Mohnish Pabrai portfolio
Latest holdings of Pabrai Investment Funds as of Q2 2026: 4 positions worth $327M, decoded into plain English.
Portfolio summary and charts
- Warrior Met Coal (HCC) is the largest position at 43.3% of a $327M portfolio.
- Biggest buy: opened a new position in Joint Stock Co Kaspi.kz, about $147K of new money.
- Biggest sale: trimmed Alpha Metallurgical Resources, about $10M.
- Very high conviction: the top 10 holdings make up 100%, and the portfolio behaves like 3 equal-sized bets.
Every box is a position, sized by its weight
What this meansWarrior Met Coal alone is 43% of the portfolio, and the top three make up 100%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
Where the money is
What this meansMaterials is the biggest slice at 69% of the portfolio.
How focused is the portfolio?
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 3 equal-sized positions.
Biggest buys and sells
What this meansThe largest move was opening Joint Stock Co Kaspi.kz, worth about $147K. Values are estimated at quarter-end prices.
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $233M to $327M over 9 quarters.
How today’s top positions grew over time
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
All 4 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | HCC Warrior Met Coal | Materials | 43.32% | Trimmed −4% | 1,744,050 | $142M |
| 2 | RIG Transocean | Energy | 30.53% | Hold | 20,398,659 | $100M |
| 3 | AMR Alpha Metallurgical Resources | Materials | 26.11% | Trimmed −11% | 517,194 | $85M |
| 4 | KSPI Joint Stock Co Kaspi.kz | Industrials | 0.05% | New | 1,702 | $147K |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0001549575-26-000015 · all filings on EDGAR.
Positions closed
No positions were fully sold this quarter.
Mohnish Pabrai
Mohnish Pabrai runs the Pabrai Investment Funds and the Dakshana Foundation. He follows a “heads I win, tails I don’t lose much” approach of few bets, rare bets and big bets. Many of his holdings trade outside the US, so the 13F (filed by Dalal Street, LLC) shows only the US-listed slice.
Philosophy in brief
- Few bets, big bets, infrequent bets.
- Clone the best ideas of great investors shamelessly.
- Low risk, high uncertainty situations are where the bargains hide.
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