Mohnish Pabrai's Four-Stock Portfolio: What Dalal Street's Q2 2026 13F Shows

Most 13F filers run dozens or hundreds of positions. Mohnish Pabrai's Dalal Street, LLC runs four. That makes his Q2 2026 filing one of the cleanest case studies in the entire 13F universe of what extreme concentration looks like, and what it doesn't tell you.

A portfolio you can count on one hand

According to aggregator summaries of the filing, Dalal Street reported roughly $327 million in 13F-reportable assets across four holdings. Basic materials, driven by metallurgical coal names, made up about 69% of the portfolio. Another roughly 31% sat in a position the data providers could not classify. Technology was a rounding error.

Compare that with the funds we track on the InvestorLens investors page. Many of them hold 50 to 500 names, so a single idea rarely moves the needle. In Pabrai's case, one sector call is the portfolio. That is a deliberate choice: his stated approach is to wait for a handful of high-conviction, low-risk bets and then hold them for years.

What actually changed in Q2

The quarter's activity was modest. Based on the filing data:

• Kaspi.kz (KSPI): a new position appeared, with 1,702 shares added. The share count is tiny relative to the fund, so treat it as a toe in the water rather than a thesis shift until later filings show whether it grows.
• Transocean: about 5,987 additional shares, a small increase in an existing holding.
• Warrior Met Coal (HCC): about 66,800 shares trimmed, a reduction of under 4%.
• Alpha Metallurgical Resources (AMR): about 62,500 shares trimmed, roughly 11% of the position.

The pattern is a slight de-risking of the met coal core with small adds elsewhere. Nothing here looks like a capitulation or a pivot. If anything, it looks like a manager rebalancing after a position grew larger than he wanted.

How to read a concentrated filer

Small share changes in a four-stock fund can still be meaningful, but they need context. Three habits help.

First, look at position size before reacting to percentage changes. A 100% increase in a position that is a fraction of a percent of the portfolio is noise. Our post on position size versus portfolio weight walks through why.

Second, remember what a 13F cannot show. It captures long US-listed equities and certain other securities at quarter-end. It does not show non-US holdings, cash, shorts, or what happened after the reporting date. A fund like Dalal Street may hold assets that never appear in the filing, so the 13F is a partial picture of the true portfolio.

Third, ask whether the move is part of a trend. One quarter of trimming is a data point. Three consecutive quarters is a signal. Tracking changes over time on the flow page is the easiest way to see the difference.

Why concentrated filings still matter

Even though Pabrai's trades are too small to matter to the market, his filing is useful as a contrast. The funds that dominate the overlap page tend to own the same large, liquid names, which is exactly what makes those trades crowded. A manager holding met coal producers and a Kazakhstan-based fintech is expressing a view almost no other 13F filer shares, so there is little consensus to measure against.

That independence is the point. When you want to know whether an idea is widely held or genuinely contrarian, a filer like this is a useful reference. And when you want to see where the broader institutional crowd leans, the macro consensus view shows the opposite end of the spectrum.

The takeaway

Pabrai's Q2 filing is a reminder that 13F data rewards patience and context. Four positions, one dominant sector, and a handful of small trades add up to a portfolio that changes slowly by design. The most useful question isn't what he bought last quarter, but whether the next few filings show the Kaspi.kz stake growing into something that matters.

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Data sourced from public SEC 13F filings. Educational research only — not investment advice.