This report shows Pabrai Wagons fund's holdings as of end-2024. The fund doesn't state a market view, just lists its stocks. Top holdings are Turkish airport operator TAV Havalimanlari (15.8% of assets) and Indian financial firm Edelweiss Financial Services (15.0%), together over 30%. Other big positions include coal miners Alpha Metallurgical and Warrior Met Coal (6.7% each), and oil company Occidental Petroleum (4.2%). The fund traded 57% of its portfolio, held 12.8% cash, and had a 1% half-year cost.
One-sentence summary: The author maintains confidence in the portfolio holdings without explicitly expressing a market direction view, with a stance of 【Neutral】.
As of December 31, 2024, the fund had net assets of $46,535,631, holding 19 stocks, with a portfolio turnover rate of 57%. The top 10 holdings collectively account for over 60%, with TAV Havalimanlari Holding AS (15.8%) and Edelweiss Financial Services Ltd. (15.0%) as the largest positions, together exceeding 30%. Sector allocation is primarily in industrials (24.0%), consumer discretionary (20.2%), materials (15.5%), and financials (15.0%), with cash and other assets representing 12.8%.
Top 10 Holdings Details:
| Holding | % of Net Assets |
|---|---|
| TAV Havalimanlari Holding AS | 15.8% |
| Edelweiss Financial Services Ltd. | 15.0% |
| Alpha Metallurgical Resources, Inc. | 6.7% |
| Warrior Met Coal, Inc. | 6.7% |
| Occidental Petroleum Corp. | 4.2% |
| Toll Brothers, Inc. | 4.1% |
| PulteGroup, Inc. | 4.1% |
| Asbury Automotive Group, Inc. | 4.0% |
| AutoNation, Inc. | 4.0% |
| Group 1 Automotive, Inc. | 4.0% |
Based on a hypothetical $10,000 investment, the semi-annual cost is $49, representing 1.00% of the investment amount. This cost data is a hypothetical calculation used to illustrate the impact of the expense ratio on investment returns. The fund has not disclosed interval performance versus benchmark data, nor has it provided manager letters or specific attribution of position changes.
| Ticker | Direction | Author's One-Sentence View | Key Data |
|---|---|---|---|
| TAV Havalimanlari Holding AS | Hold & Watch | Largest position, no explicit action | 15.8% of net assets |
| Edelweiss Financial Services Ltd. | Hold & Watch | Second-largest position, no explicit action | 15.0% of net assets |
| Alpha Metallurgical Resources, Inc. | Hold & Watch | Top ten holding, no explicit action | 6.7% of net assets |
| Warrior Met Coal, Inc. | Hold & Watch | Top ten holding, no explicit action | 6.7% of net assets |
| Occidental Petroleum Corp. | Hold & Watch | Top ten holding, no explicit action | 4.2% of net assets |
| Toll Brothers, Inc. | Hold & Watch | Top ten holding, no explicit action | 4.1% of net assets |
| PulteGroup, Inc. | Hold & Watch | Top ten holding, no explicit action | 4.1% of net assets |
| Asbury Automotive Group, Inc. | Hold & Watch | Top ten holding, no explicit action | 4.0% of net assets |
| AutoNation, Inc. | Hold & Watch | Top ten holding, no explicit action | 4.0% of net assets |
| Group 1 Automotive, Inc. | Hold & Watch | Top ten holding, no explicit action | 4.0% of net assets |