Value investor Mohnish Pabrai (Trades, Portfolio), managing partner of Pabrai Investment Funds, has a history of investing in out-of-favor smaller companies, but, for the first quarter in more than a year, he neither bought a new stake nor added to an existing one in his portfolio.
It has been noted, however, that he tends to maintain a concentrated portfolio, typically containing fewer than two dozen stakes. In the second quarter, the number of stakes in Mohnish Pabrai (Trades, Portfolio)’s portfolio went down by one – to seven.
Citigroup Inc. (C, Financial), a New York-based banking and financial services company, had been in Pabrai’s portfolio since 2011. At one time, Pabrai had 1,807,510 shares of Citigroup in his portfolio, but that number had dropped to 53,000 shares by the second quarter of 2015, and Pabrai sold the shares for an average price of $54.36 per share. That is at least 60% more than he paid for the shares in the fourth quarter of 2011 and the first quarter of 2012. The deal had a -0.51% impact on Pabrai’s portfolio.
Citigroup has a market cap of $173.13 billion and an enterprise value of $275.25 billion. It has a P/E of 14.3, a Price/Book of 0.9 and a Price/Sales of 2.3. James Barrow (Trades, Portfolio), HOTCHKIS & WILEY, Ken Fisher (Trades, Portfolio), Richard Pzena (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Steven Romick (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Ken Heebner (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Kahn Brothers (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Arnold Schneider (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Francis Chou (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Chris Davis (Trades, Portfolio), Manning & Napier Advisors, Inc, Jeff Auxier (Trades, Portfolio), David Dreman (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Prem Watsa (Trades, Portfolio), John Keeley (Trades, Portfolio), Dodge & Cox and Ruane Cunniff (Trades, Portfolio) have shares of Citigroup in their portfolios.
In Pabrai’s other second-quarter transaction, he sold a portion of his existing stake in POSCO (PKX, Financial), a South Korean steelmaking company. Pabrai sold 1,400 shares of POSCO for an average price of $55.49 per share. The sale had a -0.01% impact on Pabrai’s portfolio.
POSCO has a market cap of $12.88 billion and an enterprise value of $35.16 billion. It has a P/E of 15.3, a Price/Book of 0.4 and a Price/Sales of 0.2. Third Avenue Management (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Martin Whitman (Trades, Portfolio), Jim Simons (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio) and Charlie Munger (Trades, Portfolio) have shares of POSCO in their portfolios.
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