Mohnish Pabrai 13F Filing Q2 2026: What He Bought and Sold

Mohnish Pabrai's fund held $326.7M across just four positions in the quarter ending June 30, 2026. The portfolio tilted heavily toward Basic Materials and offshore drilling, with one unexpected micro position in a technology name. Pabrai trimmed two of his largest bets, HCC and AMR, but added a new position in KSPI that warrants attention despite representing only 0.1% of the portfolio.

!Pabrai Funds Portfolio Allocation Q2 2026. Four holdings make up the full $326.7M portfolio. HCC dominates at 43.3%, followed by Transocean at 30.5% and AMR at 26.1%.

What is Pabrai's largest holding right now?

HCC Insurance Holdings dominates the portfolio at 43.3%, or roughly $141.5M. This is the position Pabrai reduced this quarter, cutting it by 4%, which means he held even more in the prior quarter. HCC trades at 56 points on our valuation rating system, and sits 4% above our fair value estimate. The trim suggests Pabrai is taking some chips off the table from his largest bet, though he has not abandoned it.

Transocean Ltd anchors the portfolio at 30.5% and was held flat from the prior quarter. This offshore drilling play represents Pabrai's second-largest conviction bet. The lack of any trade here, despite the broader portfolio activity, signals he views the position as properly sized.

Why did Pabrai cut his AMR position?

Pabrai trimmed American Airlines Group by 11%, reducing the position from its prior level to $85.3M. AMR now represents 26.1% of the portfolio, down from approximately 29.3% last quarter. The filing does not disclose his reasoning, only that the reduction occurred. What stands out is that this remains his third-largest holding even after the cut, meaning he has not lost conviction in the position, only right-sized it.

What new position did Pabrai just open?

Pabrai initiated a position in Kaspi.kz, the Kazakhstan fintech platform, worth $147,461 as of quarter end. This is not a rounding error or a gift to a foundation: it is a deliberate new entry. The position represents 0.1% of the portfolio, making it vanishingly small in dollar terms. Yet on SteadyShares, Kaspi trades at a 91 rating, our highest quality tier, and sits 98% above our fair value, meaning the market has priced in nearly all of its upside. That Pabrai bought it at all, given that premium to our fair value, is unusual. His willingness to take a position despite the valuation stretch suggests he either sees something the market has missed or views the company as so fundamentally sound that even at this price it warrants exposure.

The position sits alone in our Technology sector bucket for this portfolio. Pabrai's core holdings in insurance and offshore drilling are grounded in cyclicals and hard assets. KSPI introduces a digital financial services element that has no natural peer in his current book.

Has Pabrai exited any positions?

No positions were fully exited this quarter. All three prior holdings remain on the books in some form. Pabrai's style appears to be refinement rather than wholesale reversal. He is sizing down his two largest prior commitments while holding Transocean flat and adding a new small bet.

What does this portfolio say about Pabrai's current view?

The concentration is striking. Four holdings, $326.7M total, with the top three accounting for 99.9% of the fund. Pabrai is not running a diversified strategy here. He is running a thesis. That thesis appears to be: cyclical assets and financial services will offer value for patient capital willing to endure volatility.

The trims to HCC and AMR are not exits. They are position hygiene. When a holding grows to over 40% of a portfolio due to strong performance, trimming 4% or 11% is prudent rebalancing, not a loss of conviction. The new KSPI position, despite its tiny size, breaks pattern. Pabrai does not often add to a portfolio this concentrated. When he does, it typically signals he sees opportunity that has escaped broader notice.

The absence of any position in megacap technology, energy infrastructure, or the consensus trades of 2026 is notable by omission. This is a contrarian book. It reflects a willingness to look at unloved sectors and hold them for patient returns.

The bottom line

Pabrai is trimming two of his three largest positions while leaving Transocean untouched and adding a micro bet in KSPI. The moves read as tactical rebalancing of an already concentrated bet, not a shift in macro view. He remains committed to cyclicals, insurance, and offshore assets, with a small new wager on digital finance priced at a premium to intrinsic value.

You can track all of Pabrai's historical filings and portfolio details on his SteadyShares guru page.

This is educational information, not financial advice.