Pabrai Wagons ETF · AMEX:WAGN
Pabrai Wagons ETF — Investor Presentation (October 2026)
28 slides from Pabrai Wagons ETF's investor presentation, October 2026
Slide 1: Pabrai Wagons ETF
PABRAI WAGONS ETF NYSE Arca: WAGN October 2026 » Pabrai Wagons Advisors 4407 Bee Cave Road, Suite 513, West Lake Hills, Texas 78746-6496, USA +1.888.472.9734 « Proprietary and Confidential
Slide 2: Disclosure
Disclosure Investing involves risk. Principal loss is possible. Investing in foreign securities may involve increased risks including political and economic risks, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and
Slide 3: Disclosure
Disclosure An investor should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing. The summary and statutory prospectus contains this and other important information about the investment company and it may be obtained by calling 1-800-617-0004
Slide 4: Performance Through September 30, 2026
Performance Through September 30, 2026 Performance as of SINCE MANAGEMENT 1 MO. 3 MO. 6 MO. YTD 1 YR. INCEPTION* September 30, 2026 (ANNUALIZED) FEE: Pabrai Wagons ETF NAV -8.21% 8.55% 6.60% 21.70% 29.28% 14.84% 0.90% Pabrai Wagons ETF Market -8.32% 8.14% 5.49% 21.87% 29.46% 14.89% 0.90% S&P 500 TR
Slide 5: The S&P 500 Today
The S&P 500 Today The S&P 500 continues to be highly concentrated in the Mag 7, which accounts for approximately 35% of the index and trades at a P/E of 26. The Mag-7 used to dominate their area of tech in a monopoly or oligopoly type situation: Google owned search and Android; Apple had the
Slide 6: WAGN: The Un-S&P 500
1 WAGN: The Un-S&P 500 The Wagons ETF takes a different approach. We invest in what we believe are irrationally mispriced, unloved and overlooked corners of global equity markets. The Fund has zero overlap with the S&P 500*. 1 It is the Un-S&P 500 ETF . * As of 9/30/26. 1 WAGN has zero overl
Slide 7: Portfolio Manager: Mohnish Pabrai
Portfolio Manager: Mohnish Pabrai Mohnish Pabrai manages $1.4 billion in private fund and ETF (the Pabrai Wagons ETF) assets through Dhandho Funds and its affiliated advisor, Dalal Street LLC. Mohnish has 28 years experience managing private funds, including the Pabrai Investment Funds. Mohnish is a
Slide 8: The Un-S&P 500
1 The Un-S&P 500 “The first rule of compounding is to never interrupt it unnecessarily.” -Charlie Munger We believe exceptional investment performance is usually the product of only a few great investments held for a very long time. The Fund will “circle the wagons” around the holdings it believ
Slide 9: Case Study: Berkshire Hathaway
Case Study: Berkshire Hathaway “In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so.… Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years.” - Warren Buffett, 2022 Lette
Slide 10: Berkshire Hathaway Key Decisions (1965 – 2022)
Berkshire Hathaway Key Decisions (1965 – 2022) Business Acquisitions: 80+ Common Stock Investments: 210+ Key Hires by Buffett: 10+ 300+ important decisions over 58 years “Our satisfactory results have been the product of about a dozen truly good decisions.” - Warren Buffett References to the perform
Slide 11: 300 decisions … 12 truly good ones … 4%
300 decisions … 12 truly good ones … 4% Over the course of 58 years, Berkshire Hathaway attributes most of its outperformance to only 12 decisions. We believe these are the 12 decisions that Warren Buffett is referring to*: *The Advisor believes the logos of the companies on this slide represent
Slide 12: Circle the Wagons: Key Principles
Circle the Wagons: Key Principles The Pabrai Wagons ETF seeks to follow these long-term “Circle the Wagons” principles when constructing its portfolio: 1. Do not cut the flowers and water the weeds. Hold on to the great businesses forever! 2. Do not pay fancy prices for great businesses. 3. Focus
Slide 13: Pabrai Wagons ETF: Largest Holdings on 9/30/26
Pabrai Wagons ETF: Largest 10 Holdings on 9/30/26 No Company Name Country Portfolio Weight 1 Reysas REIT Turkiye 15.7% 2 Warrior Met Coal USA 8.0% 3 Transocean USA 7.7% 4 Edelweiss Financial Services India 7.4% 5 Gimat Turkiye 5.9% 6 TAV Airports Turkiye 5.8% 7 Danaos Greece 4.7% 8 Kaspi.KZ Kazakhst
Slide 14: Key Portfolio Buckets
Key Portfolio Buckets The Pabrai Wagons ETF is circling the wagons around 6 key buckets that made up approx. 82% of the portfolio as of 9/30/2026. Offshore Oil Mark Leonard Services Reysas Complex (USA & Norway) (Turkiye) (Canada & EU) 21% 19% 13% Approx. Portfolio Weights Financial Met Coal Servi
Slide 15: Offshore Oil Services
Offshore Oil Services We have 4 positions in offshore oil services. Offshore accounts for 1/3 of global oil and gas production and breaks even at levels far below fracking and other methods. Drillships are complex and expensive. There is no new supply in the pipeline. In our view, shares are
Slide 16: Drillship Supply Tightness
Drillship Supply Tightness A new 8th Gen drillship, if built, is unlikely to be delivered in less than 5 years and would cost over $1 billion with a 50% upfront deposit. To justify that capex, in our view, operators would require day rates to be over $1 million for 20+ years, more than 2x day ra
Slide 17: Recurring Revenues
Recurring Revenues Reysas is a logistics business that owns 62% of Reysas REIT that owns over 12 million sq.ft of Grade A warehouses in Turkiye. Led by father-son duo who we believe are exceptional operators and capital allocators. Almost all of Reysas’ businesses have strong recurring revenue
Slide 18: Exceptional Capital Allocation
Exceptional Capital Allocation Perpetually spawning adjacent businesses with impressive economics and long runways. Reysas REIT has a market cap of approx. $2.0 billion*. We believe the liquidation value of their portfolio is well over $2.5 billion. Fund holdings and sector allocations are subje
Slide 19: Mark Leonard Complex
Mark Leonard Complex Constellation Software is a very high-quality compounder founded by Mark Leonard. It operates a buy and build flywheel of vertical market software (VMS) assets. The recent AI-driven software selloff has hammered these stocks. We believe Mr. Market is wrong, and AI will ins
Slide 20: Met Coal Positions
Met Coal Positions We are invested in a couple of metallurgical (met) coal businesses. Both are near the bottom quartile of the cost curve and are led by exceptional managers. Both businesses have some of the best met coal reserves on the planet. Coal is a four-letter word and the industry i
Slide 21: Met Coal Positions
Met Coal Positions Alpha is returning 100% of capital to investors via buybacks. The buybacks started in 2022 and in the last 4 years Alpha has reduced its fully diluted share count by 32%. By comparison, Apple, Microsoft, Alphabet and Meta have reduced their respective fully diluted share cou
Slide 22: Spin-Offs R Us!
Spin-Offs R Us! Based in India, Edelweiss is a holding company with various financial services subsidiaries that we believe have many tailwinds. Edelweiss’ market cap is approx. $1.4 billion*. Over the next 5-6 years, Edelweiss plans to spin off at least 4 different subsidiaries. We believe
Slide 23: TAV Airports
TAV Airports TAV operates 15 airports in 8 countries. TAV has high operating leverage: in our view, if passengers grow 6-9% annually, cash flow may grow at more than 2x that. We believe it is led by an exceptional management team and is very cheap compared to other global airport operators.
Slide 24: TAV Airports
TAV Airports In 2021, TAV purchased 85% of Almaty International Airport in Kazakhstan. They invested $120 million of equity in 2021. TAV’s share of Almaty EBITDA was $112 million in 2025. Harvard Business School wrote two case studies on TAV (including one on the Almaty deal) that can be pur
Slide 25: Recent ETF Conversion
Recent ETF Conversion Pabrai Wagons Fund mutual fund reorganized into the Pabrai Wagons ETF under the ticker WAGN, which went live Feb. 9, 2026. The ETF continues to be managed by Mohnish Pabrai under the same Advisor entity with no changes to its investment objectives, strategy or fundamental inv
Slide 26: How to Trade the ETF (WAGN)
How to Trade the ETF (WAGN) Unlike a mutual fund, ETF prices move all day. Here is how to control your execution: Execution Guide: We generally encourage investors use limit orders for WAGN Step 1: Get the Price Search WAGN on Yahoo Finance. Key difference: Note the Current Price or the Previous
Slide 27: Team
Team Mohnish Pabrai Fahad Missmar CEO Senior Vice President Portfolio Manager Senior Analyst Jaya Bharath Velicherla Kimberly Engleman Vice President Chief Compliance Officer, Office Manager Aidan Townsend Pauline Jin Manager, Administrative Investor Relations Assistant 27
Slide 28: Pabrai Wagons Advisors
Pabrai Wagons Advisors| 4407 Bee Cave Road, Suite 513, West Lake Hills, Texas 78746-6496, USA | 1.888.472.9734 | Proprietary and Confidential 28
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