We break down the stocks Li Lu (Himalaya Capital) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Himalaya Capital's 13F filed on August 14, 2024.
Who are Li Lu and Himalaya Capital?
Himalaya Capital Management is an investment firm founded in 1997 by Li Lu, a Tiananmen Square protest leader who became a renowned value investor and protégé of Charlie Munger. The firm embraces the value investment principles of Benjamin Graham, Warren Buffett, and Charles Munger, seeking superior returns through long-term ownership of high-quality companies with substantial economic moats. Li's disciplined approach focuses on businesses with enduring competitive advantages, growth potential, and trustworthy management teams, primarily in the U.S. and China.
Portfolio Changes in Q2 2024
New positions
Himalaya Capital initiated a new position in Occidental (OXY), purchasing 1,466,500 shares valued at $92.4 million.
Bought
Himalaya Capital did not add to any existing positions during Q2 2024.
Sold
Himalaya Capital did not reduce any existing positions during Q2 2024, maintaining the same share counts across all holdings including Bank of America (BAC), Alphabet (GOOG), Alphabet (GOOGL), Berkshire Hathaway (BRK-B), East West Bancorp (EWBC), and Apple (AAPL).
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| OXY | Occidental | 100.0% | NEW | $92.43M |
Occidental OXY
Li Lu bought $92.43M of Occidental in Q2 2024. Occidental Petroleum (OXY) delivered strong Q1 2025 results with adjusted EPS of $0.87, surpassing estimates by 19.2%, driven by higher domestic oil prices and operational efficiency. The company generated $3.0 billion in operating cash flow and reduced debt by $2.3 billion year-to-date, while maintaining production guidance. Shares rose 5.95% post-earnings, reflecting investor confidence in its financial discipline and Permian Basin dominance (54% of total production).
- Q1 2025 revenues grew 13.9% YoY to $6.84 billion, though slightly missing estimates.
- Free cash flow reached $1.2 billion, enabling accelerated debt reduction and capital flexibility.
- Permian Basin production hit 754 Mboe/d, accounting for 54% of total output with stable efficiency.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BAC | Bank of America | 28.1% | $719.09M | |
| GOOG | Alphabet | 21.8% | $558.33M | |
| GOOGL | Alphabet | 18.1% | $463.26M | |
| BRK-B | Berkshire Hathaway | 14.3% | $365.2M | |
| EWBC | East West Bancorp | 7.9% | $203.31M | |
| AAPL | Apple | 6.2% | $159.99M | |
| OXY | Occidental | 3.6% | NEW | $92.43M |
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