Pabrai Wagons ETF Letters & Research Archive

36 pieces · 2023–2026 · updated every Monday

2026

09-30Latest Investor PresentationThis presentation explains how the Pabrai Wagons ETF seeks out overlooked companies and holds them concentrated for the long term. The six core allocations total approximately 82%, primarily comprisin…→09-30Latest Fact Sheet### At a Glance As of the end of September 2026, the Pabrai Wagons ETF held 20 stocks with net assets of $281 million. The top three holdings were Reysas REIT (15.7%), Warrior Met Coal (8.0%), and Tra…→09-23Investor Call Transcript – September 23, 2026This is a transcript of investor Mohnish Pabrai's Q&A call. His top conviction is Turkish logistics firm Reysas, praising its management's energy and creativity. He also favors Warrior Met Coal over A…→06-30Annual Report of Proxy Voting Record (Form N-PX) - June 30, 2026→06-30Certified Shareholder Report (Form N-CSR) with Holdings - June 30, 2026This report covers Pabrai Wagons fund's year ending June 2026. The fund just converted to an ETF (exchange-traded fund, like a stock), doubling its size to $212.7 million with a 28.90% return. The aut…→06-30WAGN Annual Tailored Shareholder Report (TSR) - June 30, 2026This is the annual update for the Pabrai Wagons fund (ticker WAGN). The fund returned 28.9% over the past year, beating the S&P 500. The manager says the portfolio is now optimized for its highest-con…→06-18June 18, 2026 Press Release: Pabrai Wagons ETF Exchange Listing Change→06-10Investor Call Transcript – June 10, 2026This is a transcript of Pabrai Wagons fund's investor call. Manager Mohnish Pabrai discusses holdings. He prefers Warrior Met Coal over Alpha Metallurgical Resources due to lower mining costs and bett…→03-31Complete Holdings - March 31, 2026This report lists what Pabrai Wagons ETF owned as of March 31, 2026. The fund doesn't give a market view, but its holdings are spread across many countries, including the U.S. (30%), Turkey (25.5%), a…→03-11Investor Call Transcript – March 11, 2026This is fund manager Mohnish Pabrai's investor call transcript. He says all investing is value investing and doesn't separate stocks into growth or cyclical. He likes Saudi Aramco (ultra-low cost, hug…→

2025

12-31Semi-Annual Financial Statements and Additional Information - December 31, 2025This is Pabrai Wagons Fund's report for the second half of 2025: it returned over 15%, reversing a loss from the same period last year, and later converted to an ETF. The fund seems optimistic given t…→12-31WAGNX Semi-Annual Tailored Shareholder Report (TSR) - December 31, 2025This report shows Pabrai Wagons fund's holdings as of end-2025. The top 10 stocks make up over 70% of assets, focused on materials, industrials, and consumer discretionary. The three largest holdings…→12-31WGNIX Semi-Annual Tailored Shareholder Report (TSR) - December 31, 2025This 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 Ha…→12-03Investor Call Transcript – December 3, 2025This is a transcript of Mohnish Pabrai's December 2025 investor call. Key points: the fund will convert to an ETF by Feb 2026 with a 0.90% fee; his top holding Edelweiss (market cap ~$1.15B) plans to…→09-30Complete Holdings - September 30, 2025This 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…→08-20Investor Call Transcript – August 20, 2025This is a transcript of Mohnish Pabrai's investor call from August 2025. He discusses his fund's top holdings. On the market, he doesn't give a clear bullish or bearish view but stresses patience, e.g…→06-30Certified Shareholder Report (Form N-CSR) with Holdings - June 30, 2025This report says Pabrai Wagons Fund lost about 13% in fiscal 2025, but its size more than doubled to $79 million because investors poured money in. The fund doesn't state a clear market view; it stick…→06-30WAGNX Annual Tailored Shareholder Report (TSR) - June 30, 2025This is a letter from Pabrai Wagons Fund (ticker WAGNX) to its investors. The manager is optimistic about the portfolio, believing it can beat the S&P 500 over the long term, but the fund lost 13.47%…→06-30WGNIX Annual Tailored Shareholder Report (TSR) - June 30, 2025This is about the Pabrai Wagons fund (WGNIX). The manager is optimistic long-term, noting the fund trades at 9 times earnings vs. the S&P 500's 28 times, but it fell 13.29% over the past year, far beh…→06-30Annual Report of Proxy Voting Record (Form N-PX) - June 30, 2025→05-14Investor Call Transcript – May 14, 2025This is a transcript of Pabrai Wagons Fund's May 2025 investor call. Manager Mohnish Pabrai says market volatility doesn't shake his confidence in holdings, as their fundamentals remain solid. Key pic…→03-31Complete Holdings – March 31, 2025This 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 Finan…→03-19Semi-Annual Investor Call Transcript – March 19, 2025This is a summary of Pabrai Wagons Fund's March 2025 investor call. Manager Mohnish Pabrai acknowledged recent losses but said he won't hedge or smooth returns, focusing only on long-term gains. Key h…→

2024

12-31Semi-Annual Financial Statements and Additional Information - December 31, 2024This report covers the Pabrai Wagons Fund's performance for the second half of 2024. The fund lost about 4% but saw net inflows of $16.5 million. Its portfolio is 29.7% in Turkey and 51.4% in the US,…→12-31WAGNX Semi-Annual Tailored Shareholder Report (TSR) - December 31, 2024This is Pabrai fund's (WAGNX) portfolio snapshot for the second half of 2024. The report doesn't say whether it made or lost money, nor gives a market outlook. Its top two bets are Turkish airport ope…→12-31WGNIX Semi-Annual Tailored Shareholder Report (TSR) - December 31, 2024This 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 asset…→09-30Complete Holdings – September 30, 2024This is a snapshot of Pabrai Wagons Fund's holdings as of September 30, 2024, with no manager commentary. The fund has about $41.4 million in assets, mostly in US stocks (58%), Turkey (25%), and India…→09-18Semi-Annual Investor Call Transcript – September 18, 2024This is the transcript of Pabrai Wagons Fund's September 2024 investor call. Manager Mohnish Pabrai sees the S&P 500 as overvalued (trailing PE of 27.2 vs. 25.6 in 2000) but is bullish on his fund's p…→06-30Certified Shareholder Report (Form N-CSR) with Holdings - June 30, 2024This 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…→06-30WAGNX Annual Tailored Shareholder Report (TSR) - June 30, 2024This is about the Pabrai Wagons fund (ticker WAGNX) for the first half of 2024. The manager thinks the S&P 500 is too expensive (P/E 27.5, near 2000 bubble levels) while his fund's P/E is only 6.7, so…→06-30WGNIX Annual Tailored Shareholder Report (TSR) - June 30, 2024This is a brief update on the Pabrai Wagons Fund (WGNIX). The author thinks the S&P 500 is overpriced (27.5 times earnings, near 2000 bubble levels) and risky to buy, while the fund's holdings are che…→06-30Annual Report of Proxy Voting Record (Form N-PX) - June 30, 2024→06-30Annual Letter to Shareholders - Fiscal Year Ending June 30, 2024This is a letter from fund manager Pabrai to his investors. He thinks the S&P 500 is expensive (P/E of 27.5, higher than the 2000 dot-com bubble), while his fund's stocks trade at just 7.5 times earni…→03-31Complete Holdings – March 31, 2024This report shows Pabrai Wagons fund's holdings as of March 31, 2024. The fund mainly invests in U.S. stocks (60%) and Turkish stocks (27.7%), such as beverage companies Anadolu Efes and Coca-Cola Ice…→03-14Semi-Annual Investor Call Transcript – March 14, 2024This is the transcript of Pabrai Wagons fund's first investor call after 5 months. Manager Mohnish Pabrai thinks the S&P 500 is overpriced, driven by a few mega-cap stocks (like Nvidia, Meta). He pref…→

2023

12-31Semi-Annual Report with Holdings – December 31, 2023This report covers Pabrai Wagons Fund's first quarter (Oct-Dec 2023) holdings and performance. The fund rose about 7.7%, lagging the S&P 500's 11.68%. The manager is optimistic about the portfolio's l…→