Mohnish Pabrai
Dalal Street LLC / Pabrai Investment Funds
Mohnish Pabrai (Dalal Street LLC / Pabrai Investment Funds) discloses a $423M portfolio across 3 US-listed positions in the latest 13F filing (2026Q1, filed May 14, 2026). The largest holding is HCC at 39.9% of the book. The biggest move of the quarter: trimmed the RIG share count by 25% (position now $135M). Latticework's clone backtest puts this 13F book at -10.1%/yr vs SPY over 12.0 years.
About Mohnish Pabrai
Mohnish Pabrai built Dalal Street LLC as a self-described clone of the Buffett partnership model — fixed fees replaced by a performance-only structure, and a stated philosophy of unabashedly copying the best ideas from investors he respects, a framework he laid out in The Dhandho Investor (2007). His edge claim is concentration and patience: own a handful of deeply discounted businesses, wait, and compound. The current 13F reflects that disposition in an unusually stark form — three positions comprising the entire disclosed U.S. long equity book, with weights in coal, offshore drilling, and met-coal sitting well above what most institutions would call a single-name limit. Because Pabrai's funds can also hold international equities and cash that never appear in a 13F, the filing is a partial window at best; position sizing in the actual fund may differ materially from what these weights imply. The latticework backtest — roughly -10% annualized excess return over twelve years on a 45-day-lagged clone — underscores the friction inherent in following any concentrated, low-turnover manager after public disclosure.
2026Q1 brief
Pabrai's portfolio is now one of the most concentrated among tracked super-investors — just three positions totaling $420M — making every move outsized in significance. The lone activity this quarter was a -25% trim of RIG (Transocean, now 32% of the book) and the full exit of VAL (Valaris, was 5.8%), together reducing offshore drilling exposure from roughly 37% to 32%. This is a modest but meaningful de-risking of the deep-water rig thesis, likely reflecting near-term day-rate uncertainty rather than a full thesis reversal — Pabrai still holds RIG as his second-largest position. HCC (Warrior Met Coal, 39.9%) and AMR (Alpha Metallurgical, 28.1%) remain untouched, keeping the book a pure-play commodity/energy value bet with no diversification whatsoever. The combined met-coal exposure via HCC and AMR stands at ~68% of AUM — an extraordinary single-theme concentration. Watch whether Pabrai continues trimming RIG next quarter or rotates the proceeds back into one of the coal names, which would signal a shift in relative commodity conviction.
AI-generated. Not investment advice.
In the news
all news →- Investment Gurus, Stock Market Gurus ListGuruFocus ·
Headlines via Google News. Links open in a new tab.
Holdings (3) · click any column to sort
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| RIG | Transocean Ltd | TRIM | 32.0% | -25% | $135M |
| VAL | Valaris Ltd | EXIT | 5.8% | -100% | $0 |
- TRIMRIG32.0%Transocean LtdΔ -25%·$135M
- EXITVAL5.8%Valaris LtdΔ -100%·$0
Frequently asked questions
- What stocks does Mohnish Pabrai own?
- As of 2026Q1, Mohnish Pabrai's 13F discloses 3 positions worth $423M. The top five holdings: HCC (39.9%), RIG (32.0%), AMR (28.1%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Mohnish Pabrai buy this quarter?
- The 2026Q1 filing shows no new purchases — no new positions were opened and no existing holdings were added to this quarter.
- How big is Mohnish Pabrai's portfolio?
- $423M across 3 positions per the latest 13F (filed May 14, 2026). The top five holdings account for 100% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001549575). Not investment advice.