Dalal Street

Q1 2014 13F · by Mohnish Pabrai, founder

As of: Mar 31, 2014
Filed: May 12, 2014
US stock: $464M · prev $544M
Positions: 8 · prev 6
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves6 since the prior filing

−2.6 pp in · −1.8 pp out

New 2 +0.36 pp
Added 1 −2.93 pp
Trimmed 3 −1.81 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.5% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions96% of US stock

unresolved Horsehead Hldg Corp held held22.9%
unresolved General Mtrs Co added−2.93 pp added−2.9322.3%
BAC Bank of America Corporation trimmed−3.12 pp trimmed−3.1218.1%
CHK Chesapeake Energy Corp trimmed+1.70 pp trimmed+1.7018.0%
C Citigroup Inc. trimmed−0.39 pp trimmed−0.3914.6%

Positions8 in this filing · 0 exited


unresolvedHorsehead Hldg Corp	22.95%	6,333,296	$107M	held	—	4 q
unresolvedGeneral Mtrs Co	22.27%	5,935,015	$103M	added0%	−2.93 pp	4 q
BACBank of America Corporation	18.07%	4,875,000	$84M	trimmed−34%	−3.12 pp	4 q
CHKChesapeake Energy Corp	18.01%	3,262,545	$84M	trimmed−0%	+1.70 pp	4 q
CCitigroup Inc.	14.56%	1,420,000	$68M	trimmed−9%	−0.39 pp	4 q
GSGoldman Sachs Group Inc.	3.77%	106,863	$18M	held	—	4 q
BRK.BBERKSHIRE HATHAWAY Class B	0.19%	7,025	$878,000	new	+0.19 pp	new
GMGeneral Motors Company	0.17%	23,305	$802,000	new	+0.17 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001549575-14-000002
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet