Mohnish Pabrai's latest investing stock portfolio

Pabrai Investment Fund annualized returns since inceptions (Oct 2000) is 7.5% vs -5% with the S&P. Not as high as it used to be with the market downturn. Here is the SEC filing as of Mar 31 submitted May 15, 2009.

Quarterly comparisons

Air Transport Services, Inc (ATSG, virtually unchanged)
Sept 30: 5,590,278 (value: $4 million)
Dec 31: 5,393,962(value: $971 000)
Mar 31: 5,393,962(value: $4 million)

Berkshire Hathaway A (BRK-A, reduced)
Sept 30: 16 (value: $2 million)
Dec 31: 16 (value: $1.5 million)
Mar 31: 1 (value: $87,000)

Berkshire Hathaway B(BRK-B, increased)
Sept 30: 4096 (value: $18 million)
Dec 31: 254 (value: $800 000)
Mar 31: 5,888 (value: $16 million)

Cresud S A C I F Y A (CRESY, increased)
Dec 31: 643,408 (value: $5.7 million)
Mar 31: 1,439,131 (value: $10.4 million)

Goldman Sachs (GS, no change)
Dec 31: 110,864 (value: $9 million)
Mar 31: 110,864 (value: $11.7 million)

Harvest Natural Resources (HNR, reduced)
Sept 30: 5,712,701 (value: $57 million)
Dec 31: 5,712,701 (value: $24 million)
Mar 31: 5,694,701 (value: $19.3 million)

Horsehead Holdings (ZINC, reduced)
Dec 31: 1,749,634 (value: $8 million)
Mar 31: 1,366,998 (value: $7.5 million)

Leucadia National Corp. (LUK, increased)
Dec 31: 15,338 (value: $15 million)
Mar 31: 779,472 (value: $11 million)

Pinnacle Airlines (PNCL, virtually unchanged)
Mar 31: 3,268,602 (value: $10 million)
Sept 30: 2,774,973 (value: $11 million)
Dec 31: 2,750,688 (value: $4.6 million)
Mar 31: 2,731,688 (value: $3.8 million)

Potash Corp. (POT, reduced)
Dec 31: 157,110 (value: $11 million)
Mar 31: 154,140 (value: $12.4 million)

Sears Holding (SHLD, reduced)
Sept 30: 514,111 (value: $48 million)
Dec 31: 420,947 (value: $16 million)
Mar 31: 69,000 (value: $3 million)

Teck Cominco(TCK, increased)
Dec 31: 977,301 (value: $4.8 million)
Mar 31: 1,009,501 (value: $12 million)

Ternium S.A (TX, virtually unchanged)
Sept 30: 1,778,944 (value: $31 million)
Dec 31: 1,778,944 (value: $15 million)
Mar 31: 1,783,944(value: $12 million)

Wells Fargo & Co(WFC, new position)
Mar 31: 371,001 (value: $5 million)

April report letter highlights.

While GDP around most of the world is shrinking, it is still growing at a healthy clip in
India and China. And it is growing upon an increasingly significant base. While things
look very gloomy today, when we pull out in the next 2-3 years, India, China and other
emerging economies will be growing at even faster rates on a higher base.

If we had all positions sized at 5% (our typical allocation), we’d have a 20 stock
portfolio. And if we had 10 stocks in a basket at 2% each, we’d have a 26 stock
portfolio. Add in a single 10% bet and it would make the number 25. The least number
we could have is 19 (1 at 10%; 18 at 5%). So, with this approach we are likely to
operate with a 20-25 stock portfolio when fully invested. Seth Klarman spoke about
position sizing last year at Columbia and his perspective seems to line up nearly
perfectly with ours (no coincidence, as there are very few disagreements I have with
Seth).