This 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 operator TAV Havalimanlari (15.8% of assets) and Indian financial firm Edelweiss Financial Services (15%). It also holds three U.S. auto dealers—Asbury, AutoNation, and Group 1—each at 4%, for a combined 12% bet on car retail. The top ten holdings make up 68.6% of assets; cash is 12.8%.
One-sentence summary: The Pabrai Fund maintains a highly concentrated value portfolio, heavily weighted in Turkish airports and Indian financials, with a concentrated bet on the auto dealership sector. No specific returns or benchmark comparisons were disclosed for the reporting period. [Cautious]
The portfolio is highly concentrated, with the top 10 holdings accounting for 68.6% of net assets, of which TAV Havalimanlari Holding AS (15.8%) and Edelweiss Financial Services Ltd. (15.0%) together represent over 30%. Sector allocation is dominated by Industrials (24.0%), Consumer Discretionary (20.2%), Materials (15.5%), and Financials (15.0%), with cash and equivalents at 12.8%. Among the top 10 holdings, three auto dealer stocks appear (Asbury Automotive, AutoNation, Group 1 Automotive), each at 4.0%, totaling 12.0%, reflecting a concentrated bet on the automotive retail sector.
Performance Comparison: During the reporting period (July 1, 2024 to December 31, 2024), the cost based on a hypothetical $10,000 investment was $62, with a fee rate of 1.25%. The original text does not disclose the absolute return for the period or benchmark comparison data.
Position Moves: This section is a disclosure chapter and does not involve specific position actions (new positions/additions/reductions/liquidations). All positions are marked as Hold for Observation.
| Position | Direction | Core Thesis | Key Data |
|---|---|---|---|
| TAV Havalimanlari Holding AS | Hold for Observation | Turkish airport operator, fund's largest holding | 15.8% of net assets |
| Edelweiss Financial Services Ltd. | Hold for Observation | Indian financial services company, second-largest holding | 15.0% of net assets |
| Alpha Metallurgical Resources, Inc. | Hold for Observation | Coal producer | 6.7% of net assets |
| Warrior Met Coal, Inc. | Hold for Observation | Coal producer | 6.7% of net assets |
| Occidental Petroleum Corp. | Hold for Observation | Energy company | 4.2% of net assets |
| Toll Brothers, Inc. | Hold for Observation | Homebuilder | 4.1% of net assets |
| PulteGroup, Inc. | Hold for Observation | Homebuilder | 4.1% of net assets |
| Asbury Automotive Group, Inc. | Hold for Observation | Auto dealer | 4.0% of net assets |
| AutoNation, Inc. | Hold for Observation | Auto dealer | 4.0% of net assets |
| Group 1 Automotive, Inc. | Hold for Observation | Auto dealer | 4.0% of net assets |
| Ticker | Direction | Author's One-Sentence View | Key Data |
|---|---|---|---|
| TAV Havalimanlari Holding AS | Hold & Watch | Turkish airport operator, fund's largest holding | 15.8% of net assets |
| Edelweiss Financial Services Ltd. | Hold & Watch | Indian financial services company, second-largest holding | 15.0% of net assets |
| Alpha Metallurgical Resources, Inc. | Hold & Watch | Coal producer | 6.7% of net assets |
| Warrior Met Coal, Inc. | Hold & Watch | Coal producer | 6.7% of net assets |
| Occidental Petroleum Corp. | Hold & Watch | Energy company | 4.2% of net assets |
| Toll Brothers, Inc. | Hold & Watch | Homebuilder | 4.1% of net assets |
| PulteGroup, Inc. | Hold & Watch | Homebuilder | 4.1% of net assets |
| Asbury Automotive Group, Inc. | Hold & Watch | Auto dealer | 4.0% of net assets |
| AutoNation, Inc. | Hold & Watch | Auto dealer | 4.0% of net assets |
| Group 1 Automotive, Inc. | Hold & Watch | Auto dealer | 4.0% of net assets |