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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Pabrai Wagons Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Pabrai Wagons ETF delivered +12.12% YTD through Q2 2026, maintaining zero S&P 500 overlap through concentrated positions in unloved global markets. The fund circles the wagons around six core buckets: offshore drilling, met coal, Indian financials, vertical software compounders, and Turkish infrastructure."
The Pabrai Wagons ETF returned -1.79% in Q2 2026 versus +15.20% for the S&P 500, bringing YTD returns to +12.12% versus +10.21% for the index. The fund maintains a concentrated portfolio with zero S&P 500 overlap, positioning itself as the 'Un-S&P 500' by investing in mispriced, unloved corners of global markets. The top six portfolio buckets representing 79% of assets include: offshore oil services (19%), Indian financial services (14%), Mark Leonard software complex (14%), metallurgical coal (14%), Turkish logistics/real estate (9%), and Turkish airports (9%). Key positions include Transocean, Warrior Met Coal, Edelweiss Financial Services, TAV Airports, and Constellation Software spin-offs. The manager believes offshore drillships trade at significant discounts to replacement value with no new supply, met coal businesses have irreplaceable reserves despite investor hatred, and the AI-driven software selloff created opportunities in quality compounders. The fund follows Berkshire Hathaway's philosophy that exceptional performance comes from a dozen truly good decisions held for very long periods, not frequent trading.
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