📊 Pabrai Funds — Interactive Audit Dashboard
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Deep Financial & Performance Audit

Scope: structure, AUM, holdings, performance vs S&P 500 (total return), risk & drawdowns, K‑1/tax, net‑worth model, and Pabrai’s investing wisdom.

AUM (Jun 30, 2025)
≈ $900M
Per Pabrai Wagons Fund site
AUM (Jan 1, 2020)
$549M
2019 Results Letter
Since Inception (to Jun 30, 2019)
~13.3% net
Graham & Doddsville
Fee Structure
0% / 6% / 25%
No mgmt; 6% hurdle; 25% carry

Data Integrity

  • S&P 500 Total Return: built‑in (1999–2024) + 2025 YTD from SlickCharts.
  • Pabrai performance: private; load your CSV to enable it across charts.
  • U.S. 13F sleeve: Q2‑2025 weights included (HCC, VAL, AMR, NE, AN).
Headers: date,value or date,return

Monthly paths are derived from annual data (constant monthly rate per year). Upload monthly CSVs for exact paths.

Key Takeaways

  • Concentrated, long‑only value; U.S. sleeve disclosed via 13F (5 names in Q2‑2025).
  • Fees aligned: 0% mgmt / 6% hurdle / 25% carry with high‑water mark.
  • Net performance since inception to 6/30/2019: ~13.3%.
  • AUM rose from $549M (1/1/2020) to about $900M (6/30/2025).
  • S&P 500 (TR) is preloaded; enable Pabrai charts by uploading your CSV.

Headline Periods (S&P 500 TR)

Pabrai bars appear after you load a CSV.

Fund Structure & History

  • PIF2 (U.S. LPs), PIF3 (offshore/IRAs), PIF4 (U.S. qualified).
  • Dhandho Funds advisor; affiliated advisor Dalal Street LLC.
  • Pabrai Wagons Fund (WAGNX/WGNIX) launched Sep 29, 2023.

Fees

  • Private funds: 0% management; 25% performance over a 6% annual hurdle; high‑water mark.
  • Mutual fund: Net expense ratio by share class per prospectus.
  • K‑1s for U.S. partnerships; 1099‑DIV for mutual fund investors.

AUM Timeline (Anchored)

Anchors: $549M (Jan 1, 2020) → ≈$900M (Jun 30, 2025). Interpolated monthly path is illustrative only.

Geography Mix (Adjustable)

45%
40%
15%

Top U.S. 13F Holdings (Q2‑2025)

Weights reflect the U.S. 13F sleeve (not total firm AUM).

Sector Tilt (13F)

Cumulative Growth — S&P 500 (TR) and (optional) Pabrai

Pabrai series remains hidden until you load a CSV for correctness.

Rolling Returns (3‑yr)

Annual Returns

Excess Return vs S&P

Drawdown Curves

Volatility Snapshot

K‑1 / Pass‑Through

  • U.S. LPs (PIF2, PIF4): Schedule K‑1 (dividends, interest, realized gains/losses).
  • Offshore route (PIF3) for non‑U.S./tax‑exempt capital.
  • Mutual fund investors receive 1099‑DIV (U.S.).

Illustrative K‑1 Mix

Illustrative composition; consult your actual K‑1 for tax reporting.

Net‑Worth Model (Monte Carlo)

900
10%
10%
20%
1.0%
10
1000

Distribution

Percentile Bands

Scenario analysis only; not investment advice.

Pabrai’s Investing Wisdom

  • “Heads I win; tails I don’t lose much.” Favor low‑downside, asymmetric bets (Dhandho mindset).
  • Few bets, big bets, infrequent bets. Wait patiently; act decisively on rare, high‑conviction ideas.
  • Shameless cloning. Learn from proven investors & models; copy when the odds are favorable.
  • Checklists & pre‑mortems. Reduce unforced errors with structured checklists before investing.
  • Circle of competence. Stay within what you can value; pass on “too hard” buckets.
  • Owner‑operator alignment. Prefer skin‑in‑the‑game, buyback‑friendly “cannibals.”
  • Patience & inactivity. Doing nothing is often best; avoid churn and forced action.
  • Focus & concentration. Concentrated portfolios are fine when downside is controlled.
  • Margin of safety. Demand discounts to conservative intrinsic value.
  • Spawners & optionality. Favor businesses that can reinvest and spawn new growth avenues.

Checklist Ideas (starter)

  • Unit economics durable? Pricing power? Switching costs?
  • Capital allocation: buybacks/dividends/M&A track record aligned with owners?
  • Balance sheet resilience: leverage, covenants, refinancing cliff?
  • Industry structure: consolidation, cyclicality, regulatory shocks?
  • Management integrity & incentives: skin‑in‑the‑game, history of candor?
  • Base‑rate thinking: what % of similar cases worked?
  • Simple thesis test: can a 12‑year‑old get it?
  • Downside math: what happens under bear case? (liquidity, covenants, time to pain)

Data Sources (clickable)