PaperPanda Fund Terminal
Mohnish Pabrai
Dalal Street, LLC · CIK: 1549575 · Report Period: 2025-12-31 · Filed: Feb 13 2026
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $402,040,227 · 4 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 HCC
|
WARRIOR MET COAL INC | COM | 39.5% | $158,691,099 | 1,799,831 | - | - |
| 2 |
 RIG
|
TRANSOCEAN LTD | COM | 27.8% | $111,675,749 | 27,040,133 | ADD | +2,597,801 |
| 3 |
 AMR
|
ALPHA METALLURGICAL RESOUR I | COM | 27.0% | $108,534,840 | 543,000 | ADD | +11,000 |
| 4 |
 VAL
|
VALARIS LTD | COM | 5.8% | $23,138,539 | 459,098 | REDUCE | -607,157 |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | NOBLE CORP PLC | SOLD | -239,000 | Exit | - | - |
| 2 | VAL | VALARIS LTD | REDUCE | -607,157 | -56.9% | 459,098 | $23,138,539 |
| 3 | AMR | ALPHA METALLURGICAL RESOUR I | ADD | +11,000 | +2.1% | 543,000 | $108,534,840 |
| 4 | RIG | TRANSOCEAN LTD | ADD | +2,597,801 | +10.6% | 27,040,133 | $111,675,749 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | HCC | WARRIOR MET COAL INC | ADD | +86 | +0.0% | 1,799,831 | $114,541,245 |
| 2 | - | AUTONATION INC | SOLD | -61,000 | Exit | - | - |
| 3 | - | NOBLE CORP PLC | REDUCE | -1,489,744 | -86.2% | 239,000 | $6,758,920 |
| 4 | VAL | VALARIS LTD | REDUCE | -817,522 | -43.4% | 1,066,255 | $52,001,256 |
| 5 | AMR | ALPHA METALLURGICAL RESOUR I | ADD | +71,673 | +15.6% | 532,000 | $87,295,880 |
| 6 | RIG | TRANSOCEAN LTD | NEW BUY | +24,442,332 | New | 24,442,332 | $76,260,076 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | HCC | WARRIOR MET COAL INC | ADD | +165 | +0.0% | 1,799,745 | $82,482,313 |
| 2 | - | AUTONATION INC | NEW BUY | +61,000 | New | 61,000 | $12,117,650 |
| 3 | VAL | VALARIS LTD | ADD | +456,213 | +32.0% | 1,883,777 | $79,325,849 |
| 4 | AMR | ALPHA METALLURGICAL RESOUR I | ADD | +45,711 | +11.0% | 460,327 | $51,777,581 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | HCC | WARRIOR MET COAL INC | ADD | +94,910 | +5.6% | 1,799,580 | $85,875,958 |
| 2 | VAL | VALARIS LTD | NEW BUY | +1,427,564 | New | 1,427,564 | $56,046,163 |
| 3 | AMR | ALPHA METALLURGICAL RESOUR I | REDUCE | -72,635 | -14.9% | 414,616 | $51,930,654 |
| 4 | - | NOBLE CORP PLC | NEW BUY | +1,728,744 | New | 1,728,744 | $40,971,233 |
| 5 | - | CONSOL ENERGY INC NEW | SOLD | -594,950 | Exit | - | - |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | HCC | WARRIOR MET COAL INC | ADD | +1,006,263 | +144.1% | 1,704,670 | $92,461,301 |
| 2 | - | CONSOL ENERGY INC NEW | REDUCE | -175,692 | -22.8% | 594,950 | $63,469,266 |
| 3 | AMR | ALPHA METALLURGICAL RESOUR I | ADD | +7,553 | +1.6% | 487,251 | $97,508,670 |
| 4 | - | DANAOS CORPORATION | SOLD | -46,590 | Exit | - | - |
| 5 | - | ARCH RESOURCES INC | SOLD | -31,002 | Exit | - | - |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | HCC | WARRIOR MET COAL INC | ADD | +226,888 | +48.1% | 698,407 | $44,628,207 |
| 2 | - | CONSOL ENERGY INC NEW | ADD | +598,604 | +347.9% | 770,642 | $80,647,685 |
| 3 | AMR | ALPHA METALLURGICAL RESOUR I | ADD | +30,738 | +6.8% | 479,698 | $113,295,117 |
| 4 | - | DANAOS CORPORATION | NEW BUY | +46,590 | New | 46,590 | $4,041,217 |
| 5 | - | ARCH RESOURCES INC | REDUCE | -361,386 | -92.1% | 31,002 | $4,283,236 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | HCC | WARRIOR MET COAL INC | ADD | +756 | +0.2% | 471,519 | $29,597,248 |
| 2 | - | CONSOL ENERGY INC NEW | REDUCE | -193,969 | -53.0% | 172,038 | $17,553,037 |
| 3 | AMR | ALPHA METALLURGICAL RESOUR I | ADD | +44,603 | +11.0% | 448,960 | $125,946,800 |
| 4 | - | ARCH RESOURCES INC | ADD | +252,080 | +179.7% | 392,388 | $59,733,225 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | HCC | WARRIOR MET COAL INC | REDUCE | -158,949 | -25.2% | 470,763 | $28,575,314 |
| 2 | - | CONSOL ENERGY INC NEW | REDUCE | -3,000 | -0.8% | 366,007 | $30,656,746 |
| 3 | AMR | ALPHA METALLURGICAL RESOUR I | ADD | +10,044 | +2.5% | 404,357 | $133,910,969 |
| 4 | - | ARCH RESOURCES INC | REDUCE | -94,686 | -40.3% | 140,308 | $22,560,123 |
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