This is a snapshot of Pabrai Wagons Fund's holdings as of September 30, 2024, with no manager commentary. The fund has about $41.4 million in assets, mostly in US stocks (58%), Turkey (25%), and India (12%). Top three holdings: TAV Havalimanlari (Turkish airport operator, 15%), Edelweiss Financial Services (Indian finance firm, 12%), and CONSOL Energy (US coal company, 10.3%). It also owns US homebuilders like PulteGroup and Toll Brothers. The fund is nearly all stocks with minimal cash.
As of September 30, 2024, the total net assets of the Pabrai Wagons Fund were approximately $41.36 million. The fund invested 99.3% of its assets in common stocks, with the top five sectors being: Metals & Mining (18.5%, of which the U.S. accounted for 17.5%), Specialty Retail (16.1%), Transportatio
This report is an unaudited snapshot of holdings as of September 30, 2024, and does not include performance return data. The fund's total net assets are approximately $41.36 million.
| Rank | Company | Weight (% of Net Assets) |
|---|---|---|
| 1 | TAV Havalimanlari Holding AS | 15.0% |
| 2 | Edelweiss Financial Services Ltd. | 12.0% |
| 3 | CONSOL Energy, Inc. | 10.3% |
| 4 | PulteGroup, Inc. | 4.1% |
| 5 | Toll Brothers, Inc. | 4.0% |
| 6 | Tri Pointe Homes, Inc. | 3.8% |
| 7 | Alpha Metallurgical Resources, Inc. | 9.0% |
| 8 | Warrior Met Coal, Inc. | 4.4% |
| 9 | Arch Resources, Inc. | 4.1% |
| 10 | Asbury Automotive Group, Inc. | 4.0% |
Total Top Ten Holdings: Approximately 70.7% (estimated based on available data from the original text, excluding cash equivalents)
| Country/Region | Amount (USD) | % of Net Assets |
|---|---|---|
| United States | 24,053,441 | 58.1% |
| Turkey | 10,396,055 | 25.2% |
| India | 4,941,438 | 12.0% |
| Greece | 1,914,472 | 4.6% |
| Mongolia | 409,606 | 1.0% |
| Liabilities in Excess of Other Assets | (355,586) | (0.9%) |
| Total | 41,359,426 | 100.0% |
| Sector (GICS Classification) | % of Net Assets |
|---|---|
| Metals & Mining | 18.5% |
| Specialty Retail | 16.1% |
| Transportation Infrastructure | 15.0% |
| Capital Markets | 12.0% |
| Household Durables | 11.9% |
| Oil, Gas & Consumable Fuels | 10.3% |
| Beverages | 6.7% |
| Marine Transportation | 4.6% |
| Industrial Conglomerates | 3.5% |
| Financial Services | 0.7% |
| Passenger Airlines (Convertible Bonds) | 0.1% |
| Money Market Funds | 1.5% |
| Liabilities in Excess of Other Assets | (0.9%) |
| Total | 100.0% |
| Metric | Value |
|---|---|
| Total Net Assets | $41,359,426 |
| Total Investments (Cost) | $39,142,348 |
| Total Investments (Market Value) | $41,715,012 |
| Common Stocks (Market Value / Cost) | $41,034,968 / $38,428,229 |
| Convertible Bonds (Market Value / Cost) | $46,725 / $80,800 |
| Short-Term Investments (Market Value / Cost) | $633,319 / $633,319 |
| Liabilities in Excess of Other Assets | ($355,586) |
| Total Assets (Implied) | Approximately $41,715,012 |
| Leverage Ratio (Total Assets / Net Assets) | Approximately 100.9% |
| Net Leverage | No borrowings disclosed |
| Unrealized Gains (Common Stocks) | Approximately $2,606,739 |
| Unrealized Losses (Convertible Bonds) | Approximately ($34,075) |
| Level | Amount (USD) | % of Total |
|---|---|---|
| Level 1 (Quoted Prices in Active Markets) | 27,325,569 | 65.5% |
| Level 2 (Observable Inputs) | 14,389,443 | 34.5% |
| Level 3 (Unobservable Inputs) | 0 | 0.0% |
| Total | 41,715,012 | 100.0% |
Note: Level 2 assets consist entirely of Turkish stocks (TAV Havalimanlari, Anadolu Efes, Coca-Cola Icecek, AG Anadolu Grubu) and Spirit Airlines convertible bonds, totaling approximately $14.39 million.
This report is a monthly snapshot of holdings and does not include manager commentary or investment attribution. The fund invests 99.3% of its assets in common stocks, with a concentrated focus on value-oriented cyclical sectors (metals & mining, specialty retail, transportation infrastructure, household durables). Geographically, the fund is primarily allocated to the United States (58.1%), Turkey (25.2%), and India (12.0%). The top three holdings account for 37.3% of net assets, indicating a high degree of concentration. The fund holds approximately 1.5% in cash and money market funds, with convertible bonds representing only 0.1% (Spirit Airlines at a discount of approximately 42%).