Pabrai Wagons ETF

WAGN

Market cap $188M

Pabrai Wagons ETF (WAGN) is a concentrated, actively managed, bottom-up fund guided by Mohnish Pabrai's asymmetric value framework. WAGN emphasises out-of-favor, cyclical, and catalyst-driven ideas, driven by opportunity rather than mandate, with flexibility to buy high quality  compounders whereever warranted, diverging sharply from the S&P 500. I rate WAGN a buy for investors aligned with its high-conviction, discretionary approach, but it is unsuitable for those seeking benchmark-tracking or systematic strategies.

Pabrai Wagons ETF (WAGN) offers a concentrated, Buffett-style, actively managed global equity portfolio with only 20 holdings. WAGN recently converted from a mutual fund to an ETF in 2026, improving liquidity and growth prospects for AUM. The fund has delivered robust annualized NAV returns of 15% since inception, but lacks a long track record and detailed risk metrics.