Investor Mohnish Pabrai (Trades, Portfolio) runs a concentrated portfolio at his Pabrai Investment Funds with just 11 stocks, two of which he added in the fourth quarter. Pabrai’s portfolio had a value of $552 million at quarter-end.
Almost a third of Pabra’s portfolio consists of stocks in the Consumer Cyclical sector, at 29.4%. He also has a significant portion invested in Financial Services, at 22.8% of the portfolio, followed by Basic Materials at 21.6%.
In a December interview with Barrons, Pabrai said he was having more trouble finding cheap stocks in U.S. markets than he had a year ago:
“I would say it’s harder,” he said. “We haven’t had any meaningful investments in U.S.-listed stocks in probably two years. I’ve found a few things, but they are just really small. The stocks that we have found of any meaning are all out of the U.S.”
In the fourth quarter, he took a significant stake in Fiat Chrysler Automobiles NV (FCAU, Financial) and started a smaller position in Google Inc. (GOOG, Financial).
Fiat Chrysler Automobiles NV (FCAU, Financial)
Pabrai purchased 13,908,569 shares of Fiat Chrysler Automobiles NV in the fourth quarter, reflecting 29.2% of his portfolio and making it his largest position. Fiat Chrysler shares traded at an average price of $11 per share in the fourth quarter.
Fiat Chrysler Automobiles NV was incorporated on July 11, 1899. Fiat Chrysler Automobiles NV has a market cap of $17.67 billion; its shares were traded at around $14.47 with a P/E ratio of 15.20 and P/S ratio of 0.20.
Pabrai purchased 69,000 shares of Google Inc., a 6.6% portfolio weighting. Google shares averaged $538 per share for the quarter.
Google Inc. was incorporated in California on Sept. 4, 1998 and reincorporated in Delaware in August 2003. Google Inc. has a market cap of $369.53 billion; its shares were traded at around $542.93 with a P/E ratio of 26.0 and P/S ratio of 5.70. Google Inc. had an annual average earnings growth of 23.6% over the past 10 years. GuruFocus rated Google Inc. the business predictability rank of 3.5-star.
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