South Indian Bank and J&K Bank are the ones that I know.
IIRC, I know some pieces of information about Pabrai correctly.
- Monish started investing in India pretty late (Maybe around 2014-15). Initially, the weight was low, but now it’s around 20% of the entire AUM of Pabrai Funds. So, it’s hard to judge his performance in this short term.
- 80%+ of his money is only in 3 companies: Alphabet, Chrysler and Aercap Holdings. Almost 60% is in Chrysler. So, even a complete loss in his Indian investments wouldn’t affect his portfolio’s performance.
- This article gives us the portfolio’s performance since inception (Inclusive of all stocks, abroad and in India). At the time (2013), his fund had returned a cumulative 1100% since inception.
- The AUM has dropped considerably since 2013 (The date of the article), according to this website. So let’s assume that the total returns are currently 900% (Instead of the 1100% mentioned in the article).
- This gives us a CAGR of close to 13% for those 18 years, which is impressive, but nothing to write home about.
- Hedge funds regularly return around 11% in the US post fee, so you could say he’s marginally better than the average Hedge fund.
- S&P 500 has returned a 9% CAGR in the same period. You can calculate it here.
- I’m not sure if the returns generated by Pabrai is pre or post fee. If it is pre-free, then the returns would be closer to 12% more likely.
I also like Monish Pabrai’s simplifying speeches. I love him especially for introducing me to the book ‘The Checklist Manifesto’, which has become a regular part of my investment code. However, he is too inconsistent with his own philosophies or words and does a lot of ‘going by the gut’ buys like Horsehead Zinc, J&K Bank or KRBL. I have no qualms with the investors choosing to follow him, but Monish Pabrai is not my cup of tea as an icon for investment decision-making.