This report lists Pabrai Wagons fund's holdings as of March 31, 2025, with no manager commentary on markets. The fund is mostly in stocks, with top holdings being Indian financial firm Edelweiss Financial Services (21.8% of net assets), Turkish airport operator TAV Havalimanlari (14.7%), and U.S. coal miner Warrior Met Coal (9.1%). Other notable positions include U.S. energy service companies Noble Corp, Tidewater, and Valaris (combined 12.4%), and Turkish logistics firm Reysas Tasimacilik (4.4%). The fund also holds a small cash position in a money market fund (2.7%).
As of March 31, 2025, the net assets of the Pabrai Wagons Fund stood at $59.32 million. The fund's one-year return was -10.0% (NAV) / -10.3% (share price), and its five-year annualized return was +13.4% (NAV) / +13.2% (share price). Over the same period, the MSCI World Index (net return) posted a on
| Industry | Country | Company | Shares Held | Market Value (USD) | % of Net Assets |
|---|---|---|---|---|---|
| Air Freight & Logistics | Turkey | Reysas Tasimacilik ve Lojistik Ticaret AS (a) | 5,695,568 | 2,602,573 | 4.4% |
| Beverages | Turkey | Coca-Cola Icecek AS | 1,409,000 | 1,985,100 | 3.4% |
| Capital Markets | India | Edelweiss Financial Services Ltd. | 12,365,000 | 12,915,075 | 21.8% |
| Energy Equipment & Services | USA | Noble Corp. PLC | 101,600 | 2,407,920 | 4.1% |
| USA | Tidewater, Inc. (a) | 55,600 | 2,350,212 | 4.0% | |
| USA | Valaris Ltd. (a) | 66,000 | 2,591,160 | 4.4% | |
| Subtotal | 7,349,292 | 12.4% | |||
| Household Durables | USA | PulteGroup, Inc. | 23,160 | 2,380,848 | 4.0% |
| USA | Toll Brothers, Inc. | 21,400 | 2,259,626 | 3.8% | |
| Subtotal | 4,640,474 | 7.8% | |||
| Marine Transportation | Greece | Danaos Corp. | 15,240 | 1,189,177 | 2.0% |
| Metals & Mining | Mongolia | Mongolian Mining Corp. (a) | 2,528,000 | 1,759,680 | 3.0% |
| USA | Alpha Metallurgical Resources, Inc. (a) | 19,050 | 2,386,012 | 4.0% | |
| USA | Warrior Met Coal, Inc. | 113,100 | 5,397,132 | 9.1% | |
| Subtotal | 9,542,824 | 16.1% | |||
| Oil, Gas & Consumable Fuels | USA | Occidental Petroleum Corp. | 47,000 | 2,319,920 | 3.9% |
| Specialty Retail | USA | Asbury Automotive Group, Inc. (a) | 8,300 | 1,832,972 | 3.1% |
| USA | AutoNation, Inc. (a) | 11,680 | 1,891,226 | 3.2% | |
| USA | Group 1 Automotive, Inc. | 4,900 | 1,871,555 | 3.2% | |
| Subtotal | 5,595,753 | 9.4% | |||
| Transportation Infrastructure | Turkey | TAV Havalimanlari Holding AS (a) | 1,367,000 | 8,723,293 | 14.7% |
| Total Common Stocks (Cost $67,926,696) | 56,863,481 | 95.9% |
(a) Non-income producing securities.
| Industry | Country | Company | Shares Held | Market Value (USD) | % of Net Assets |
|---|---|---|---|---|---|
| Industrial REITs | Turkey | Reysas Gayrimenkul Yatirim Ortakligi AS (a) | 2,751,033 | 1,109,185 | 1.9% |
| Total REITs (Cost $1,298,415) | 1,109,185 | 1.9% |
(a) Non-income producing securities.
| Type | Company | Shares | Market Value (USD) | % of Net Assets |
|---|---|---|---|---|
| Money Market Fund | First American Treasury Obligations Fund - Class X, 7-Day Yield 4.26% (b) | 1,627,742 | 1,627,742 | 2.7% |
| Total Short-Term Investments (Cost $1,627,742) | 1,627,742 | 2.7% |
(b) The yield shown represents the 7-day effective yield as of March 31, 2025.
| Item | Market Value (USD) | % of Net Assets |
|---|---|---|
| Total Investments (Cost $70,852,853) | 59,600,408 | 100.5% |
| Liabilities in Excess of Other Assets | (280,603) | (0.5%) |
| Net Assets | 59,319,805 | 100.0% |
| Investment Category | Level 1 (USD) | Level 2 (USD) | Level 3 (USD) | Total (USD) |
|---|---|---|---|---|
| Common Stocks | 31,480,334 | 25,383,147 | – | 56,863,481 |
| Real Estate Investment Trusts | 1,109,185 | – | – | 1,109,185 |
| Money Market Fund | 1,627,742 | – | – | 1,627,742 |
| Total Investments | 34,217,261 | 25,383,147 | – | 59,600,408 |
| Country | Market Value (USD) | % of Net Assets |
|---|---|---|
| USA | 29,316,325 | 49.3% |
| Turkey | 14,420,151 | 24.4% |
| India | 12,915,075 | 21.8% |
| Mongolia | 1,759,680 | 3.0% |
| Greece | 1,189,177 | 2.0% |
| Liabilities in Excess of Other Assets | (280,603) | (0.5%) |
| Total | 59,319,805 | 100.0% |