Li Lu’s Strategic Move: Significant Addition of Crocs Inc to Portfolio

GuruFocus News

Wed, February 18, 2026 at 8:19 AM GMT+9 4 min read

In this article:

CROX

+3.14%

GOOG

-1.05%

This article first appeared on GuruFocus.

Exploring Li Lu (Trades, Portfolio)'s Investment Philosophy and Recent 13F Filing Insights

Warning! GuruFocus has detected 9 Warning Signs with BHP.

Is GOOG fairly valued? Test your thesis with our free DCF calculator.

Li Lu (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Born and raised in China, Li Lu (Trades, Portfolio) attended Columbia University, where he received three degrees simultaneously: B.A., J.D., and M.B.A. from Columbia College, Law School, and Business School. In 1997, he founded Himalaya Capital, a multibillion-dollar investment firm that primarily focuses on long-term investment opportunities in Asia and the U.S. Li Lu (Trades, Portfolio) currently serves as a member of the Board of Trustees of Columbia University and a member of the Board of Trustees of California Institute of Technology (Caltech). He is also a member of the Committee of 100, the Council on Foreign Relations, and an Aspen Institute Henry Crown Fellow. He is featured in the Smithsonian Institute’s Family of Voices, part of the ongoing Many Voices, One Nation exhibition at the National Museum of American History. He is the author of “Moving The Mountain: My Life in China” (1990 in English) and “Civilization, Modernization, Value Investing—and China” (2020 in Chinese). Li Lu (Trades, Portfolio)'s firm embraces the value investment principles of Benjamin Graham, Warren Buffett (Trades, Portfolio), and Charlie Munger. It primarily focuses on publicly traded companies in Asia, with an emphasis on China. The firm aims to achieve superior returns by being long-term owners of high-quality companies with a substantial economic moat, great growth potential, and are run by trustworthy people. Li Lu (Trades, Portfolio) said, “In making investments, I have always believed that you must act with discipline whenever you see something you truly like. To explain this philosophy, Buffett/Munger likes to use a baseball analogy that I find particularly illuminating, though I myself am not at all a baseball expert. Ted Williams is the only baseball player who had a .400 single-season hitting record in the last seven decades. In the Science of Hitting, he explained his technique. He divided the strike zone into 77 cells, each representing the size of a baseball. He would insist on swinging only at balls in his best cells, even at the risk of striking out, because reaching for the worst spots would seriously reduce his chances of success.”

Story Continues  

Li Lu’s Strategic Move: Significant Addition of Crocs Inc to Portfolio

Summary of New Buy

Li Lu (Trades, Portfolio) added a total of 1 stock, among them:

The most significant addition was Crocs Inc (NASDAQ:CROX), with 628,159 shares, accounting for 1.51% of the portfolio and a total value of $53.72 million.

Key Position Increases

Li Lu (Trades, Portfolio) also increased stakes in a total of 1 stock, among them:

The most notable increase was Alphabet Inc (NASDAQ:GOOG), with an additional 92,000 shares, bringing the total to 2,543,300 shares. This adjustment represents a significant 3.75% increase in share count, a 0.81% impact on the current portfolio, with a total value of $796,052,900.

Summary of Sold Out

Li Lu (Trades, Portfolio) completely exited 1 holding in the fourth quarter of 2025, as detailed below:

Sable Offshore Corp (NYSE:SOC): Li Lu (Trades, Portfolio) sold all 1,343,000 shares, resulting in a -0.73% impact on the portfolio.

Key Position Reduces

Li Lu (Trades, Portfolio) also reduced position in 1 stock. The most significant changes include:

Reduced Alphabet Inc (NASDAQ:GOOGL) by 92,000 shares, resulting in a -3.62% decrease in shares and a -0.69% impact on the portfolio. The stock traded at an average price of $286.38 during the quarter and has returned 6.03% over the past 3 months and -3.51% year-to-date.

Portfolio Overview

At the fourth quarter of 2025, Li Lu (Trades, Portfolio)'s portfolio included 9 stocks, the top holdings included 22.31% in Alphabet Inc (NASDAQ:GOOG), 21.55% in Alphabet Inc (NASDAQ:GOOGL), 16.08% in Bank of America Corp (NYSE:BAC), 14.64% in PDD Holdings Inc (NASDAQ:PDD), 12.64% in Berkshire Hathaway Inc (NYSE:BRK.B).

The holdings are mainly concentrated in 5 of all the 11 industries: Communication Services, Financial Services, Consumer Cyclical, Energy, Technology.

Li Lu’s Strategic Move: Significant Addition of Crocs Inc to Portfolio

Terms and Privacy Policy

Privacy Dashboard

More Info