AHNIM STUDIO · Guru · Institutional 13F
June 30, 2026 holdings compared with March 31. Reviewed October 21, 2026 (Asia/Seoul). Reported values are US dollars.
Warrior Met Coal became a larger part of Dalal Street’s disclosed Q2 2026 equity book even though its share count fell 3.69%. Alpha Metallurgical shares fell 10.79%, while a new Kaspi.kz ADS line represented only 0.045% of reported value. AHNIM’s conclusion is that the filing remains overwhelmingly concentrated in three resource businesses; the fourth line provides little evidence of meaningful diversification.
What this filing covers
The reporting manager is Dalal Street, LLC, CIK 1549575. Mohnish Pabrai signed both quarterly covers as Managing Member. This report does not combine Dalal Street’s holdings with those of Dhandho Funds LLC, which does business as Pabrai Wagons Advisors. The Q2 report, filed August 13, 2026, describes June 30 holdings; the comparison is with March 31, filed May 14. Both are original 13F-HR reports with no other included managers listed.
This is AHNIM’s initial Dalal Street report, establishing a Q1-to-Q2 comparison. A Form 13F captures specified securities at a past quarter-end. It does not reveal the manager’s full assets, cash, shorts, non-reportable foreign positions, transaction dates or purchase costs. Every position in these two tables is a share-based common operating-equity instrument; there are no option, ETF or principal rows to remove from this denominator.
| Metric | March 31, 2026 | June 30, 2026 |
|---|---|---|
| Reported common-equity value (USD million) | 422.885 | 326.750 |
| Reported rows / unique issuers | 3 | 4 |
| Top-ten issuer concentration | 100.00% | 100.00% |
| Largest issuer weight | 39.89% | 43.32% |
| Options / ETF / principal rows | 0 / 0 / 0 | 0 / 0 / 0 |
The complete four-line comparison
| Issuer / ticker | Q1 shares | Q2 shares | Share change | Q2 value (USD m) | Q2 weight | Weight change |
|---|---|---|---|---|---|---|
| WARRIOR MET COAL INC / HCC | 1,810,831 | 1,744,050 | -66,781 (-3.69%) | 141.547 | 43.320% | +3.43 pp |
| TRANSOCEAN LTD / RIG | 20,392,672 | 20,398,659 | +5,987 (+0.03%) | 99.749 | 30.528% | -1.44 pp |
| ALPHA METALLURGICAL RESOUR I / AMR | 579,738 | 517,194 | -62,544 (-10.79%) | 85.306 | 26.107% | -2.03 pp |
| KASPI KZ JSC / KSPI | — | 1,702 | New | 0.147 | 0.045% | +0.05 pp |
The table’s clearest lesson is the difference between a share decision and a weight outcome. Warrior Met declined by 66,781 shares, yet its weight rose from 39.89% to 43.32%, a 3.43 percentage-point increase. Its reported value fell less than the aggregate book. Describing that higher weight as an additional purchase would reverse the evidence in the filing.
Alpha Metallurgical declined by 62,544 shares, and its weight fell from 28.14% to 26.11%. Transocean moved in the opposite quantity direction, rising by 5,987 shares to 20,398,659, but the increase was only 0.029%. Its reported value and weight both declined. The filing supports a modestly higher ending quantity; it does not establish a substantial new drilling allocation or explain why the quantity changed.
Kaspi.kz is new, but its size matters
Dalal Street reported 1,702 sponsored ADSs of Kaspi.kz with a June-end value of US$147,461. That is roughly US$0.147 million against a US$326.750 million disclosed book. Calling the line a shift away from resource exposure would give its appearance more weight than its actual size. We do not infer a trial position, an operational explanation or an intended future allocation without a manager statement.
No Q1 line disappears from the Q2 information table. The count therefore moves from three to four entirely because of the newly reported Kaspi.kz entry. The count change is real, while the economic concentration barely moves: the largest three issuers still account for 99.955% of disclosed equity value. A top-ten concentration of 100% is mathematically correct but not informative for a four-issuer book, so the top-three figure is the more useful risk measure here.
Industry exposure: concentration survives the lower dollar total
| SEC SIC industry | Q1 weight | Q2 weight | Change |
|---|---|---|---|
| Bituminous Coal & Lignite Mining | 39.89% | 43.32% | +3.43 pp |
| Drilling Oil & Gas Wells | 31.97% | 30.53% | -1.44 pp |
| Bituminous Coal & Lignite Surface Mining | 28.14% | 26.11% | -2.03 pp |
| Services-Business Services, NEC | 0.00% | 0.05% | +0.05 pp |
The two coal-company lines together rise from 68.03% to 69.43% of reported value, despite both having fewer shares. Offshore drilling contributes another 30.53% at Q2. AHNIM’s interpretation is that the disclosed book remains sensitive to a small set of operating and commodity cycles. A fourth ticker does little to reduce that dependence at its reported size.
We retain the SEC industry codes for reproducibility rather than substitute an unrecorded sector classification. Warrior Met’s issuer-submissions response pairs code 1220 with an inconsistent description. The official SEC code list identifies 1220 as Bituminous Coal & Lignite Mining; that canonical label is used above. The original response and the correction are preserved. Kaspi.kz is shown under the SEC’s broad business-services label rather than an invented portfolio sector.
The total reported value fell 22.73%, from US$422.885 million to US$326.750 million. That change combines ending share quantities and quarter-end prices and excludes flows and other assets. It cannot be presented as Pabrai’s investment return or a measured cash withdrawal.
What the next filing should resolve
The useful follow-up is whether the two coal share reductions continue, whether the small Transocean quantity change becomes economically meaningful, and whether Kaspi.kz remains a negligible line or develops into a larger reported allocation. Those checks concern disclosed quantities and concentration. They do not require an unsupported story about Pabrai’s purchase motives.
For company-level research, coal demand, realized pricing, mine costs and reinvestment needs should be assessed from issuer reports; drilling exposure requires its own contract, utilization and funding analysis. A manager’s disclosure provides a research lead, not a substitute for those business economics. This article does not initiate an issuer target price or rank manager returns.
Related coverage and method
Guru reports and same-quarter institutional statistics place this concentrated filing beside the other verified managers. See the holdings and share-change methodology for scope and calculation boundaries. No prior AHNIM Dalal Street article exists for Q1; the original Q1 filing below is the baseline.
AHNIM calculations: weight = position value ÷ same-quarter eligible equity value; quantity change = current shares − split-adjusted prior shares; change % = quantity change ÷ adjusted prior shares; top-three concentration = three largest issuer values ÷ total. Dollar totals use unrounded filed values before display rounding. Investment information, not personalized advice. See our research and corrections policy.
Sources and original documents
Dalal Street, LLC — Form 13F-HR, report period 2026-03-31, filed 2026-05-14; accession 0001549575-26-000009. Filing index · Cover and summary · Information table.
Dalal Street, LLC — Form 13F-HR, report period 2026-06-30, filed 2026-08-13; accession 0001549575-26-000015. Filing index · Cover and summary · Information table.
SEC manager submissions history, checked October 21, 2026 KST; no applicable Q1/Q2 amendment or actual Q3 report found. SEC issuer/ticker mapping and current issuer-submissions SIC records, applied consistently to both quarters; code definitions from the SEC SIC list. This is an administrative industry taxonomy, not GICS or a business-segment revenue mix.
Pabrai Wagons official firm overview, current role and legal-entity context; reviewed October 21, 2026 KST. The Dalal Street cover signatures provide the quarter-specific Managing Member role.
Warrior Met issuer SIC record · Alpha Metallurgical issuer SIC record · Transocean issuer SIC record · Kaspi.kz issuer SIC record. Continuing-issuer quarterly filings were screened for share-basis actions; no applicable Q2 factor was established.
SEC Form 13F FAQ · Official Form 13F instructions. Reported 13F values are US dollars, rounded to the nearest dollar.
Independent editorial analysis by AHNIM STUDIO. AI assists research organization, calculations and the editorial portrait; original documents and reproducible checks govern the figures. The portrait is an editorial illustration, not a photograph. Material corrections are dated.
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