Listed Equities
Listed Equities
Direct investments and specialist equity funds
Selected investments in listed businesses and specialist equity funds, funded from our own balance sheet and shown by initial investment year, most recent first.
Featured investment: Li Lu’s Himalaya Capital · Investor through Open Forest since 2019
2025
TSMC
Listed Equity Investor
Direct Listed Equity
First invested in 2025. TSMC was our largest listed shareholding at the time of purchase.
2023
Sea Limited
Listed Equity Investor
Direct Listed Equity
First invested in 2023. Sea Limited was our largest listed shareholding at the time of the investment.
2022
Ox Capital
Fund Investor
Investor in the Ox Capital Dynamic Emerging Markets Fund since April 2022.
Equity Fund Investment
Regno has a longstanding relationship with Alan Zhang, one of Ox Capital’s founding principals.
It forms part of our investments with specialist managers in public markets.
2019
Li Lu — Himalaya Capital
Fund Investor
Equity Fund Investment
We have invested our own capital in Li Lu’s Himalaya Capital through Open Forest since 2019.
Li Lu founded Himalaya Capital in 1997 and has managed its principal fund since inception. The firm invests in listed businesses in Asia and North America, drawing on the value-investing principles of Benjamin Graham, Warren Buffett and Charlie Munger.
Charlie Munger became Li Lu’s investment partner in 2004 and was a longstanding mentor. Li Lu credits a lecture by Warren Buffett at Columbia with introducing him to value investing.
Our investment reflects a preference for experienced managers, disciplined capital allocation and patient ownership.
2018
Tesla
Listed Equity Investor
Direct Listed Equity · 2018–2021
Held during 2018–2021. Tesla was our largest listed shareholding at the time of the investment.
These are selected historical investments and do not represent a list of current holdings.
