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Dalal Street

Q3 2025 13F · by Mohnish Pabrai, founder

As of
Sep 30, 2025
Filed
Nov 13, 2025
US stock
$337M · prev $272M
Positions
5 · prev 5
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

The book

Very concentrated · behaves like 4 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

High turnover · 105% a year, about 1.0 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. HCC Warrior Met Coal, Inc. added+3.63 pp added+3.6334.0%
  2. AMR Alpha Metallurgical Resources, Inc. added+6.85 pp added+6.8525.9%
  3. RIG Transocean LTD. new+22.64 pp new+22.6422.6%
  4. VAL Valaris Limited trimmed−13.77 pp trimmed−13.7715.4%
  5. NE Noble Corporation plc trimmed−14.89 pp trimmed−14.892.0%

Positions5 in this filing · 1 exited

HCCWarrior Met Coal, Inc.34.00%1,799,831$115Madded0%+3.63 pp8 q
AMRAlpha Metallurgical Resources, Inc.25.91%532,000$87Madded+16%+6.85 pp10 q
RIGTransocean LTD.22.64%24,442,332$76Mnew+22.64 ppnew
VALValaris Limited15.44%1,066,255$52Mtrimmed−43%−13.77 pp3 q
NENoble Corporation plc2.01%239,000$7Mtrimmed−86%−14.89 pp3 q
ANAutoNation, Inc.—−61,000—exited−4.46 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001549575-25-000012
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet