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30-03-2026, 10:45 AM
Mohnish Pabrai is no stranger to most VBs and his publicly available fund has recently converted to an ETF listed on the NYSE, making it more accessible to OPMIs (with mgt fee of 0.9% that also covers all fund operating expenses). Some interesting notes:
(1) It is known as the un-S&P500 ETF, a bold claim I suppose. As of end Dec2025, ~30% of the holdings are invested in Turkish companies and the core of the US listed entities (~40%) are all dealing with commodity related activities (met coal producers and offshore O&G drilling contractors)
(2) Constellation Software (CSU) was missing in the Dec2025 report but found in Feb2026 reporting, with a ~4.8% stake. From the shareholder call replay, Pabrai said he met Mark Leonard (founder and ex-CEO of Constellation) some years back but its valuation was always the issue for his cheapskate character. He believes AI is going to be a tailwind for CSU and so is taking the opposite side of the trade to the majority.
Pabrai Wagons ETF (NYSE Ticker: WAGN)
While the S&P 500 has historically been a great choice for long term compounding, buying into it at a trailing P/E of 27 is likely to be a risky proposition.
In contrast, the Wagons ETF trades at a trailing P/E of 20*.
The Fund has no overlap with the S&P 500*.
It is the Un-S&P 500ETF.
March2026 ppt: https://wagonsfund.b-cdn.net/Pabrai%20Wa...tation.pdf
Pabrai Wagons ETF Shareholder Call Replay - March 11, 2026: https://www.youtube.com/watch?v=_xIx_udl0BQ
Unaudited financials (end Dec2025): https://wagonsfund.b-cdn.net/Semi-Annual...202025.pdf
(1) It is known as the un-S&P500 ETF, a bold claim I suppose. As of end Dec2025, ~30% of the holdings are invested in Turkish companies and the core of the US listed entities (~40%) are all dealing with commodity related activities (met coal producers and offshore O&G drilling contractors)
(2) Constellation Software (CSU) was missing in the Dec2025 report but found in Feb2026 reporting, with a ~4.8% stake. From the shareholder call replay, Pabrai said he met Mark Leonard (founder and ex-CEO of Constellation) some years back but its valuation was always the issue for his cheapskate character. He believes AI is going to be a tailwind for CSU and so is taking the opposite side of the trade to the majority.
Pabrai Wagons ETF (NYSE Ticker: WAGN)
While the S&P 500 has historically been a great choice for long term compounding, buying into it at a trailing P/E of 27 is likely to be a risky proposition.
In contrast, the Wagons ETF trades at a trailing P/E of 20*.
The Fund has no overlap with the S&P 500*.
It is the Un-S&P 500ETF.
March2026 ppt: https://wagonsfund.b-cdn.net/Pabrai%20Wa...tation.pdf
Pabrai Wagons ETF Shareholder Call Replay - March 11, 2026: https://www.youtube.com/watch?v=_xIx_udl0BQ
Unaudited financials (end Dec2025): https://wagonsfund.b-cdn.net/Semi-Annual...202025.pdf
I am not a certified financial advisor and so nothing of what I say should be construed as financial advice. Please consult a certified financial advisor for advice instead.
