After 10.1% Return In 2020, Mohnish Pabrai Changes Strategy [2020 Letter]

Mohnish Pabrai's flagship hedge fund, the Pabrai Investment Fund II, returned 29.6% in the second half of 2020.

Q4 2020 hedge fund letters, conferences and more

Following this performance, the fund returned 10.1% net for the year, underperforming the S&P 500 but outperforming the Dow Jones Industrial Average, which returned just 9.7%.

According to a copy of the investment manager's year-end letter to investors, following this return, the fund has returned 12% annualized since inception, compared to just 6.9% for the S&P 500 over the same time frame.

According to the year-end letter to investors, an investment of $100,000 at inception would be worth $1.4 million, net of all management fees.

A change of...

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