What if you had copied Himalaya Capital?
Li Lu
The verdict
Copying Himalaya Capital's 13F filings from Feb 2020 would have turned $10,000 into $22,404, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +12.7% a year against +14.4% for the S&P 500, 1.6 points a year behind. Its worst fall was 42.5%, from Feb 19, 2020 to Mar 16, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Himalaya Capital$22,404
- S&P 500$24,639
- Bought their first portfolio and never traded$130,210
If you had bought their first portfolio and never traded, you would have ended at $130,210, so following every move cost $107,806.
- $10,000 copied
- $22,404
- +124.0%, +12.7% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $130,210
- Bought their first portfolio and never traded
- Worst fall
- −42.5%
- Feb 19, 2020 to Mar 16, 2020
- Trades
- 30
- 19 buys, 11 sales over 28 filings; about 41% of the copy traded a year
The moves that made the most
- BACBank of America+$4,050
Held from May 2020 to Aug 2026, the stock up 247%
- GOOGAlphabet+$3,281
Held since Aug 2020, the stock up 272%
- GOOGLAlphabet+$2,948
Held since Aug 2022, the stock up 143%
- BRK.BBerkshire Hathaway+$1,723
Held since Nov 2021, the stock up 103%
- EWBCEast West Bancorp+$1,612
Held since May 2023, the stock up 195%
- AAPLApple+$553
Held since Feb 2021, the stock up 176%
The moves that cost the most
- PDDPdd Holdings−$1,803
Held since Feb 2021, the stock down 80%
- MUMicron Technology−$308
Held from Feb 2020 to Aug 2023
- METAMeta Platforms−$294
Held from Aug 2020 to Aug 2022, the stock down 33%
- MSCI−$4
Held from May 2026 to Aug 2026, the stock down 5%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +14.5% | +13.1% | +1.4 |
| 2021 | +29.0% | +28.7% | +0.3 |
| 2022 | −34.6% | −18.2% | −16.5 |
| 2023 | +37.2% | +26.2% | +11.0 |
| 2024 | +33.0% | +24.9% | +8.2 |
| 2025 | +28.5% | +17.7% | +10.8 |
| 2026to Nov 2026 | −1.1% | +11.5% | −12.6 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.