Dalal Street
Dalal Street is managed by Mohnish Pabrai, a renowned value investor known for his deep value investment philosophy inspired by Warren Buffett and Benjamin Graham. Pabrai's approach focuses on buying securities at significant discounts to their intrinsic values and holding them for the long term. His fund, with assets under management of $0.42 billion, emphasizes concentrated investments, typically holding a small number of significant positions.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 3 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| HCC | $168.7M | 39.89% | $93.07 | $77.53 | -16.7% | 39.9% | |
| RIG | $135.2M | 31.97% | $6.63 | $5.02 | -24.3% | 32.0% | |
| AMR | $119.0M | 28.14% | $205.27 | $150.72 | -26.6% | 28.1% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions
None this quarter
Exited Positions (1)
| Ticker | Issuer | Notional |
|---|---|---|
| VAL | $23.1M |
Increased (2)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| AMR | $10.5M | +6.8% | -26.6% | |
| HCC | $10.0M | +0.6% | -16.7% |
Trimmed (1)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| RIG | $23.5M | -24.6% | -24.3% |
Quarter Activity
During the quarter, Dalal Street made no new investments but exited its position in VAL, valued at $23 million. The fund increased its stakes in AMR and HCC by $7 million and $1 million, respectively. Additionally, there was a significant reduction in the position of RIG, which decreased by $25 million.
AI Commentary
<p>Dalal Street's portfolio as of the end of March 2026 is highly concentrated in the energy and resources sector, with a total of three major holdings. The fund's top conviction positions include Warrior Met Coal Inc (HCC) with a 39.9% portfolio weight, Transocean Ltd (RIG) at 32.0%, and Alpha Metallurgical Resources Inc (AMR) constituting 28.1% of the assets under management. This sector-focused strategy highlights a significant commitment to commodities, particularly those related to energy and metallurgical industries.</p> <p>The recent quarterly adjustments suggest a strategic recalibration within Dalal Street's existing investments. The closure of its position in Valaris plc (VAL) and the reduction of its stake in Transocean Ltd (RIG) by 25% indicate a possible shift in confidence or a reallocation of capital within the energy sector. Conversely, the increases in Alpha Metallurgical Resources Inc (AMR) by 7% and Warrior Met Coal Inc (HCC) by 1% signal a bolstering of positions where the fund sees continued or increased potential. These changes may reflect the fund's macro view on the stability or growth prospects within the coal and metallurgical sectors amidst evolving market conditions.</p>