| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | Since Inception |
|---|---|---|---|---|---|---|
| 20.2% | -5.3% | 15% | 60% | 80.3% | 102.2% | 68.5% |
The Pabrai Wagons Fund employs a concentrated value strategy, trading at a P/E of 11 versus the S&P 500's 30, with only 4% overlap with the index. Manager Mohnish Pabrai follows Warren Buffett's principles, believing exceptional performance comes from a few great investments held for very long periods. The fund circles the wagons around seven key buckets: metallurgical coal businesses with exceptional reserves and low-cost positions, TAV Airports with 10-14% passenger growth guidance and high operating leverage, U.S. homebuilders benefiting from a 4-7 million home deficit, auto dealerships with recurring revenues despite EV concerns, offshore oil services with supply-demand tightness, and Edelweiss Financial with multiple spinoff catalysts. The strategy focuses on businesses trading at fractions of replacement cost with strong capital allocation policies. After underperforming during the Magnificent-7 rally, the fund has outperformed the S&P 500 since March 2025, positioning for long-term outperformance through patient capital deployment in undervalued assets.
The fund seeks exceptional investment performance through a concentrated portfolio of undervalued businesses trading at fractions of replacement cost, with enlightened managements focused on capital allocation through buybacks, dividends, and spinoffs.
The fund is seeing some green shoots and has outperformed the S&P 500 since March 1, 2025. The fund's mission is to beat the S&P 500 over the long-run through its focus on undervalued businesses with buybacks, dividends and spinoffs.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 12 | 2025 Q4 | AAPL, AMR, AMZN, AN, GOOGL, HMT.L, META, MSFT, NVDA, PHM, RIG, TOL, TSLA | Airports, Auto Dealers, Buybacks, Coal, global, Homebuilders, Oil Services, value | TAVHL TI | The fund focuses on businesses with enlightened managements that buy back their stock at compelling valuations. Three businesses in the portfolio that fit this mold… |
| Oct 16 | 2025 Q3 | BRK/A, FI, IBKR, PSH, SCHW, SF, SOFI | Buybacks, Margin Of Safety, Replacement cost, Spin-Offs, Value Investing |
AMR US RIG US EDEL IN TAVHL TI |
The Pabrai Wagons Fund focuses on concentrated value investing inspired by Buffett and Munger, circling around high-conviction holdings with long runways. Its portfolio includes undervalued,… |
| Aug 7 | 2025 Q2 | BRK/A, EDEL IN, RYSAS TI, TAVHL TI | Capital Allocation, Compounding, Concentration, Margin Of Safety, Value Investing | - | The letter outlines a highly concentrated, value-driven investment approach built around a small number of high-conviction wagons, with roughly 94% of capital allocated across seven… |
| Apr 5 | 2025 Q1 | BRK/A, EDEL IN, RYSAS TI, TAVHL TI | - | - | - |
| Jan 27 | 2024 Q4 | EDEL IN, RYSAS TI, TAVHL TI | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| Q4 2025 |
QualityYCG focuses on high-quality, recession-resistant toll takers that have historically outperformed over the long term but are currently experiencing underperformance in speculative markets. |
Quality Toll Takers Recession Resistant Undervalued Long Term |
AerospaceTransDigm represents a portfolio of aerospace parts with mission-critical, proprietary characteristics and little competition. |
Aerospace Parts Aftermarket Pricing Power Regulatory | |
Industrial GasesLinde operates in industrial gases with economies of scale advantages and take-or-pay contracts providing guaranteed income streams. |
Industrial Gases Economies of Scale Take or Pay Mission Critical Local Monopolies | |
Social MediaMeta demonstrates resilience of large networks through ability to adapt to competitive threats and regulatory changes. |
Social Media Network Effects AI Investment User Engagement Advertising | |
| Q3 2025 |
QualityYCG focuses on high-quality, recession-resistant toll takers that have historically outperformed over the long term but are currently experiencing underperformance in speculative markets. |
Quality Toll Takers Recession Resistant Undervalued Long Term |
AerospaceTransDigm represents a portfolio of aerospace parts with mission-critical, proprietary characteristics and little competition. |
Aerospace Parts Aftermarket Pricing Power Regulatory | |
Industrial GasesLinde operates in industrial gases with economies of scale advantages and take-or-pay contracts providing guaranteed income streams. |
Industrial Gases Economies of Scale Take or Pay Mission Critical Local Monopolies | |
Social MediaMeta demonstrates resilience of large networks through ability to adapt to competitive threats and regulatory changes. |
Social Media Network Effects AI Investment User Engagement Advertising | |
| Q2 2025 |
QualityYCG focuses on high-quality, recession-resistant toll takers that have historically outperformed over the long term but are currently experiencing underperformance in speculative markets. |
Quality Toll Takers Recession Resistant Undervalued Long Term |
AerospaceTransDigm represents a portfolio of aerospace parts with mission-critical, proprietary characteristics and little competition. |
Aerospace Parts Aftermarket Pricing Power Regulatory | |
Industrial GasesLinde operates in industrial gases with economies of scale advantages and take-or-pay contracts providing guaranteed income streams. |
Industrial Gases Economies of Scale Take or Pay Mission Critical Local Monopolies | |
Social MediaMeta demonstrates resilience of large networks through ability to adapt to competitive threats and regulatory changes. |
Social Media Network Effects AI Investment User Engagement Advertising | |
| Q1 2025 |
QualityYCG focuses on high-quality, recession-resistant toll takers that have historically outperformed over the long term but are currently experiencing underperformance in speculative markets. |
Quality Toll Takers Recession Resistant Undervalued Long Term |
AerospaceTransDigm represents a portfolio of aerospace parts with mission-critical, proprietary characteristics and little competition. |
Aerospace Parts Aftermarket Pricing Power Regulatory | |
Industrial GasesLinde operates in industrial gases with economies of scale advantages and take-or-pay contracts providing guaranteed income streams. |
Industrial Gases Economies of Scale Take or Pay Mission Critical Local Monopolies | |
Social MediaMeta demonstrates resilience of large networks through ability to adapt to competitive threats and regulatory changes. |
Social Media Network Effects AI Investment User Engagement Advertising |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 16, 2025 | Fund Letters | Mohnish Pabrai | AMR US | Alpha Metallurgical Resources Inc. | Materials | Coal & Consumable Fuels | Bull | NYSE | buybacks, cashflow, Commodities, Mining, Steel, Value | Login |
| Jan 12, 2026 | Fund Letters | Mohnish Pabrai | TAVHL TI | TAV Havalimanları Holding A.Ş. (TAV Airports) | Industrials | Airports & Air Services | Bull | Borsa Istanbul | Acquisitions, Airtravel, cashflow, Currency, infrastructure, Operatingleverage, Passenger, valuation | Login |
| Oct 16, 2025 | Fund Letters | Mohnish Pabrai | RIG US | Transocean Ltd. | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclicals, energy, leverage, Offshore, oil, Rigs, Value | Login |
| Oct 16, 2025 | Fund Letters | Mohnish Pabrai | EDEL IN | Edelweiss Financial Services Ltd. | Other | Diversified Financials | Bull | National Stock Exchange of India | Alternatives, financials, growth, India, spin-off, Value | Login |
| Oct 16, 2025 | Fund Letters | Mohnish Pabrai | TAVHL TI | TAV Airports Holding AS | Industrials | Transportation Infrastructure | Bull | Borsa Istanbul | Airports, Emerging markets, growth, infrastructure, leverage, Travel | Login |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| UNH | - | $23.9M | 46K | 35.3% | 0.83% |
| EAF | - | $13.7M | 1M | - | 0.19% |
| CRMT | - | $5.5M | 122K | 1,109.1% | 0.05% |
| FICO | - | $3.8M | 3K | - | 0.05% |
| MMC | - | $3.5M | 17K | - | 0.05% |
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| ATURA | - | $37.5M | 1M | -6.5% | 9.21% | Decreased |
| - | - | $31.2M | 461K | -22.6% | 1.98% | Decreased |
| CORP | - | $28.9M | 77K | -7.0% | 7.34% | Decreased |
| SWAB | - | $28.9M | 371K | -8.1% | 5.52% | Decreased |
| - | - | $22.5M | 428K | -6.9% | 4.58% | Decreased |
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| Communication Services | 16.0% | 17.6% | +1.6% |
| Consumer Staples | 20.8% | 19.4% | -1.4% |
| Information Technology | 11.7% | 10.8% | -0.9% |
| Health Care | 5.4% | 6.0% | +0.6% |
| Utilities | 1.7% | 2.1% | +0.4% |
| Industrials | 11.5% | 11.8% | +0.3% |
| Financials | 10.8% | 10.6% | -0.2% |
| TICKER | COMMENTARY |
|---|---|
| CPRT | We recently trimmed some of our mega-cap tech holdings and other outperformers and used the proceeds to buy more of our underperforming holdings such as Copart, Inc. |
| VRSK | We trimmed mega-cap tech holdings and redeployed capital into underperforming positions such as Verisk Analytics and initiated new positions in TransDigm and Linde. This reflects our strategy of buying cyclically underperforming assets. |
| TDG | TransDigm is a leading aerospace supplier with highly engineered components across commercial and military aircraft. Its portfolio creates near-monopolies with strong pricing power. |
| LIN | Linde is the largest industrial gas company globally, benefiting from scale advantages and long-term take-or-pay agreements that provide predictable recurring income streams. |
| Symbol | Company | Filed By | Filing Date | Filing |
|---|---|---|---|---|
| IMUX | Immuno Bio. Inc | Praetorian Capital | Apr 10, 2025 | SC 13G/A |
| LEE | LEE ENTERPRISES, Inc | Praetorian Capital | Mar 05, 2025 | SC 13D/A |
| AMRK | A-Mark Precious Metals, Inc | Praetorian Capital | Feb 14, 2025 | SC 13G/A |
| IMUX | Immuno Bio. Inc | Praetorian Capital | Jan 15, 2025 | SC 13G |
| STIM | lee enterprises, incorporated | Praetorian Capital | Nov 07, 2024 | SC 13D/A |
| HKHC | Horizon Kinetics Holding Corporation | Praetorian Capital | Oct 15, 2024 | SC 13G |
| GENK | GEN Restaurant Group, Inc | Praetorian Capital | Aug 05, 2024 | SC 13G/A |
| SLGD | Scotts Liquid Gold-Inc. | Praetorian Capital | May 13, 2024 | SC 13G |
| AMRK | A-Mark Precious Metals, Inc | Praetorian Capital | Apr 05, 2024 | SC 13G |
| GENK | GEN Restaurant Group, Inc | Praetorian Capital | Mar 15, 2024 | SC 13G |
| LEE | 1 lee enterprises, incorporated | Praetorian Capital | Jan 17, 2023 | SC 13D/A |
