Hedge fund manager Mohnish Pabrai is fighting back from big loss in 2008. He tries to buy small cap companies at distressed levels. This is the Q3 portfolio update of Pabrai Funds.
Mohnish Pabrai buys Interactive Brokers Group Inc., sells Cresud S.a.c.i.f. Y A. - Each Warrant Entitles Hol during the 3-months ended 09/30/2009, according to the most recent filings of his investment company, Pabrai Mohnish. Mohnish Pabrai owns 17 stocks with a total value of $323 million. These are the details of the buys and sells.
For the details of Mohnish Pabrai's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Mohnish+Pabrai
This is the sector weightings of his portfolio:
These are the top 5 holdings of Mohnish Pabrai
Potash Corporation of Saskatchewan Inc. is the world's largest potash company, the third largest phoshate producer and the second largest nitrogen producer in the world. Behind its growing success lies a vital infrastructure: knowledgeable PCS Sales staff throughout Canada and the United States, a transportation network that includes truck, train, barge, lake ship and ocean vessel, and warehouses strategically located in major consuming areas. Potash Corp. Of Saskatchewan Inc. has a market cap of $30.41 billion; its shares were traded at around $102.83 with a P/E ratio of 20.48 and P/S ratio of 3.22. The dividend yield of Potash Corp. Of Saskatchewan Inc. stocks is 0.39%. Potash Corp. Of Saskatchewan Inc. had an annual average earning growth of 12.6% over the past 10 years.
Brookfield Properties Corporation is focused on the ownership, management and development of premier office properties located in the downtown core of select North American markets, including: New York, Boston, Toronto, Calgary, Denver, and Minneapolis. Brookfield operates real estate service businesses and develops master planned communities. Brookfield Properties Corp. has a market cap of $5.52 billion; its shares were traded at around $11.02 with a P/E ratio of 11.6 and P/S ratio of 1.98. The dividend yield of Brookfield Properties Corp. stocks is 5.08%. Brookfield Properties Corp. had an annual average earning growth of 12.7% over the past 5 years.
Terex Corp. is a global manufacturer of a broad range of construction and mining related capital equipment. The company strives to manufacture high quality machines which are low cost, simple to use and easy to maintain. The company's principal products include telescopic mobile cranes, aerial work platforms, utility aerial devices, telescopic material handlers, truck mounted mobile cranes, rigid and articulated off-highway trucks and high capacity surface mining trucks, and related components and replacement parts. Terex Corp. has a market cap of $2.28 billion; its shares were traded at around $21.08 with and P/S ratio of 0.23. Terex Corp. had an annual average earning growth of 11.3% over the past 10 years.
INTERACTIVE BROKERS is an automated global electronic market maker and broker specializing in routing orders and executing and processing trades in securities, futures and foreign exchange instruments on more than 70 electronic exchanges and trading venues around the world. As a market maker, they provide liquidity at these marketplaces and, as a broker, they provide professional traders and investors with direct access to stocks, options, futures, forex and bonds from a single IB Universal AccountSM. Interactive Brokers Group Inc. has a market cap of $707.64 million; its shares were traded at around $17.17 with a P/E ratio of 13.21 and P/S ratio of 0.32.
Pinnacle Airlines Corp., a regional airline, offers scheduled passenger service throughout the United States. The Company is a Northwest Airlink carrier and operates a fleet of aircraft consisting of Bombardier Canadair Regional Jets and Saab 340 turboprops. Pinnacle Airlines Corp. has a market cap of $119.22 million; its shares were traded at around $6.5 with a P/E ratio of 5.51 and P/S ratio of 0.14.
Ternium is the leading producer of flat and long steel products of Latin America and consolidates the operations of the steel companies Hylsa in Mexico, Siderar in Argentina and Sidor in Venezuela. It create value with our customers, jointly improving competitiveness and productivity, through a highly efficient industrial and technological base and a global commercial network. Ternium S.a. has a market cap of $6.25 billion; its shares were traded at around $31.18 with and P/S ratio of 0.74.
Mohnish Pabrai buys Interactive Brokers Group Inc., sells Cresud S.a.c.i.f. Y A. - Each Warrant Entitles Hol during the 3-months ended 09/30/2009, according to the most recent filings of his investment company, Pabrai Mohnish. Mohnish Pabrai owns 17 stocks with a total value of $323 million. These are the details of the buys and sells.
For the details of Mohnish Pabrai's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Mohnish+Pabrai
This is the sector weightings of his portfolio:
| Financials | 39.1% |
| Basic Materials | 31.9% |
| Industrials | 9.2% |
| Oil & Gas | 9% |
| Consumer Goods | 6.5% |
| Consumer Services | 4.4% |
These are the top 5 holdings of Mohnish Pabrai
- Ternium S.A. (TX) - 1,126,331 shares, 9.28% of the total portfolio
- Potash Corp. Of Saskatchewan Inc. (POT) - 324,058 shares, 9.06% of the total portfolio
- Harvest Natural Resources Inc. (HNR) - 5,655,201 shares, 8.98% of the total portfolio
- Teck Cominco Ltd. (TCK) - 1,006,501 shares, 8.59% of the total portfolio
- Brookfield Properties Corp. (BPO) - 2,360,767 shares, 8.23% of the total portfolio
Added: Potash Corp. Of Saskatchewan Inc. (POT, Financial)
Mohnish Pabrai added to his holdings in Potash Corp. Of Saskatchewan Inc. by 110.78%. His purchase prices were between $84.13 and $99.56, with an estimated average price of $92.66. The impact to his portfolio due to this purchase was 4.76%. His holdings were 324,058 shares as of 09/30/2009.Potash Corporation of Saskatchewan Inc. is the world's largest potash company, the third largest phoshate producer and the second largest nitrogen producer in the world. Behind its growing success lies a vital infrastructure: knowledgeable PCS Sales staff throughout Canada and the United States, a transportation network that includes truck, train, barge, lake ship and ocean vessel, and warehouses strategically located in major consuming areas. Potash Corp. Of Saskatchewan Inc. has a market cap of $30.41 billion; its shares were traded at around $102.83 with a P/E ratio of 20.48 and P/S ratio of 3.22. The dividend yield of Potash Corp. Of Saskatchewan Inc. stocks is 0.39%. Potash Corp. Of Saskatchewan Inc. had an annual average earning growth of 12.6% over the past 10 years.
Added: Brookfield Properties Corp. (BPO, Financial)
Mohnish Pabrai added to his holdings in Brookfield Properties Corp. by 11.11%. His purchase prices were between $6.98 and $11.68, with an estimated average price of $9.87. The impact to his portfolio due to this purchase was 0.82%. His holdings were 2,360,767 shares as of 09/30/2009.Brookfield Properties Corporation is focused on the ownership, management and development of premier office properties located in the downtown core of select North American markets, including: New York, Boston, Toronto, Calgary, Denver, and Minneapolis. Brookfield operates real estate service businesses and develops master planned communities. Brookfield Properties Corp. has a market cap of $5.52 billion; its shares were traded at around $11.02 with a P/E ratio of 11.6 and P/S ratio of 1.98. The dividend yield of Brookfield Properties Corp. stocks is 5.08%. Brookfield Properties Corp. had an annual average earning growth of 12.7% over the past 5 years.
Added: Terex Corp. (TEX, Financial)
Mohnish Pabrai added to his holdings in Terex Corp. by 26.27%. His purchase prices were between $10.6 and $20.87, with an estimated average price of $15.6. The impact to his portfolio due to this purchase was 0.71%. His holdings were 530,776 shares as of 09/30/2009.Terex Corp. is a global manufacturer of a broad range of construction and mining related capital equipment. The company strives to manufacture high quality machines which are low cost, simple to use and easy to maintain. The company's principal products include telescopic mobile cranes, aerial work platforms, utility aerial devices, telescopic material handlers, truck mounted mobile cranes, rigid and articulated off-highway trucks and high capacity surface mining trucks, and related components and replacement parts. Terex Corp. has a market cap of $2.28 billion; its shares were traded at around $21.08 with and P/S ratio of 0.23. Terex Corp. had an annual average earning growth of 11.3% over the past 10 years.
New Purchase: Interactive Brokers Group Inc. (IBKR, Financial)
Mohnish Pabrai initiated holdings in Interactive Brokers Group Inc.. His purchase prices were between $15 and $20.06, with an estimated average price of $18.07. The impact to his portfolio due to this purchase was 0.58%. His holdings were 95,004 shares as of 09/30/2009.INTERACTIVE BROKERS is an automated global electronic market maker and broker specializing in routing orders and executing and processing trades in securities, futures and foreign exchange instruments on more than 70 electronic exchanges and trading venues around the world. As a market maker, they provide liquidity at these marketplaces and, as a broker, they provide professional traders and investors with direct access to stocks, options, futures, forex and bonds from a single IB Universal AccountSM. Interactive Brokers Group Inc. has a market cap of $707.64 million; its shares were traded at around $17.17 with a P/E ratio of 13.21 and P/S ratio of 0.32.
Reduced: Pinnacle Airlines Corp. (PNCL, Financial)
Mohnish Pabrai reduced to his holdings in Pinnacle Airlines Corp. by 22.68%. His sale prices were between $2.55 and $7.39, with an estimated average price of $4.99. The impact to his portfolio due to this sale was -0.99%. Mohnish Pabrai still held 2,112,054 shares as of 09/30/2009.Pinnacle Airlines Corp., a regional airline, offers scheduled passenger service throughout the United States. The Company is a Northwest Airlink carrier and operates a fleet of aircraft consisting of Bombardier Canadair Regional Jets and Saab 340 turboprops. Pinnacle Airlines Corp. has a market cap of $119.22 million; its shares were traded at around $6.5 with a P/E ratio of 5.51 and P/S ratio of 0.14.
Reduced: Ternium S.a. (TX, Financial)
Mohnish Pabrai reduced to his holdings in Ternium S.a. by 36.85%. His sale prices were between $17.21 and $27.71, with an estimated average price of $23.07. The impact to his portfolio due to this sale was -3.42%. Mohnish Pabrai still held 1,126,331 shares as of 09/30/2009.Ternium is the leading producer of flat and long steel products of Latin America and consolidates the operations of the steel companies Hylsa in Mexico, Siderar in Argentina and Sidor in Venezuela. It create value with our customers, jointly improving competitiveness and productivity, through a highly efficient industrial and technological base and a global commercial network. Ternium S.a. has a market cap of $6.25 billion; its shares were traded at around $31.18 with and P/S ratio of 0.74.
