Mohnish Pabrai, an Indian-American value investor, has built a reputation on Wall Street for one thing: high-conviction, value-based investing. It’s a style that has paid off for him, again and again, over the years.
Pabrai has been a longtime admirer of Warren Buffett for their shared value-based investing style. Author of ‘The Dhandho Investor: The Low-Risk Value Method to High Returns,’ he, along with Guy Spier, another renowned investor, bid $650,100 for a charity lunch with Warren Buffett in June 2007.
How concentrated is Pabrai’s book?
Pabrai’s investment style shows clearly how few stocks he holds. According to Dataroma, Pabrai Investments, the firm run by Mohnish Pabrai, runs an extremely concentrated book of just four stocks (based on what’s disclosed).
But it’s the value growth that stands out. Pabrai’s portfolio value has grown to $326.7 million, up from $248.1 million in Q4 2023, marking a rise of nearly $78.6 million over the period. After many months, the company’s portfolio value crossed $200 million in Q4 2023.
The portfolio disclosures are as per the Q2 2026 holdings, filed as of 30 June 2026 on Form 13F with the US SEC. An institutional investment manager managing over $100 million is mandatorily required to report its holdings quarterly on Form 13F to the US SEC.
What’s inside the four-stock portfolio?
No flashy names or big tech stocks feature in Mohnish Pabrai’s portfolio, which consists of only four stocks: Warrior Met Coal (HCC), Transocean (RIG), Alpha Metallurgical Resources (AMR), and Kaspi.kz ADR (KSPI).
Other than Kaspi.kz, all three companies sit in the materials or energy-services space and share exposure to industrial demand cycles, coal for the first two, and offshore oil and gas activity for Transocean.
Pabrai Investments’ Q2 2026 Portfolio
| Stock | Portfolio Weight | Value | Reported Price | Quarterly Change | Current Price (Aug 25) | Gain from Reported Price |
| Warrior Met Coal (HCC) | 43.32% | $141.5 million | $81.16 | Trimmed 3.69% | $105.00 | Up 78% (1-yr), 19% (YTD) |
| Transocean (RIG) | 30.53% | $99.7 million | $4.89 | Added 0.03% | $5.75 | Up 18% from reported price, 81% (1-yr) |
| Alpha Metallurgical Resources (AMR) | 26.11% | $85.3 million | $164.94 | Trimmed 10.79% | $215.00 | Up 30% from reported price, 48% (1-yr) |
| Kaspi.kz ADR (KSPI) | 0.04% | $147,000.00 | Fresh buy in Q2 | New position | $108.75 | Up 17% (1-yr), 40% (YTD) |
Source: Dataroma; As of 30 June 2026
Here’s a closer look at each of them:
1. Warrior Met Coal: the biggest bet in the book
Warrior Met Coal (HCC), now valued at nearly $5.5 billion by market cap, is Pabrai’s largest position at 43.32% of the portfolio, per Dataroma’s holdings data.
The US-based miner focuses on non-thermal steelmaking coal, a critical input for steel production worldwide. The company operates as a large-scale, low-cost producer, exporting premium quality steelmaking coal to metal manufacturers across Europe, South America, and Asia.
Pabrai trimmed his HCC stake by 3.69% during the quarter. He now holds 1,744,050 shares worth $141.5 million, at a reported price of $81.16. This reported price reflects the security’s value as of the portfolio date, essentially the last known price at which the position was still held.
The stock has since climbed to $105. It is up over 78% in the past year and 19% year to date.
Warrior reported total revenues of $509.7 million for the second quarter of 2026, compared to total revenues of $297.5 million for the second quarter of 2025, reflecting a 65% increase in sales volumes combined with a 6% increase in the average net selling price.
2. Transocean: a smaller add, still a sizeable stake
Transocean (RIG), a leading offshore drilling company with a market cap of $6.4 billion, represents Pabrai’s second-largest investment at 30.53%.
In Q2, he made only a marginal addition of 0.03%, but the position remains large regardless: 20,398,659 shares worth $99.7 million at $4.89 a share. On August 25, RIG closed at $5.75, rising 18% from the reported price, and is up over 81% in the past year.
3. Alpha Metallurgical Resources: a shrinking allocation
Alpha Metallurgical Resources (AMR), a mining company with customers across the globe, high-quality reserves and significant port capacity, and a market cap of $2.7 billion, is the third largest holding in the portfolio.
The stock that dominated his book back in 2023 has been cut down to 26.11% of the portfolio. He reduced it by 10.79% this quarter, leaving 517,194 shares worth $85.3 million at $164.94. On August 25, AMR closed at $215, rising 30% from the reported price, and is up over 48% in the past year.
4. Kaspi.kz: the newest name in the book
Kaspi.kz ADR (KSPI), the largest payments, marketplace, and fintech ecosystem in Kazakhstan, is the fourth and last holding in his portfolio.
The Kaspi.kz ADRs are listed on Nasdaq, and Pabrai holds a tiny position of just 0.04% of the portfolio, 1,702 shares worth $147,000. Kaspi.kz ADR is a fresh buy in Q2. Kaspi.kz reported a 15% year-over-year rise in revenue ($2.3 billion) and a 5% year-over-year rise in Adjusted EBITDA ($826 million).
On August 25, KSPI closed at $108.75 and is up over 17% in the past year, jumping nearly 40% year to date.
Bottomline
Pabrai’s investment style can also be understood through the way he manages his holding periods. He is not necessarily a ‘buy and hold forever’ investor.
In some stocks, he has held for years, while in others, he has moved in and out relatively quickly when he believes the opportunity has played out.
His recent investments in Valaris, Noble Corp. and AutoNation offer a good example. Pabrai exited Valaris in Q1 2026 after building the position in Q1 2025, while he exited Noble Corp. in Q4 2025 after buying it in Q1 2025, both after booking profits.
He also exited AutoNation in Q3 2025, just a few months after initiating the position in Q2 2025.
But his investment history also shows that selling too early can sometimes mean missing out on much larger gains. Take Micron Technology. Pabrai bought Micron in Q4 2018 when the stock was around $32 and exited in Q2 2023 after it had crossed $100.
In hindsight, that looks like an early exit, given how dramatically Micron has risen since then. Micron trades around $932, as of August 25.
It is a reminder that even a highly successful investor like Pabrai has to balance the discipline of taking profits with the risk of selling a great business too soon.
(All data used in the story is sourced from Dataroma)
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