Mohnish Pabrai disclosed that his equity portfolio has a market value of more than $464 million based on his 13F filing with the Securities and Exchange Commission (SEC) for the first quarter of 2014.
Mohnish Pabrai’s largest position
During the quarter, Pabrai held stakes in eight companies, and his largest stock holding is Horsehead Holding Corp. (NASDAQ:ZINC), a producer of zinc and nickel-based products primarily sold to customers in the Canada and the United States.
Yost Partners was up 0.8% for the first quarter, while the Yost Focused Long Funds lost 5% net. The firm's benchmark, the MSCI World Index, declined by 5.2%. The funds' returns outperformed their benchmark due to their tilt toward value, high exposures to energy and financials and a bias toward quality. In his first-quarter letter Read More
Pabrai owns 6,333,296 shares in Horsehead Holding with a market value of more than $106.52 million. His stake in the company accounts for 22.9% of his portfolio. Zacks Equity Research recently upgraded its rating for the stock from Neutral to Outperform with a price target of $18.90 a share. The stock price of the zinc and nickel-based products producer declined over 2% to $16.53 per share at the close on Tuesday.
Mohnish Pabrai also invested more than $103 million (5,935,015 shares) in General Motors Company (NYSE:GM) warrants scheduled to expire on July 10, 2019—his second largest position.
Mohnish Pabrai’s new acquisitions
In a new acquisition this quarter, Pabrai purchased 7,025 Class B shares of Berkshire Hathaway Inc. (NYSE:BRK.B), the conglomerate headed by billionaire investor, Warren Buffett. His stake in the company has a market value of approximately $878,000.
On a related note, it has been reported recently that HomeServices America (HSF), the real estate affiliate of Berkshire Hathaway Inc. (NYSE:BRK.A) (BRK.B), is in talks to acquire Intero Real Estate Services.
Pabrai also purchased an additional 23,305 shares of General Motors Company (NYSE:GM) worth approximately $802,000. The shares of automaker closed $35.15 per share on Tuesday. The automaker is currently facing major headwinds in connection with a faulty ignition switch on some of its vehicles, including Saturn ION 2003 to 2007, Chevrolet Cobalt 2005 to 2010, Chevrolet HHR 2006 to 2011, Pontiac G5 2007 to 2010, Pontiac Soltice 2006 to 2010 and Saturn Sky 2007 to 2010.
Mohnish Pabrai’s Reduced positions
During the period, Pabrai also reduced his stock holding in Bank of America Corp (NYSE:BAC) by 2,526,000 shares to 4,875,000 shares. His stake in the bank is now worth approximately $83.85 million.
He also reduced his stake in Citigroup Inc (NYSE:C) by 140,000 shares to 1,420,000 shares now worth around $67.59 million. Pabrai also sold 5,600 shares in Chesapeake Energy Corporation (NYSE:CHK), reducing his position to 3,262,545 shares worth approximately $83.85 million.
Pabrai did not modify his 106,863 share position in Goldman Sachs Group, Inc (NYSE:GS) (worth around $17.51 million).