### At a Glance As of the end of September 2026, the Pabrai Wagons ETF held 20 stocks with net assets of $281 million. The top three holdings were Reysas REIT (15.7%), Warrior Met Coal (8.0%), and Transocean (7.7%). The fund delivered a net asset value return of 29.28% over the past year, compared to the S&P 500 total return of 15.74% over the same period. Since inception, the annualized return stands at 14.84%, versus the benchmark's 22.87%.
As of September 30, 2026, the Pabrai Wagons ETF had net assets of $281 million and held 20 stocks. Its net asset value (NAV) return over the past year was 29.28%, compared to the S&P 500 total return of 15.74% over the same period; since inception, the NAV annualized return was 14.84%, versus the be
As of September 30, 2026, the fund's performance is as follows (currency: USD, total return basis):
| Period | WAGN NAV | WAGN Market Price | S&P 500 Total Return Index |
|---|---|---|---|
| 1 Month | -8.21% | -8.32% | -0.35% |
| 3 Months | 8.55% | 8.14% | 2.30% |
| 6 Months | 6.60% | 5.49% | 17.85% |
| Year-to-Date | 21.70% | 21.87% | 12.75% |
| 1 Year | 29.28% | 29.46% | 15.74% |
| Since Inception (Annualized) | 14.84% | 14.89% | 22.87% |
Note: The fund's inception date is September 29, 2023.
As of September 30, 2026, the top 10 holdings as a percentage of net assets are as follows:
| Rank | Company | % of Net Assets |
|---|---|---|
| 1 | Reysas REIT | 15.7% |
| 2 | Warrior Met Coal | 8.0% |
| 3 | Transocean | 7.7% |
| 4 | Edelweiss | 7.4% |
| 5 | Gimat | 5.9% |
| 6 | TAV Airports | 5.8% |
| 7 | Danaos | 4.7% |
| 8 | Kaspi.KZ | 4.6% |
| 9 | Odfjell Drilling | 4.5% |
| 10 | Valaris | 4.4% |
| Total (Sum of Listed Weights) | 68.7% |
As of September 30, 2026, sector allocation is as follows (as a percentage of net assets):
| Sector | % of Net Assets |
|---|---|
| Energy | 21.0% |
| Real Estate | 15.7% |
| Financials | 15.2% |
| Industrials | 14.0% |
| Information Technology | 13.2% |
| Materials | 11.6% |
| Consumer Staples | 5.9% |
| Consumer Discretionary | 3.7% |
| Cash & Equivalents | -0.4% |
Note: Cash & Equivalents include short-term investments, securities lending cash proceeds, and other assets less liabilities.
| Metric | Value |
|---|---|
| Net Assets | $281 million |
| Number of Holdings | 20 |
| Weighted Average Market Cap | $5.4 billion |
| Median Market Cap | $2.7 billion |
| Expense Ratio | 0.90% |
| Inception Date | September 29, 2023 |
| Ticker | WAGN |
| CUSIP | 74316P538 |
Investment Objective and Philosophy: The fund is managed by value investor Mohnish Pabrai, employing a "Circling the Wagons" strategy that builds a concentrated portfolio around his highest-conviction businesses and holds them for the long term. The fund seeks to invest in businesses with durability, growth, a strong reinvestment engine, and leadership teams that are honest and aligned with shareholders, buying them when they trade below their intrinsic value.
Commentary: The report notes that as of September 30, 2026, the fund had zero overlapping holdings with the S&P 500 Index, arguing that its global value portfolio is highly differentiated from traditional U.S. equity exposure. The report does not provide specific manager commentary on the month's market or portfolio changes.