Pabrai Wagons ETF

The Pabrai Wagons ETF is an actively-managed exchange-traded fund focused on achieving long-term capital appreciation through a concentrated portfolio of high-conviction equity securities. It primarily invests at least 80% of its net assets in common stocks of companies across various market capitalizations, including growth, value, and special situation opportunities like those undergoing management changes. The fund targets 'high-quality' businesses—defined by wide moats, exceptional management, and proven ability to reinvest capital at high rates without gimmicks or excessive leverage—purchased at discounts to intrinsic value, then held long-term to compound returns. Opportunistic in geography, it may allocate up to 100% to foreign issuers, emerging markets (e.g., India, Turkiye), frontier markets, and sectors like financials, energy, airports, and consumer discretionary, with past holdings including Edelweiss Financial and TAV Airports. Non-diversified by design, it 'circles the wagons' around top holdings, emphasizing fewer issuers for potentially higher returns amid elevated volatility, liquidity, and regional risks. Successor to the Pabrai Wagons Fund launched in 2023, it benefits from ETF advantages like intraday trading and tax efficiency.