Himalaya Capital

Himalaya Capital Management LLC, established in 1997, is an investment adviser registered with the SEC, managing a mini-master fund structure called Himalaya Capital Investors (HCI). The firm focuses on capital appreciation by investing in global securities at a discount to intrinsic value, primarily in Greater China, the U.S., Japan, and South Korea. HCI's investment strategy aims to minimize the risk of permanent capital impairment over a long period. The firm uses a value investing approach, seeking securities with a significant "economic moat" and long-term growth potential. Himalaya Capital charges performance-based fees, with GPs receiving an incentive allocation of 25% of net appreciation. The firm does not participate in wrap fee programs and manages approximately $17.18 billion in assets as of December 31, 2024. Clients must be accredited investors and qualified purchasers, with a minimum subscription of $25 million. Himalaya Capital exercises full investment discretion for HCI, with limited partner involvement in decision-making. The firm's investment philosophy emphasizes a margin of safety, long-term investing, and active management. Clients receive semiannual investment reports and annual audited financial statements. Himalaya Capital maintains custody of HCI's assets with qualified custodians and has not experienced any material disciplinary events or financial impairments in the past ten years.