The Pabrai Wagons Fund is available on Vanguard, Interactive Brokers and Pershing and is working to be available on additional brokerage platforms. We will update that list here. Most brokerage platforms require that existing clients request that a fund be added. If you would like the Pabrai Wagons Fund to be added to your brokerage platform of choice, please contact your broker or advisor and request that the fund be added.
Please email Canh Tran ([email protected]) if you need any assistance.
1
BUSINESS
Enduring, predictable high ROEs* and FCF**
Identifiable, sustainable competitive advantages
Pricing power in excess of costs, inflation protection
Easy to understand
Normally avoid return-regulated industries
Strong balance sheets
2
MANAGEMENT
Management with exceptional skill, integrity, and passion
Treat shareholders like partners
Indifferent to Wall Street’s short-term focus
Lean corporate culture fosters independence, accountability
Compensation rationally determined
3
REINVESTMENT
Pattern of disciplined reinvestment
Extensive opportunities to reinvest FCF organically or through acquisitions
COMPOUNDING MACHINE
These three areas of analysis – business, management, and reinvestment – are the key components of what we call our “three-legged stool.” When we find a business that satisfies all three of our requirements, we refer to it as a “compounding machine,” and we seek to purchase shares at a modest valuation. We know from experience that these businesses are rare.
1
BUSINESS
Enduring, predictable high ROEs* and FCF**
Identifiable, sustainable competitive advantages
Pricing power in excess of costs, inflation protection
Easy to understand
Normally avoid return-regulated industries
Strong balance sheets
2
MANAGEMENT
Management with exceptional skill, integrity, and passion
Treat shareholders like partners
Indifferent to Wall Street’s short-term focus
Lean corporate culture fosters independence, accountability
Compensation rationally determined
3
REINVESTMENT
Pattern of disciplined reinvestment
Extensive opportunities to reinvest FCF organically or through acquisitions
COMPOUNDING MACHINE
These three areas of analysis – business, management, and reinvestment – are the key components of what we call our “three-legged stool.” When we find a business that satisfies all three of our requirements, we refer to it as a “compounding machine,” and we seek to purchase shares at a modest valuation. We know from experience that these businesses are rare.
1
BUSINESS
Enduring, predictable high ROEs* and FCF**
Identifiable, sustainable competitive advantages
Pricing power in excess of costs, inflation protection
Easy to understand
Normally avoid return-regulated industries
Strong balance sheets
2
MANAGEMENT
Management with exceptional skill, integrity, and passion
Treat shareholders like partners
Indifferent to Wall Street’s short-term focus
Lean corporate culture fosters independence, accountability
Compensation rationally determined
3
REINVESTMENT
Pattern of disciplined reinvestment
Extensive opportunities to reinvest FCF organically or through acquisitions
COMPOUNDING MACHINE
These three areas of analysis – business, management, and reinvestment – are the key components of what we call our “three-legged stool.” When we find a business that satisfies all three of our requirements, we refer to it as a “compounding machine,” and we seek to purchase shares at a modest valuation. We know from experience that these businesses are rare.
You can buy shares of the Pabrai Wagons Fund by opening an account on any one of these platforms:
Vanguard: You can buy retail class (WAGNX) or institutional class (WGNIX) shares of the Pabrai Wagons Fund on Vanguard through their option to "Trade Non-Vanguard funds via Fund Access" under "Transact."
Interactive Brokers: To buy retail class (WAGNX) or institutional class (WGNIX) shares of the Pabrai Wagons Fund on Interactive Brokers you will need to modify your Trading Permissions to allow for mutual fund trading. Instructions here: Instructions to Add Mutual Funds to Trading Permissions.
Pershing: The retail class (WAGNX) and institutional class (WGNIX) of the Pabrai Wagons Fund are both available on Pershing's two mutual fund platforms: FundCenter and FundVest.
Direct: You can also invest directly (not via a brokerage) by completing a paper application and mailing it to US Bancorp Fund Services (US Bank), the Fund's Administrator and Transfer Agent. You will then receive monthly statements from US Bank showing the value of your account at the end of each month. This approach is more manual than the online broker route and you won't have an online portal where you can check your account daily. You can find paper applications here: Documents.
Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may focus its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in small- and medium-capitalization companies, which involve additional risks such as limited liquidity and greater volatility than larger capitalization companies. Download the prospectus.
The Pabrai Wagons Fund is distributed by Quasar Distributors, LLC. Quasar Distributors, LLC is not affiliated with broker dealers listed above. Dhandho Funds is the Advisor to the Pabrai Wagons Fund.
ABOUT THE PABRAI WAGONS FUND
The Pabrai Wagons Fund (Institutional share: “WGNIX;” Retail share: “WAGNX”) was launched on September 29, 2023. The Fund is non-diversified and maintains a focused portfolio of investments.
ADDITIONAL INFORMATION
For additional information about Dhandho Funds, please visit us.
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