This report lists the holdings of the Pabrai Wagons Fund as of September 30, 2025, with no manager commentary. The top three holdings are: Edelweiss Financial Services (19.6% of net assets, an Indian financial firm), TAV Havalimanlari (12.8%, a Turkish airport operator), and Warrior Met Coal (10.8%, a US coal miner). The portfolio is heavily concentrated in metals & mining, capital markets, and transport infrastructure, and in the US, Turkey, and India. The fund uses modest leverage (liabilities equal 2% of net assets).
As of September 30, 2025, the Pabrai Wagons Fund had net assets of $90,164,996. Equity holdings accounted for 93.4% of net assets, with the top three sectors being Metals & Mining (23.4%), Capital Markets (19.6%), and Transportation Infrastructure (12.8%). The top five individual stock holdings incl
This section presents the fund's Schedule of Investments as of September 30, 2025, a standard disclosure in the factsheet, containing no manager commentary or market assessment.
| Item | Amount (USD) | % of Net Assets |
|---|---|---|
| Common Stocks | 84,205,429 | 93.4% |
| Real Estate Investment Trusts (REITs) | 3,654,367 | 4.0% |
| Money Market Funds | 4,150,426 | 4.6% |
| Total Investments | 92,010,222 | 102.0% |
| Other Liabilities, Net | (1,845,226) | (2.0%) |
| Net Assets | 90,164,996 | 100.0% |
| Rank | Company | Industry | Country | Fair Value (USD) | % of Net Assets |
|---|---|---|---|---|---|
| 1 | Edelweiss Financial Services Ltd. | Capital Markets | India | 17,637,812 | 19.6% |
| 2 | TAV Havalimanlari Holding AS | Transportation Infrastructure | Turkey | 11,549,062 | 12.8% |
| 3 | Warrior Met Coal, Inc. | Metals & Mining | USA | 10,774,252 | 10.8% |
| 4 | Mongolian Mining Corp. | Metals & Mining | Mongolia | 5,379,728 | 5.9% |
| 5 | Alpha Metallurgical Resources, Inc. | Metals & Mining | USA | 4,999,822 | 5.5% |
| 6 | PulteGroup, Inc. | Household Durables | USA | 4,062,997 | 4.5% |
| 7 | Toll Brothers, Inc. | Household Durables | USA | 4,033,688 | 4.5% |
| 8 | AutoNation, Inc. | Specialty Retail | USA | 3,818,630 | 4.2% |
| 9 | Reysas Tasimacilik ve Lojistik Ticaret AS | Air Freight & Logistics | Turkey | 3,623,697 | 4.0% |
| 10 | Reysas Gayrimenkul Yatirim Ortakligi AS | Industrial REITs | Turkey | 3,654,367 | 4.0% |
Top 10 Total: Approximately 73.5% of net assets (ranked by fair value; REITs and logistics stock tied for 10th).
| Sector | % of Net Assets |
|---|---|
| Metals & Mining | 23.4% |
| Capital Markets | 19.6% |
| Transportation Infrastructure | 12.8% |
| Specialty Retail | 11.3% |
| Household Durables | 9.0% |
| Energy Equipment & Services | 6.4% |
| Air Freight & Logistics | 4.0% |
| Industrial REITs | 4.0% |
| Hotels, Restaurants & Leisure | 3.3% |
| Marine Transportation | 2.0% |
| Consumer Staples Distribution & Retail | 1.6% |
| Money Market Funds | 4.6% |
| Country/Region | Fair Value (USD) | % of Net Assets |
|---|---|---|
| USA | 40,284,776 | 44.7% |
| Turkey | 23,242,679 | 25.7% |
| India | 17,637,812 | 19.6% |
| Mongolia | 5,379,728 | 5.9% |
| Switzerland | 3,681,600 | 4.1% |
| Greece | 1,783,627 | 2.0% |
| Other Liabilities, Net | (1,845,226) | (2.0%) |
| Total | 90,164,996 | 100.0% |
| Asset Class | Level 1 (Quoted Prices in Active Markets) | Level 2 (Observable Inputs) | Level 3 (Unobservable Inputs) | Total |
|---|---|---|---|---|
| Common Stocks | 41,599,577 | 42,605,852 | — | 84,205,429 |
| Real Estate Investment Trusts | — | 3,654,367 | — | 3,654,367 |
| Money Market Funds | 4,150,426 | — | — | 4,150,426 |
| Total | 45,750,003 | 46,260,219 | — | 92,010,222 |
This section is purely data disclosure, containing no manager commentary. The portfolio exhibits a highly concentrated profile: the top three sectors (Metals & Mining, Capital Markets, Transportation Infrastructure) account for 55.8% of net assets; the top three countries (USA, Turkey, India) account for 90%. Turkish assets (including REITs) total approximately 29.7%, representing the second-largest country exposure, warranting attention to Turkish lira exchange rate risk and geopolitical risk. All holdings are measured at fair value, with no Level 3 (unobservable input) assets, indicating high valuation transparency.