Profil et philosophie d'investissement

Mohnish Pabrai poursuit son approche value ultra-concentrée, renforçant ses positions dans le secteur mondial de l'énergie et des ressources au premier trimestre 2026. Son portefeuille américain est désormais dominé par Warrior Met Coal, Transocean et Alpha Metallurgical Resources. Adepte du « clonage » des stratégies gagnantes, Pabrai applique une rigueur fondamentale poussée pour identifier des sociétés sous-valorisées dans des secteurs délaissés par les capitaux institutionnels.

Track Record

Mohnish Pabrai launched Pabrai Investment Funds in 1999 with roughly $1 million and grew assets to several hundred million dollars across his US and offshore vehicles. Through 2018 the partnerships reported long-term annualized returns in the high teens, multiples of the S&P 500 over the same period, before a difficult stretch in 2018-2020 and a strong recovery thereafter. He charges only the Buffett Partnership-style fee, with no management fee and a 25% performance fee above a 6% hurdle. He also runs Dhandho Funds and Dalal Street and has redirected substantial personal capital to the Dakshana Foundation in India.

Trades emblématiques

Stratégie actuelle (2026)

Pabrai's 2026 US disclosures show an extreme concentration of just three holdings, all clustered around coal, energy and shipping: Consol Energy, Warrior Met Coal and related names sit at the top, in lieu of his prior tech and India-related positions. The thesis is straightforward and explicitly contrarian: structural underinvestment in fossil fuels, plus discipline by US coal producers, equals high free cash flow yields and aggressive buybacks. The fund treats the basket as a single bet on hard commodities, with no diversification fig leaf. Pabrai has repeatedly said in interviews that he simply does not see better risk-reward in megacaps at current prices, which is why he is willing to look uninvested in entire sectors.

Pabrai is a useful reminder that great investors do not need to own everything that is going up. Three names, all coal, all out of consensus, takes guts. The risk is obvious: a global recession or a faster-than-expected energy transition wipes out a portfolio that has no offset. We respect the underwriting and the cloning of the Munger fee structure, but for retail this is a case study, not a template. If your full equity allocation is three commodity stocks, you are not running a concentrated portfolio, you are running a single trade. The lesson is the willingness to wait, not the willingness to bet the entire stack on coal.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 369 M €. Positions: 3 positions.