Investor Gurus

Li Lu · 李录

Himalaya Capital Management

Key Figures

$3.20B

Portfolio Value (Q1 2026)

Total Holdings

26.4%

Ann. Return (1998–2010)

1997

Fund Founded

About the Investor

Who is Li Lu?

Often dubbed the "Chinese Warren Buffett," Li Lu founded Himalaya Capital in 1997. A student activist at Tiananmen Square in 1989, he fled China and studied at Columbia University where a lecture by Warren Buffett inspired him to pursue investing. Charlie Munger became his mentor in 2003 and entrusted him with part of his family fortune — Li turned it into over $400 million.

Investment Philosophy

Li Lu follows deep value investing principles of Benjamin Graham, Buffett, and Munger. He runs a highly concentrated portfolio, with the latest 13F showing 14 holdings and Alphabet alone representing ~44.8% of reported U.S.-listed holdings. Himalaya charges no management fee and takes no carry on the first 6% of returns — a rare structure in the hedge fund world that aligns manager and investor interests.

Top Holdings (Q1 2026 — SEC 13F)

Stock	Ticker	Weight	Note
Alphabet Inc. (Class A)	GOOGL	22.85%	Largest single position
Alphabet Inc. (Class C)	GOOG	21.97%	Combined Alphabet ~44.8%
PDD Holdings (Pinduoduo)	PDD	14.71%	China e-commerce exposure
Berkshire Hathaway (Class B)	BRK.B	13.44%	Buffett & Munger legacy
East West Bancorp	EWBC	9.26%	US-Asia banking bridge
Bank of America	BAC	4.57%	Sharply reduced in Q1 2026
Occidental Petroleum	OXY	2.98%	Energy exposure
Crocs Inc.	CROX	2.30%	Increased in Q1 2026

Biggest Wins & Recent Moves

BYD Company

Li Lu introduced BYD to Charlie Munger in 2008, leading to Berkshire Hathaway's investment at ~$1 per share. Li's own stake in BYD is considered one of his most successful investments, generating multi-bagger returns as the company became the world's largest EV manufacturer.

Alphabet & Q1 2026 Activity

Himalaya's largest exposure remains Alphabet at ~44.8% of the reported portfolio. In Q1 2026, the fund added five new positions: Tencent Music, S&P Global, H&R Block, Moody's, and MSCI. It also increased Crocs and sharply reduced Bank of America.

13F Holdings (Valuesider) HedgeFollow Profile GuruFocus

Zhang Lei · 张磊

Hillhouse Investment

Key Figures

$1.67B

13F Portfolio Value (Q1 2026)

Reported 13F Holdings

~39%

Ann. Return (2005–2015)

2005

Fund Founded

About the Investor

Who is Zhang Lei?

Born in Zhumadian, Henan province (1972), Zhang Lei won a scholarship to Renmin University and later attended Yale, where he interned under legendary endowment manager David Swensen. In 2005, Swensen seeded Hillhouse with $20 million from the Yale endowment — Zhang built it into one of Asia's largest private investment platforms with a long record of backing category-defining businesses.

Investment Philosophy

Zhang Lei is a "friend of time" — he invests with an extremely long time horizon, backing companies he believes can compound for decades. Hillhouse focuses on healthcare, industrials, energy transition, business services, and consumer opportunities. The latest 13F snapshot shows a concentrated public-equity portfolio led by PDD, Alibaba, BeOne Medicines, Futu, and Legend Biotech.

Top Reported Holdings (Q1 2026 — SEC 13F)

Company	Ticker / Status	Weight	Note
PDD Holdings	PDD	25.44%	Largest reported 13F position
Alibaba Group	BABA	18.40%	China e-commerce and cloud exposure
BeOne Medicines	ONC	18.36%	Formerly BeiGene — major biotech holding
Futu Holdings	FUTU	11.60%	Digital brokerage and wealth platform
Legend Biotech	LEGN	6.47%	Cell therapy biotech exposure
ArriVent BioPharma	AVBP	5.42%	Clinical-stage oncology position
KE Holdings	BEKE	3.79%	China housing transaction platform
Clearwater Analytics	CWAN	1.93%	Investment accounting software

Biggest Wins & Recent Moves

JD.com — 15x Return

Zhang Lei's most celebrated public-market win. He invested $255 million in JD.com in 2010 — more than triple what founder Richard Liu requested — because he saw JD could build out last-mile logistics that would be an unassailable moat. By JD's 2014 NASDAQ IPO, Hillhouse's stake was worth $3.9 billion.

Q1 2026 13F Activity

HHLR's reported 13F portfolio fell from $3.10 billion in Q4 2025 to $1.67 billion in Q1 2026, while the number of reported holdings increased from 33 to 38. New smaller positions included Marvell, Vipshop, Intel, Coherent, Lumentum, Corning, Nvidia, Dingdong, and an iShares MSCI Mexico ETF position.

Sector Focus

China Internet E-Commerce Healthcare & Biotech Fintech AI Semiconductors Business Services

Q1 2026 SEC 13F 13F Filing History Hillhouse Investment

Neil Shen · 沈南鹏

HongShan / HSG (ex-Sequoia Capital China)

Key Figures

$3.4B

Personal Net Worth

1,500+

Portfolio Companies

140+

Unicorns Backed

160

Listed Companies

About the Investor

Who is Neil Shen?

Neil Shen is China's most prolific venture capitalist. Before becoming an investor, he co-founded Ctrip.com (now Trip.com Group) and Home Inn — both billion-dollar companies. He joined Sequoia Capital in 2005 to lead its China operations and built it into the most successful VC franchise in Asia. After the global Sequoia split, the China arm became independent as HongShan / HSG.

Investment Philosophy

Shen identifies founders building category-defining businesses at the earliest stages, then supports them across multiple funding stages. HSG has expanded from early-stage China technology investing into a global venture capital and private equity platform focused on technology, healthcare, consumer brands, infrastructure, and buyouts. His track record remains anchored by ByteDance, Meituan, PDD, Alibaba, JD.com, DJI, and Shein.

Landmark & Recent Investments

Company	Ticker / Status	Sector	Note
ByteDance (TikTok)	Private ($330B+ buyback valuation)	Social Media / AI	HSG holds a major stake and Neil Shen sits on the board
Alibaba Group	BABA	E-Commerce / Cloud	Early investor in China's e-commerce giant
Meituan	3690.HK	Local Services	China's dominant food delivery and services platform
PDD Holdings (Pinduoduo)	PDD	E-Commerce	One of China's fastest-scaling commerce platforms
Shein	Private	Fashion / E-Commerce	HSG-backed global fast-fashion platform
Golden Goose	Private	Luxury Consumer	Majority investment announced in late 2025
Marshall Group	Private	Audio / Consumer Brand	Majority stake acquired at €1.1B valuation

Biggest Wins & Recent Moves

ByteDance / TikTok

Sequoia China's investment in ByteDance is one of the most successful VC bets in history. HSG led a $100 million Series C round in 2014 at a reported $500 million valuation and later participated again as ByteDance scaled globally. Recent secondary market and buyback activity has valued ByteDance far above $300 billion.

Global Expansion

HSG has moved beyond China internet investing into global consumer and private equity deals. Recent moves include majority investments in Golden Goose and Marshall, alongside continued exposure to global consumer platforms, healthcare, AI, robotics, and infrastructure opportunities.

Sector Focus

Consumer Internet Artificial Intelligence Healthcare & Biotech Consumer Brands Deep Tech & Robotics Private Equity & Buyouts

HSG Official Website Forbes Profile Golden Goose Investment

Dan Bin · 但斌

Dongfang Harbor (Oriental Harbor)

Key Figures

$1.13B

US Portfolio (Q1 2026)

Holdings

140%+

Avg. 3-Year Return

26.3%

Marathon Global Ann. Return

About the Investor

Who is Dan Bin?

Dan Bin is one of China's most high-profile private equity fund managers, running Shenzhen-based Dongfang Harbor (Oriental Harbor) Investment Management. He is known for bold, concentrated bets on technology and AI, and is one of the most followed Chinese investors on social media. His overseas fund's latest 13F shows a highly concentrated US portfolio led by Alphabet, NVIDIA, Apple, TQQQ, Meta, Tesla, and TSMC.

Investment Philosophy

Dan Bin publicly declared he is "fully committed" to investing in AI, reflecting extreme conviction in technology's transformative potential. In Q1 2026, Oriental Harbor rotated further into AI computing power and infrastructure, adding new positions in Alphabet Class A, TSMC, Micron, and Circle while fully exiting FNGU and Microsoft.

Top Holdings (Q1 2026 — SEC 13F)

72.3% in Top 5

Stock	Ticker	Value	Note
Alphabet Inc. (Class C)	GOOG	$346M	Largest position at 30.5% of portfolio
NVIDIA	NVDA	$224M	AI chip leader and second-largest holding
Apple	AAPL	$87M	Consumer tech ecosystem
ProShares UltraPro QQQ	TQQQ	$82M	3x leveraged Nasdaq-100 exposure
Alphabet Inc. (Class A)	GOOGL	$80M	New position in Q1 2026
Meta Platforms	META	$78M	AI and social media leader
Tesla	TSLA	$74M	Increased in Q1 2026
TSMC	TSM	$71M	New position in Q1 2026
Micron Technology	MU	$25M	New AI memory position

Biggest Wins & Recent Moves

NVIDIA and AI Infrastructure

Dan Bin was one of the earliest Chinese institutional investors to take a massive position in NVIDIA, riding the AI chip super-cycle. In Q1 2026, NVIDIA remained the fund's second-largest reported US holding, while new positions in TSMC and Micron reinforced his focus on AI computing power, semiconductors, and infrastructure.

Q1 2026 Portfolio Rotation

Oriental Harbor's Q1 2026 filing showed a portfolio value of $1.13 billion, down from $1.32 billion in Q4 2025. The fund started new positions in Alphabet Class A, TSMC, Micron, and Circle, reduced GOOG, TQQQ, Amazon, and Meta, and sold out of FNGU and Microsoft.

Q1 2026 SEC 13F Latest Holdings (Stockzoa) Q1 Strategy Update

Duan Yongping · 段永平

H&H International Investment

Key Figures

$20.0B

13F Portfolio Value (Q1 2026)

36.7%

Apple Concentration

Reported Holdings

1995

Founded BBK Electronics

About the Investor

Who is Duan Yongping?

Known as the "godfather of China's smartphone industry," Duan Yongping founded BBK Electronics in 1995 — the parent company behind OPPO, Vivo, OnePlus, Realme, and iQOO. After emigrating to the US in 2001, he shifted focus to value investing, building a $20.0 billion reported 13F portfolio through H&H International. In 2007, he paid $620,100 for the Warren Buffett charity lunch, bringing along a young Huang Zheng — future founder of Pinduoduo.

Investment Philosophy

Duan remains one of the most concentrated Chinese value investors. His latest 13F portfolio is led by Apple, Berkshire Hathaway, NVIDIA, PDD Holdings, and Tesla, with the top five positions representing ~87.1% of reported holdings. His approach is Buffett-inspired: buy outstanding businesses with durable competitive advantages, strong management, and simple, understandable economics.

Core Holdings (Q1 2026 — SEC 13F)

87.1% in Top 5

Stock	Ticker	Weight	Note
Apple	AAPL	36.72%	Largest position — reduced in Q1 2026
Berkshire Hathaway	BRK.B	21.91%	Buffett-inspired core holding
NVIDIA	NVDA	12.07%	AI infrastructure exposure
PDD Holdings	PDD	10.09%	Founded by Buffett-lunch guest Huang Zheng
Tesla	TSLA	6.34%	New position in Q1 2026
Alphabet Inc. (Class C)	GOOG	5.31%	Large-cap technology platform

Biggest Wins & Recent Moves

Apple — Long-Term Conviction Bet

In 2012, when Apple's market cap was around $300 billion, Duan led a group of OPPO and Vivo employees to buy Apple stock aggressively. Apple has since surpassed $3 trillion in market cap, making it one of his defining public-market investments. In Q1 2026, Apple remained H&H's largest reported holding at $7.35 billion, or 36.7% of the portfolio.

Q1 2026 Portfolio Rotation

H&H's reported 13F portfolio rose from $17.49 billion in Q4 2025 to $20.00 billion in Q1 2026. The fund added new positions including Tesla, Palantir, Snowflake, Circle, UnitedHealth, CrowdStrike, Synopsys, and Innodata, while selling out of Alibaba, CoreWeave, and ASML.

BBK Electronics Empire

OPPO Vivo OnePlus Realme iQOO BBK Electronics

Q1 2026 SEC 13F 13F Holdings (Valuesider) Latest Holdings (Stockzoa)

Lin Yuan · 林园

Linyuan Investment (林园投资)

Key Figures

¥8K → ¥2B

Starting Capital → Peak Wealth

250,000×

Return Multiple (1989–2007)

¥10B+

Private Fund Scale

2006

Firm Founded

About the Investor

Who is Lin Yuan?

Lin Yuan is China's "Folk Stock God" (民间股神) — a self-taught investor who turned 8,000 yuan (~$1,100) in 1989 into over 2 billion yuan by 2007, a staggering 250,000× return. Coming from a family of doctors with no formal finance training, he started by arbitraging price differences in Shenzhen Development Bank stock between brokerage branches. His investment company, Linyuan Investment, is now regarded as one of China's well-known private fund managers with scale above 10 billion yuan.

Investment Philosophy

Lin Yuan's approach mirrors Warren Buffett's: focus on industry leaders with monopoly power, addictive products, and sustained profitability. He concentrates on the "mouth economy" — consumption and medicine — and specifically targets companies linked to aging population trends such as hypertension, heart disease, diabetes, and long-term healthcare demand. Even as AI and semiconductor stocks surged in 2026, Lin Yuan continued to defend his value-investing approach and stayed focused on medicine, baijiu, and consumer staples.

Known Holdings & Focus Areas

Company / Sector	Ticker	Type	Note
Kweichow Moutai	600519.SS	Core Long-Term	Iconic holding — long-term baijiu conviction
Baijiu / White Liquor Sector	Multiple	Sector Bet	"Addictive product + monopoly" thesis
Pharmaceutical / Healthcare	Multiple	Sector Bet	Aging population = long-term tailwind
High-Dividend Blue Chips	Various	Recent Focus	Focus on cash flow, dividends, and defensive value
IPO Allocations / Convertible Bonds	Various	Tactical	Active area, but subject to 2026 compliance scrutiny

Biggest Wins & Recent Challenges

Kweichow Moutai — Long-Term Conviction

Lin Yuan's most celebrated bet remains Kweichow Moutai. His thesis was simple: Moutai has an addictive product, a near-monopoly on premium baijiu, and pricing power that compounds over time. The position became central to his reputation as a patient, consumption-focused value investor and shaped his broader "mouth economy" framework.

2026 Performance & Compliance Pressure

Linyuan Investment has faced a difficult 2025–2026 period as technology, AI computing, memory, and semiconductor stocks rallied while consumer and healthcare holdings lagged. Several products reportedly hit stage lows, and in May 2026 the firm was ordered to rectify issues and complete compliance education after ten IPO offline inquiry violations were cited by the securities association.

Sector Focus — The "Mouth Economy"

Baijiu / White Liquor Pharmaceuticals Consumer Staples Healthcare / Aging High-Dividend Blue Chips Defensive Value

Latest Investment Views 2026 Performance Update 2026 Compliance Update

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