This report covers the first-year performance of the Pabrai Wagons Fund, launched in September 2023. Through June 2024, the fund returned about 24.7% and grew net assets to $32.35 million. The report does not state a market outlook. It only discusses fund-level financials, fees, and share classes, with no mention of specific holdings or trades.
One-sentence summary of the author's market view this period: The fund delivered strong initial operating performance, with total returns of approximately 24.7%, but no clear market stance was expressed [Neutral].
The fund was established on September 29, 2023, and as of June 30, 2024, net assets stood at $32,354,406. Total assets were $32,645,859, and total liabilities were $291,453. Net assets consisted of paid-in capital of $29,833,197 and distributable earnings of $2,521,209. The net asset value per share for the Institutional Class was $12.47 (1,443,360 shares outstanding), and for the Retail Class, $12.45 (1,153,047 shares outstanding). The cost of investments was $30,095,774.
Net increase from operations was $2,523,425, primarily driven by unrealized appreciation. Investment income totaled $136,338 (dividend income of $110,179, net of $7,467 in withholding tax, interest income of $33,028, and other income of $598). Total expenses were $358,797, which, after advisory fee reimbursements of $269,171, resulted in net expenses of $89,626. Net investment income was $46,712. Realized gains amounted to $253,528 (investments: $260,884, foreign currency: -$7,356), and unrealized appreciation was $2,223,185 (investments: $2,223,456, foreign currency: -$271).
The Pabrai Wagons Fund was established on September 29, 2023. As of June 30, 2024, ending net assets were $32,354,406. Net capital transactions during the period added $29,833,197, which, combined with net investment income and realized/unrealized gains and losses, resulted in a total net increase of $32,354,406.
| Item | Institutional Class | Retail Class | Total |
|---|---|---|---|
| Subscriptions | $17,582,357 | $14,278,996 | $31,861,353 |
| Reinvestments | $1,210 | $994 | $2,204 |
| Redemptions | ($1,068,656) | ($966,336) | ($2,034,992) |
| Redemption Fees | $2,338 | $2,294 | $4,632 |
| Net Increase from Capital Transactions | $29,833,197 | ||
| Total Distributions | ($1,210) | ($1,006) | ($2,216) |
| Net Increase in Net Assets | $32,354,406 |
The net asset value per share for the Institutional Class rose from $10.00 to $12.47, a total return of 24.86%; the Retail Class rose to $12.45, a total return of 24.64%. Net investment income per share was $0.06 and $0.04 for the two classes, respectively, while realized and unrealized gains were $2.42 and $2.41, respectively. Only $0.01 per share was distributed during the period (from net investment income).
The expense cap for both share classes was reduced from 1.14% to 0.90%, effective January 1, 2024. The Institutional Class expense ratio after reimbursements was 1.01% (4.22% before reimbursements), with a net investment income ratio of 0.66%. The Retail Class ratio after reimbursements was 1.26% (4.74% before reimbursements), with a net investment income ratio of 0.47%. The portfolio turnover rate was 45.34% (not annualized).
| Metric | Institutional Class | Retail Class |
|---|---|---|
| Ending Net Assets (in thousands USD) | $18,002 | $14,352 |
| Total Return (not annualized) | 24.86% | 24.64% |
| Expense Ratio (after reimbursements, annualized) | 1.01% | 1.26% |
| Net Investment Income Ratio (annualized) | 0.66% | 0.47% |
| Portfolio Turnover Rate (not annualized) | 45.34% | 45.34% |
The Pabrai Wagons Fund is a non-diversified series of the Professionally Managed Portfolios trust, registered under the Investment Company Act of 1940. The fund follows the accounting and reporting guidance for investment companies under FASB ASC Topic 946, commenced operations on September 29, 2023, and offers Retail and Institutional share classes.
(No qualified positions — the notes do not mention any specific holdings, individual stock buy/sell actions, business analysis, or valuation views, covering only the fund's overall financial data, share classes, and fee structure.)