Mohnish Pabrai's Trades and Holdings in Q2 2026

Breaking down the stocks Mohnish Pabrai (Dalal Street) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Dalal Street's 13F filed on August 13, 2026.

Who are Mohnish Pabrai and Pabrai Investment Funds?

Mohnish Pabrai is the Managing Partner of Pabrai Investment Funds and the CEO of Dhandho Funds and its parent Dhandho Holdings. As of June 30, 2025, Mohnish manages approximately $900 million in private partnership and mutual fund (the Pabrai Wagons Fund) assets through Dhandho Funds and its affiliated advisor Dalal Street LLC. Mohnish is an ardent disciple of Warren Buffett and closely follows his principles of value investing and capital allocation. He is the author of two books on value investing, The Dhandho Investor and Mosaic: Perspectives on Investing. His investment strategy is a classic value investing approach inspired by Warren Buffett and Charlie Munger, emphasizing a "few bets, big bets, infrequent bets" philosophy with a focus on asymmetric opportunities that offer limited downside and substantial upside. Pabrai focuses on undervalued, high-quality companies—often in cyclical or "old economy" sectors—that can compound intrinsic value over long periods, with strong qualitative factors like predictable cash flows, strong balance sheets, margin of safety, competent management, long-term reinvestment potential, and durable competitive advantages.

Pabraifunds.com
Chai with Pabrai
Mohnish Pabrai on X
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Mohnish Pabrai's Pabrai Investment Funds maintained its hallmark "few bets, big bets, infrequent bets" approach through the second quarter of 2026, running an ultra-concentrated portfolio dominated by out-of-favor cyclical plays like Warrior Met Coal, Transocean, and Alpha Metallurgical Resources, betting that offshore drillers trade at steep discounts to replacement value and that metallurgical coal producers hold irreplaceable reserves despite investor disdain for the sector. The addition of Kazakhstan's Kaspi.kz as a new position, alongside long-held stakes in Edelweiss Financial Services and TAV Havalimanlari, underscored Pabrai's continued hunt for mispriced compounders in emerging and frontier markets far removed from the crowded U.S. large-cap trade.

New Investments

Kaspi Kz Jsc

Mohnish Pabrai bought $147.46K of Kaspi Kz Jsc in Q2 2026. Over the last two quarters, Kaspi.kz has delivered solid but moderating growth, with revenue up 31% YoY in 1Q 2026 and 15% YoY to about KZT 1.1 trillion ($2.3 billion) in 2Q 2026, led by e-commerce GMV up 41%/28% and marketplace GMV up 15% YoY. Profitability has been resilient but under pressure, as adjusted EBITDA growth slowed to 9% YoY in 1Q and 5% in 2Q and net income was roughly flat due to higher funding costs and new National Bank reserve requirements, yet FY 2025 ROE of about 41% and multi-year earnings CAGR of 24.3% still materially outpace consumer finance peers whose earnings are declining around 0.9% annually. The ADR has returned roughly 31.5% year-to-date, and with e-commerce VAS revenue up 49% YoY, value-added services revenue up 73% in 1Q, a recommended dividend payout ratio of 64%, and strategic expansion into Türkiye and innovations like Kaspi Alaqan (pay-by-palm), the company appears to be gaining fundamental momentum despite near-term margin headwinds, which could support further re-rating if execution stays strong.

• 1Q 2026: revenue up 31% YoY, adjusted EBITDA up 9%, e-commerce GMV up 41%, value-added services revenue up 73%, while net income declined 1% YoY amid higher funding costs and take-rate compression..
• 2Q 2026: total revenue grew 15% YoY to about KZT 1.1 trillion ($2.3 billion), adjusted EBITDA increased 5% YoY to around KZT 397 billion ($826 million), with marketplace GMV up 15% and e-commerce VAS revenue up 49% YoY..
• Stock and profitability metrics: ADR YTD return about 31.5%, FY 2025 ROE around 41% versus roughly 67% in 2024, and earnings have grown at an average annual rate of 24.3% compared with an industry earnings decline of roughly 0.9% per year..

Added, Trimmed, and Exited

Added

Dalal Street modestly increased its stake in Transocean, adding 5,987 shares to bring the position to 20,398,659 shares; however, the position's value still fell from $135.2M to $99.7M, a -26.22% return, reflecting a steep decline in the stock price during the quarter rather than any reduction in conviction.
What it means: Despite a challenging offshore drilling market that pressured Transocean's share price, Pabrai's team chose to add to the position at lower prices—a classic value-investing signal that they view the drawdown as a buying opportunity rather than a fundamental deterioration, consistent with Pabrai's philosophy of adding to high-conviction, cyclical bets when the market offers a better entry price.

Trimmed

Dalal Street trimmed two of its core metallurgical coal holdings: Warrior Met Coal was reduced by 66,781 shares (from 1,810,831 to 1,744,050), with the position's value falling from $168.7M to $141.5M (-16.08% return), and Alpha Metallurgical was cut by 62,544 shares (from 579,738 to 517,194), with value declining from $119.0M to $85.3M (-28.32% return).
What it means: The parallel trims across both metallurgical coal names suggest a broader reassessment of the sector's near-term outlook, likely tied to softening met coal prices or margin pressure industry-wide, though the fact that Pabrai retained the bulk of both positions (rather than exiting) indicates continued long-term conviction in the coal thesis even as he modestly reduces exposure amid sector headwinds.

Exited

There were no fully liquidated positions this quarter.
What it means: The absence of full exits, combined with a new investment in Kaspi Kz Jsc and trims rather than outright sales in coal, suggests Dalal Street is fine-tuning position sizes and adding fresh capital to a new international idea, rather than making a wholesale shift away from its existing concentrated bets in cyclical, "old economy" businesses.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.