Pabrai Wagons Fund 1Q23 Commentary

Pabrai Wagons Fund commentary for the first quarter ended December 31, 2023.

Dear Investor,

I am excited to share that the Pabrai Wagons Fund (Retail Ticker: WAGNX; Institutional: WGNIX), launched on September 29, 2023 and completed its first full quarter on December 31, 2023. I am the sole manager of this mutual fund and we will typically be invested in 15-25 businesses around the world. The Fund is off to a good start. From inception through 12/31/23, WAGNX was up 7.82% and WGNIX was up 7.94%, vs. the S&P 500, which was up an even more impressive 11.69%. It is very unlikely that the Fund or the S&P 500 can sustain these types of numbers in the future. For reference, the S&P...