NPORT-EX 2 pabrai.htm PABRAI PART F 9.30.24

Pabrai Wagons Fund
  
Schedule of Investments
  
September 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 99.3%
  
Shares
    
Value
  
Beverages - 6.7%
        
Turkey - 6.7%
            
Anadolu Efes Biracilik Ve Malt Sanayii AS
    
240,900
    
$
1,382,771
  
Coca-Cola Icecek AS
    
842,567
      
1,404,381
  
             
2,787,152
  
Total Beverages
      
2,787,152
  
                 
Capital Markets - 12.0%
          
India - 12.0%
                
Edelweiss Financial Services Ltd.
    
2,918,000
      
4,941,438
  
                 
Financial Services - 0.7%
          
United States - 0.7%
                
Berkshire Hathaway, Inc. - Class B (a)
    
630
      
289,964
  
                 
Household Durables - 11.9%
          
United States - 11.9%
                
PulteGroup, Inc.
    
11,779
      
1,690,640
  
Toll Brothers, Inc.
    
10,711
      
1,654,742
  
Tri Pointe Homes, Inc. (a)
    
34,552
      
1,565,551
  
             
4,910,933
  
Total Household Durables
      
4,910,933
  
                 
Industrial Conglomerates - 3.5%
          
Turkey - 3.5%
                
AG Anadolu Grubu Holding AS
    
156,988
      
1,428,205
  
                 
Marine Transportation - 4.6%
          
Greece - 4.6%
                
Danaos Corp.
    
20,352
      
1,765,333
  
Euroseas Ltd.
    
3,053
      
149,139
  
             
1,914,472
  
Total Marine Transportation
      
1,914,472
  
                 
Metals & Mining - 18.5%
          
Mongolia - 1.0%
                
Mongolian Mining Corp. (a)
    
354,000
      
409,606
  
           
$
–
  
United States - 17.5%
                
Alpha Metallurgical Resources, Inc.
    
15,812
      
3,734,478
  
Arch Resources, Inc.
    
12,345
      
1,705,585
  
Warrior Met Coal, Inc.
    
28,462
      
1,818,722
  
             
7,258,785
  
Total Metals & Mining
      
7,668,391
  
                 
Oil, Gas & Consumable Fuels - 10.3%
          
United States - 10.3%
                
CONSOL Energy, Inc.
    
40,710
      
4,260,301
  
                 
Specialty Retail - 16.1%
          
United States - 16.1%
                
Asbury Automotive Group, Inc. (a)
    
6,925
      
1,652,236
  
AutoNation, Inc. (a)
    
9,087
      
1,625,846
  
Group 1 Automotive, Inc.
    
4,188
      
1,604,171
  
Lithia Motors, Inc.
    
5,576
      
1,771,161
  
             
6,653,414
  
Total Specialty Retail
      
6,653,414
  
                 
Transportation Infrastructure - 15.0%
          
Turkey - 15.0%
                
TAV Havalimanlari Holding AS (a)
    
847,600
      
6,180,698
  
TOTAL COMMON STOCKS (Cost $38,428,229)
      
41,034,968
  
                 
CONVERTIBLE BONDS - 0.1%
  
Par
    
Value
  
Passenger Airlines - 0.1%
  
United States - 0.1%
  
Spirit Airlines, Inc., 1.00%, 05/15/2026
    
150,000
      
46,725
  
TOTAL CONVERTIBLE BONDS (Cost $80,800)
      
46,725
  
                 
SHORT-TERM INVESTMENTS - 1.5%
                
Money Market Funds - 1.5%
  
Shares
          
First American Treasury Obligations Fund - Class X, 4.79% (b)
    
633,319
      
633,319
  
TOTAL SHORT-TERM INVESTMENTS (Cost $633,319)
      
633,319
  
                 
TOTAL INVESTMENTS - 100.9% (Cost $39,142,348)
      
41,715,012
  
Liabilities in Excess of Other Assets - (0.9)%
      
(355,586
)
TOTAL NET ASSETS - 100.0%
          
$
41,359,426
  
                 
Percentages are stated as a percent of net assets.
          
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

AG - Aktiengesellschaft

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of September 30, 2024.
Summary of Fair Value Disclosure as of September 30, 2024 (Unaudited)
 
Pabrai Wagons Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
26,692,250
    
$
14,342,718
    
$
–
    
$
41,034,968
  
  Convertible Bonds
    
–
      
46,725
      
–
      
46,725
  
  Money Market Funds
    
633,319
      
–
      
–
      
633,319
  
Total Investments
  
$
27,325,569
    
$
14,389,443
    
$
–
    
$
41,715,012
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

Allocation of Portfolio Holdings by Country as of September 30, 2024
        
(% of Net Assets)
        
United States
  
$
24,053,441
      
58.1
%
Turkey
    
10,396,055
      
25.2
  
India
    
4,941,438
      
12.0
  
Greece
    
1,914,472
      
4.6
  
Mongolia
    
409,606
      
1.0
  
Liabilities in Excess of Other Assets
    
(355,586
)
    
(0.9
)
   
$
41,359,426
      
100.0
%