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Dalal Street

Q4 2025 13F · by Mohnish Pabrai, founder

As of
Dec 31, 2025
Filed
Feb 13, 2026
US stock
$402M · prev $337M
Positions
4 · 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%

Moves4 since the prior filing

The book

Very concentrated · behaves like 3 equal-sized positions

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

Low turnover · 13% a year, about 7.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. HCC Warrior Met Coal, Inc. held held39.5%
  2. RIG Transocean LTD. added+5.14 pp added+5.1427.8%
  3. AMR Alpha Metallurgical Resources, Inc. added+1.09 pp added+1.0927.0%
  4. VAL Valaris Limited trimmed−9.68 pp trimmed−9.685.8%

Positions4 in this filing · 1 exited

HCCWarrior Met Coal, Inc.39.47%1,799,831$159Mheld—9 q
RIGTransocean LTD.27.78%27,040,133$112Madded+11%+5.14 pp2 q
AMRAlpha Metallurgical Resources, Inc.27.00%543,000$109Madded+2%+1.09 pp11 q
VALValaris Limited5.76%459,098$23Mtrimmed−57%−9.68 pp4 q
NENoble Corporation plc—−239,000—exited−2.01 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001549575-26-000002
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet