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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 4, 2026
Pabrai Wagons ETF pursues a highly concentrated, long-term global value compounding strategy by allocating capital to irrationally mispriced, unloved, and overlooked businesses that have zero overlap with the S&P 500 index. Portfolio manager Mohnish Pabrai anchors the approach on Warren Buffett and Charlie Munger principles, circling the wagons around a select basket of deep-value compounders, wide-moat operators, and cash-generative franchises across international jurisdictions. Through September 30, 2026, the fund generated a 3-month return of 8.55% net of fees, bringing its year-to-date return to 21.70% net of fees and an annualized return since inception of 14.84% net of fees. The portfolio is deliberately clustered into six core thematic buckets representing approximately 82% of assets, spanning offshore oil drilling services, Turkish logistics and infrastructure real estate, met coal producers, Indian financial services, airport operations, and vertical market software aggregators. Key structural risks include heavy concentration in emerging markets such as Turkey and India, regulatory and commodity cycles, mid- and small-cap liquidity volatility, and dependency on a single key decision-maker.
Achieve exceptional long-term compounding by investing in a concentrated portfolio of deeply undervalued, wide-moat global businesses trading at significant discounts to replacement or intrinsic value with zero S&P 500 overlap.
The manager anticipates sustained multi-year outperformance by remaining patient and concentrated in fundamentally mispriced global businesses, allowing operating leverage, corporate spin-offs, and aggressive share retirements to compound shareholder value independently of S&P 500 dynamics.
High Conviction Bullish
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