Mohnish Pabrai has built his reputation as a disciplined value investor, drawing inspiration from Warren Buffett and Charlie Munger while applying his own concentrated, high-conviction approach. As the managing partner of Pabrai Investment Funds, he focuses on buying exceptional businesses at significant discounts to their intrinsic value, often holding just a handful of stocks he believes have asymmetric upside with limited downside risk. His portfolio tends to feature durable companies with strong moats, predictable cash flows, and long growth runways.
Pabrai is known for patience and selectivity, preferring to wait years for the right opportunity rather than dilute returns with lower-conviction picks. He’s comfortable making decidedly large allocations to a few standout ideas, often in industries where competitive advantages are entrenched and management teams are proven capital allocators. Whether it’s emerging-market leaders, niche global champions, or undervalued U.S. stalwarts, his positions reflect deep due diligence and a willingness to think independently from the crowd.
While his holdings shift over time, the underlying philosophy remains constant: focus on high-quality businesses, buy them when they’re misunderstood or temporarily out of favor, and hold until the market recognizes their value. Pabrai’s current portfolio offers a window into this philosophy in action, showcasing the companies he believes can deliver outsized long-term returns through disciplined execution and sustainable competitive edges.
1. Reysas Tasimacilik (RYSAS) 39.70% of portfolio
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Reysas is far and away Pabrai’s largest holding, representing nearly 40% of the disclosed portfolio. The Turkish logistics and warehousing company has been a long-term conviction play for Pabrai, who is known for seeking out overlooked, undervalued businesses in less-followed markets.
He holds over 558 million shares, equating to almost 28% of the company’s outstanding stock, even after a modest trim of about 5% last quarter. The position reflects Pabrai’s belief in Reysas’ long-term growth potential as Turkey’s e-commerce and supply chain infrastructure modernizes.
2. Warrior Met Coal Inc (HCC) 15.12% of portfolio
Coal may not be glamorous, but Pabrai clearly sees value in Warrior Met Coal, which accounts for just over 15% of his portfolio. The company produces metallurgical coal, a key ingredient in steelmaking, giving it exposure to global infrastructure and manufacturing trends.
Pabrai’s stake, nearly 1.8 million shares, has remained essentially unchanged, suggesting he’s content to let this position ride as a steady cash generator. The holding aligns with his strategy of buying strong cash-flowing businesses at attractive valuations, even in industries others might avoid.
3. Valaris Ltd (VAL) 14.55% of portfolio
Valaris, one of the world’s largest offshore drilling contractors, makes up nearly 14.6% of Pabrai’s disclosed holdings. His position, 1.88 million shares, grew by almost 32% last quarter, signaling increased conviction.
Valaris stands to benefit from a tight offshore drilling market and rising global energy demand, themes that have played well for energy-focused investors in recent years. For Pabrai, this is a classic cyclical play: buy when the market is still cautious, hold as supply-demand dynamics tighten, and potentially exit when valuations reflect peak optimism.
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4. Alpha Metallurgical Resources Inc (AMR) 9.49% of portfolio
Alpha Metallurgical Resources, another metallurgical coal producer, represents about 9.5% of Pabrai’s portfolio. He owns 460,000 shares, increasing the stake by 11% last quarter. The company’s strong balance sheet, shareholder returns program, and position as a key supplier to steelmakers give it solid fundamentals. For Pabrai, Alpha offers a blend of commodity leverage and disciplined capital allocation, two qualities he often highlights in his investments
5. Noble Corporation (NE) 8.42% of portfolio
Rounding out the top five is Noble Corporation, an offshore drilling specialist with a market footprint spanning major oil and gas regions. Pabrai’s 1.73 million-share position accounts for 8.4% of his portfolio. While he made no changes to the stake last quarter, the holding reflects his broader interest in energy service providers poised to benefit from extended capital cycles in oil exploration and production. Noble’s scale and modern rig fleet make it a competitive player in what remains a high-barrier-to-entry industry.
Concentration as a Wealth Builder
Mohnish Pabrai’s approach is built on the belief that true outperformance comes from concentrating capital into a select few, deeply researched ideas. Rather than spreading bets across dozens of positions, he identifies high-quality businesses trading at compelling valuations and commits to the long haul.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
