# Pabrai Investment Funds

> Pabrai Investment Funds is an SEC-registered investment advisory firm in West Lake Hills, TX, registered since 2012, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated August 27, 2026.

- CRD: 161471
- Filed as: PABRAI INVESTMENT FUNDS
- Legal name: Dalal Street, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: West Lake Hills, TX
- Filing period: October 2026
- Form ADV filing dated: August 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/161471
- AdvisorCensus page: https://advisorcensus.com/firm/pabrai-investment-funds-west-lake-hills-tx-161471

## Quick answers

**How is Pabrai Investment Funds compensated?**
On its Form ADV (Item 5.E, October 2026), Pabrai Investment Funds reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Pabrai Investment Funds located?**
Pabrai Investment Funds' principal office is in West Lake Hills, TX, according to its Form ADV.

**Is Pabrai Investment Funds registered with the SEC or a state?**
Pabrai Investment Funds is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 161471.

**How much does Pabrai Investment Funds manage?**
Pabrai Investment Funds reports $936,286,116 in regulatory assets under management in its Form ADV filing dated August 27, 2026 (100% discretionary).

**How have Pabrai Investment Funds' assets and staff changed since 2021?**
In the Form ADV data for Pabrai Investment Funds: Regulatory assets under management: $637,600,000 in the October 2021 data and $936,286,116 in the October 2026 data, up 47%. Total employees: 2 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Pabrai Investment Funds serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6).

**Which custodians does Pabrai Investment Funds use?**
Pabrai Investment Funds' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Fidelity Brokerage Services LLC and UBS Financial Services Inc. as custodians holding 10% or more of its separately managed account assets.

**Does Pabrai Investment Funds report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/161471

**What changed in Pabrai Investment Funds' recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,113,194,523 to $936,286,116 (-16%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Fidelity Brokerage Services LLC
- UBS Financial Services Inc.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $936,286,116
- Discretionary: $936,286,116
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $934,484,164 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $1,703,511 |
| Corporations or other businesses not listed above | Fewer than 5 | $98,441 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 3 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- chaiwithpabrai.com
- dhandho-holdings.com
- pabraifunds.com
- Facebook @mohnish.pabrai
- Instagram @chaiwithpabrai
- LinkedIn @mohnish-pabrai
- TikTok @mpabrai
- X @mohnishpabrai
- YouTube @mohnishpabrai

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $637,600,000 | 2 | September 13, 2021 |
| October 2022 | $734,614,982 | 2 | April 18, 2022 |
| October 2023 | $637,559,594 | 2 | May 18, 2023 |
| October 2024 | $798,274,634 | 2 | March 29, 2024 |
| October 2025 | $1,113,194,523 | 3 | March 31, 2025 |
| October 2026 | $936,286,116 | 3 | August 27, 2026 |

Regulatory assets under management: $637,600,000 in the October 2021 data and $936,286,116 in the October 2026 data, up 47%.
Total employees: 2 in October 2021 and 3 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,113,194,523 to $936,286,116 (-16%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pabrai Investment Funds (CRD 161471): Form ADV filing data as of October 2026.