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Mohnish Pabrai's Q1 2026 13F moves

By HoldLens EditorialPublished May 28, 2026

TL;DR

Pabrai Investment Funds' Q1 2026 13F-HR (filed 2026-05-15) is the most concentrated filing HoldLens tracks: just three positions. Warrior Met Coal (39.9%) and Alpha Metallurgical (28.1%, added 7%) together make metallurgical coal 68% of the US book. Transocean (32%) was trimmed 25%, and Valaris was exited entirely. The result is a near-pure deep-value bet on two cyclical commodities — met coal and offshore drilling — with the coal side now dominant. Every move is reconstructable from EDGAR using Form 13F-HR.

The Q1 2026 picture

Mohnish Pabrai built his reputation on cloning the best investors and concentrating ruthlessly — “heads I win, tails I don't lose much.” His US 13F has always been small, because much of his capital sits in international names (notably India) that a US Form 13F does not capture. But even by his standards, Q1 2026 is extreme: the entire reported US book is three stocks.

The entire three-stock book

Warrior Met Coal (HCC) — 39.9%. The largest position, held; a pure-play metallurgical (steelmaking) coal producer.
Transocean (RIG) — 32%, trimmed 25%. The offshore-drilling contractor, reduced but still the second-largest holding.
Alpha Metallurgical (AMR) — 28.1%, added 7%. A second metallurgical-coal producer, increased.

The exit

Valaris (VAL) — exited. The other offshore-drilling name was sold out of the book entirely. Combined with the Transocean trim, Pabrai reduced offshore-drilling exposure while increasing met coal.

What the pattern signals

The book is a concentrated cyclical-commodity bet, tilting harder into met coal. Warrior plus Alpha now make steelmaking coal 68% of the reported US positions, while offshore drilling was reduced (Transocean trimmed, Valaris exited). These are deep-value, out-of-favour industries — the kind of contrarian, low-expectation bets Pabrai has favoured throughout his career.

Two cautions on interpretation. First, this is only the US 13F: Pabrai's international holdings are not disclosed here, so the three stocks are not his whole portfolio. Second, with so few names, a single price move materially changes the weights — the concentration is the strategy, not an accident.

It is a striking contrast with the AI-themed books elsewhere this quarter — where Tiger Global bought AI hardware and Lone Pine bought AI's power and infrastructure, Pabrai is in steelmaking coal and offshore rigs. Same EDGAR record, opposite ends of the market.

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How to verify this yourself

Every position change above is reconstructable from public SEC EDGAR filings. Steps:

Open Pabrai Investment Funds' 13F-HR filing history on EDGAR (CIK 0001549575).
Compare the Q1 2026 13F (filed 2026-05-15, report date 2026-03-31) line-by-line against the Q4 2025 13F (filed Feb 2026).
Position changes appear as: an increased Alpha Metallurgical share count, a decreased Transocean share count, and a removed Valaris CUSIP row (the exit).
Cross-reference with HoldLens's machine-readable /api/v1/snapshot/2026-Q1.json and the live Mohnish Pabrai portfolio page.

Our view

A three-stock US 13F is about as pure a conviction statement as the public record produces. Pabrai is betting on two beaten-down cyclical industries — metallurgical coal and offshore drilling — and within them, leaning harder into coal (Warrior held, Alpha added) while reducing rigs (Transocean trimmed, Valaris exited). It is the deep-value, contrarian playbook taken to its concentration limit. The key caveat: this is only the US-listed sleeve, so it understates the diversification of his full book. Whether the bet proves correct is something only time and the commodity cycle can answer; the public record tells us where Pabrai's US capital is concentrated right now.

Famous trades — the public-record case studies

Six historical trades reconstructable from SEC EDGAR alone. Each essay traces the trade through 13F + Form 4 + DEF 14A filings.

Warren Buffett's Coca-Cola trade

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Warren Buffett's Bank of America 2011 deal

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David Tepper's 2009 bank trade

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Michael Burry's Big Short

Scion Capital's 2005-2008 subprime CDS trade — ~489% net return.

Bill Ackman's Herbalife short

Pershing Square's 2012-2018 multi-year activist campaign.

Black Wednesday — the Quantum Fund pound trade

September 16, 1992. The single-day macro trade that broke the Bank of England.

Charlie Munger's Costco position

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Carl Icahn's Apple buyback campaign

2013-2016 long-side activism — public letter to Tim Cook, ~$2B realized gain.

See all 6 essays in the Famous Trades collection →

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