financial
24.7%
▼ -6.1pp
Technology
23.0%
▲ +7.4pp
Consumer Cyclical
2.9%
▼ -1.0pp
Theme categories主题类别
US Sectors (EW) 38.4%
AI & Technology 25.4%
Financials 9.7%
Rotating into (QoQ)轮入（环比）
Technology +7.4pp
Communication Services +2.7pp
Rotating out of (QoQ)轮出（环比）
Financial -6.1pp
Energy -3.0pp
Consumer Cyclical -1.0pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Communication Services 49% · Financial 25% · Technology 23% |
| 2026-03-31 | Communication Services 47% · Financial 31% · Technology 16% |
| 2025-12-31 | Communication Services 44% · Financial 37% · Technology 15% |
| 2025-09-30 | Financial 40% · Communication Services 38% · Technology 20% |
| 2025-06-30 | Financial 45% · Communication Services 33% · Technology 19% |
| 2025-03-31 | Financial 59% · Communication Services 35% · Energy 5% |
| 2024-12-31 | Financial 54% · Communication Services 39% · Energy 4% |
| 2024-09-30 | Financial 55% · Communication Services 38% · Energy 4% |
| 2024-06-30 | Financial 50% · Communication Services 40% · Technology 6% |
| 2024-03-31 | Financial 57% · Communication Services 37% · Technology 6% |
| 2023-12-31 | Financial 55% · Communication Services 38% · Technology 7% |
| 2023-09-30 | Financial 53% · Communication Services 40% · Technology 7% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至披露日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。8 positions shown项持仓 · resolved已解析 8/8 (100%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  GOOGL |
Alphabet Inc | 24.6% | $909M | hold | +0% | — | 70 · HIGH | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | +3% |
| 2 |  GOOG |
Alphabet Inc | 23.4% | $866M | hold | +0% | — | 66 · MODERATE | Communication Services | Communication Services (Equal-Weight) | +3% |
| 3 | PDD |
Pdd Holdings Inc | 22.2% | $821M | add | +134% | 1q | 66 · MODERATE | Technology | E-Commerce, Platforms | -4% |
| 4 | BRK-B |
Berkshire Hathaway Inc Del | 15.0% | $555M | add | +24% | 1q | 62 · MODERATE | Financial | Financials (Equal-Weight) | +3% |
| 5 |  EWBC |
East West Bancorp Inc | 9.7% | $358M | hold | +0% | — | 42 · LOW | Financial | Regional Banks | -4% |
| 6 |  CROX |
Crocs Inc | 2.9% | $107M | hold | +0% | — | 38 · LOW | Consumer Cyclical | — | -13% |
| 7 |  TME |
Tencent Music Entertainm | 1.5% | $55M | hold | +0% | — | 34 · LOW | Communication Services | Music | -6% |
| 8 |  AAPL |
Apple Inc | 0.9% | $32M | hold | +0% | — | 29 · LOW | Technology | Magnificent Seven, Technology (Equal-Weight) | +11% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (2)
| PDD add |
22.2% | -4% |
| BRK-B add |
15.0% | +3% |
Rotated out of轮出 (6)
 BAC exit |
-100% | -5% |
 HRB exit |
-100% | -7% |
 MCO exit |
-100% | +1% |
 MSCI exit |
-100% | -2% |
 OXY exit |
-100% | +7% |
 SPGI exit |
-100% | +2% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以披露日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, reported long positions from managers with at least $100M in Section 13(f) securities. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量披露日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。