Pabrai Investment Funds: 13F holdings, Q4 2011
Concentrated value · SEC EDGAR filings (CIK 0001173334) · Explore on the interactive board
Pabrai Investment Funds disclosed 13 US equity positions worth $235.5m in its Q4 2011 13F filing (holdings as of December 31, 2011, filed February 14, 2012). Its largest position is WFC at 16.2% of the reported book, followed by Berkshire Hathaway B, Potash Corp. The top ten holdings are 97.1% of the book, and the portfolio behaves like about 9 equal-weight positions. Versus the prior filing it opened 3 new positions, added to 3, reduced 5 and exited 6. Note: this manager's most recent filing is 58 quarters behind the newest quarter on file, so these figures are history rather than current positioning.
What does Pabrai Investment Funds own? Top holdings as of December 31, 2011
Change is measured in shares against the previous filing (Q3 2011), so price moves do not read as decisions. This quarter: 3 new, 3 added, 5 reduced, 6 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | WFC Wells Fargo & Co | Financial Services | 16.2% | $38.2m | 1,387,001 | 13% | added |
| 2 | Berkshire Hathaway B | 14.4% | $33.9m | 444,941 | 4600% | added | |
| 3 | Potash Corp | 14.0% | $32.9m | 796,000 | 0% | held | |
| 4 | TEX Terex Corp | Industrials | 13.0% | $30.6m | 2,267,112 | – | new |
| 5 | Inc | 8.2% | $19.4m | 214,786 | -26% | reduced | |
| 6 | The Direct TV | 7.2% | $17.0m | 398,341 | – | new | |
| 7 | Horsehead Hldg Corp | 7.1% | $16.7m | 1,855,001 | 37% | added | |
| 8 | CapitalSource Inc | 6.2% | $14.7m | 2,188,141 | -22% | reduced | |
| 9 | C Citigroup, Inc | Financial Services | 5.7% | $13.3m | 506,124 | – | new |
| 10 | BAC Bank of America | Financial Services | 5.0% | $11.9m | 2,135,986 | -70% | reduced |
| 11 | Cresud S A C I F Y A SPON | 1.5% | $3.4m | 302,376 | -71% | reduced | |
| 12 | Properties, Inc | 0.7% | $1.8m | 226,155 | -6% | reduced | |
| 13 | Pinnacle Airlines Corp | 0.7% | $1.6m | 1,985,902 | 0% | held |
What did Pabrai Investment Funds sell? Positions exited since the previous filing
| Stock | Prior weight | Prior value |
|---|---|---|
| Partners, L.P. LP INT UNIT | 55.3% | $43.0m |
| Properties, Inc | 41.8% | $32.5m |
| WTS Wells Fargo & Co | 1.1% | $876.0k |
| ATSG* Group, Inc | 0.7% | $582.0k |
| Resources | 0.6% | $476.0k |
| PKX Posco SPON | 0.4% | $327.0k |
Sector mix
| Sector | Weight |
|---|---|
| Financial Services | 26.9% |
| Industrials | 13.0% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
| Quarter | Positions | Equity value |
|---|---|---|
| Q4 2011 | 13 | $235.5m |
| Q3 2011 | 16 | $258.9m |
| Q2 2011 | 15 | $274.2m |
| Q1 2011 | 15 | $307.5m |
| Q4 2010 | 17 | $327.4m |
| Q3 2010 | 17 | $293.0m |
| Q2 2010 | 16 | $265.9m |
| Q1 2010 | 17 | $332.8m |
| Q4 2009 | 16 | $320.6m |
| Q3 2009 | 16 | $323.0m |
| Q2 2009 | 16 | $234.5m |
| Q1 2009 | 17 | $136.1m |
| Q4 2008 | 18 | $139.9m |
| Q3 2008 | 13 | $320.4m |
| Q2 2008 | 14 | $349.8m |
| Q1 2008 | 15 | $396.4m |
Earliest filing: Q4 2004 · 29 quarters on file
How concentrated is Pabrai Investment Funds's portfolio?
Across every quarter Pabrai Investment Funds has filed, its median largest position is 17.6% of the book and its median top-ten weight is 94.3%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 45 completed holding spells, the median lasted 5.0 quarters; 13 positions are still open and their final length is unknown.