This report covers Pabrai fund's holdings as of end-2025. It's nearly fully invested (cash only 1.3%). Top three holdings are Edelweiss Financial Services (16.9%), Warrior Met Coal (14.4%), and TAV Havalimanlari (13.4%), together nearly half the portfolio. The fund favors cyclical and distressed companies. No explicit market view is given.
One-sentence summary: The Pabrai Fund maintains a highly concentrated deep-value style, heavily weighted toward cyclical and turnaround plays, with an optimistic outlook on the portfolio.
Top 10 holdings concentration exceeds 70%
As of December 31, 2025, the fund had net assets of $103.5 million, holding 18 stocks with a portfolio turnover rate of 21%. The top 10 holdings accounted for over 70% of net assets, with the top three—Edelweiss Financial Services Ltd. (16.9%), Warrior Met Coal, Inc. (14.4%), and TAV Havalimanlari Holding AS (13.4%)—together representing 44.7%, indicating extremely high concentration.
Sector allocation is dominated by Materials (24.7%), Industrials (19.5%), Consumer Discretionary (18.7%), and Financials (16.9%), with these four sectors totaling 79.8%. Energy (10.4%) and Real Estate (4.6%) follow, while cash and equivalents stand at just 1.3%. The portfolio exhibits a classic deep-value style, heavily weighted toward cyclical and distressed turnaround plays.
| Rank | Holding | % of Net Assets |
|---|---|---|
| 1 | Edelweiss Financial Services Ltd. | 16.9% |
| 2 | Warrior Met Coal, Inc. | 14.4% |
| 3 | TAV Havalimanlari Holding AS | 13.4% |
| 4 | Alpha Metallurgical Resources, Inc. | 5.9% |
| 5 | Transocean Ltd. | 4.7% |
| 6 | Reysas Gayrimenkul Yatirim Ortakligi AS | 4.6% |
| 7 | Valaris Ltd. | 4.6% |
| 8 | Mongolian Mining Corp. | 4.4% |
| 9 | Reysas Tasimacilik ve Lojistik Ticaret AS | 4.1% |
| 10 | PulteGroup, Inc. | 4.0% |
Based on a hypothetical $10,000 investment, the semi-annual management fee is $54, at a rate of 1.00%. During the same period, net advisory fees amounted to $220,000. This fee rate is moderate among actively managed funds.
| Ticker | Direction | Author's One-Sentence View | Key Data |
|---|---|---|---|
| Edelweiss Financial Services Ltd. | Hold & Watch | Top holding, core position in the financial sector | 16.9% of net assets |
| Warrior Met Coal, Inc. | Hold & Watch | Second-largest holding, leader in the materials sector | 14.4% of net assets |
| TAV Havalimanlari Holding AS | Hold & Watch | Third-largest holding, representative of the industrial sector | 13.4% of net assets |
| Alpha Metallurgical Resources, Inc. | Hold & Watch | Key position in the materials sector | 5.9% of net assets |
| Transocean Ltd. | Hold & Watch | Energy sector position with strong cyclical characteristics | 4.7% of net assets |
| Reysas Gayrimenkul Yatirim Ortakligi AS | Hold & Watch | Only holding in the real estate sector | 4.6% of net assets |
| Valaris Ltd. | Hold & Watch | Energy sector position | 4.6% of net assets |
| Mongolian Mining Corp. | Hold & Watch | Materials sector position | 4.4% of net assets |
| Reysas Tasimacilik ve Lojistik Ticaret AS | Hold & Watch | Industrial sector position | 4.1% of net assets |
| PulteGroup, Inc. | Hold & Watch | Consumer discretionary sector position | 4.0% of net assets |