# Pabrai Wagons Advisors

> Pabrai Wagons Advisors is an SEC-registered investment advisory firm in West Lake Hills, TX, registered since 2022, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated August 27, 2026.

- CRD: 283147
- Filed as: PABRAI WAGONS ADVISORS
- Legal name: Dhandho Funds 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/283147
- AdvisorCensus page: https://advisorcensus.com/firm/pabrai-wagons-advisors-west-lake-hills-tx-283147

## Quick answers

**How is Pabrai Wagons Advisors compensated?**
On its Form ADV (Item 5.E, October 2026), Pabrai Wagons Advisors reports these compensation arrangements: a percentage of assets under its management.

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

**Is Pabrai Wagons Advisors registered with the SEC or a state?**
Pabrai Wagons Advisors is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 283147.

**How much does Pabrai Wagons Advisors manage?**
Pabrai Wagons Advisors reports $104,034,265 in regulatory assets under management in its Form ADV filing dated August 27, 2026 (100% discretionary).

**How have Pabrai Wagons Advisors' assets and staff changed since 2021?**
In the Form ADV data for Pabrai Wagons Advisors: Regulatory assets under management: $87,668,141 in the October 2022 data and $104,034,265 in the October 2026 data, up 19%. Total employees: 3 in October 2022 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Pabrai Wagons Advisors serve?**
By number of clients on Form ADV Item 5.D: investment companies (1).

**Does Pabrai Wagons Advisors 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/283147

**Does Pabrai Wagons Advisors state an account minimum?**
Its Form ADV Part 2A brochure dated August 27, 2026 says: "The ETF does not have a minimum initial investment requirement."

**What changed in Pabrai Wagons Advisors' recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $46,535,631 to $104,034,265 (+124%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated August 27, 2026)

- Account minimum: None

> The ETF does not have a minimum initial investment requirement.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $104,034,265
- Discretionary: $104,034,265
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $104,034,265 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2022 (4 years)
- Employees: 5 total, 3 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](https://chaiwithpabrai.com)
- [dhandhofunds.com](https://dhandhofunds.com)
- [wagonsetf.com](https://wagonsetf.com)
- Facebook @mohnish.pabrai
- Facebook @Pabrai-Wagons-Advisors
- Facebook @wagonsetf
- Instagram @chaiwithpabrai
- LinkedIn @dhandho-funds-llc
- LinkedIn @wagonsetf
- LinkedIn @mohnish-pabrai
- TikTok @mpabrai
- TikTok @wagons_advisors
- X @WagonsAdvisors
- X @mohnishpabrai
- X @wagonsetf
- YouTube @PabraiWagonsAdvisors
- YouTube @PabraiWagonsETF
- YouTube @mohnishpabrai

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | Not reported | Not reported | September 13, 2021 |
| October 2022 | $87,668,141 | 3 | August 26, 2022 |
| October 2023 | $85,933,703 | 3 | May 18, 2023 |
| October 2024 | $116,270,544 | 4 | March 29, 2024 |
| October 2025 | $46,535,631 | 6 | March 31, 2025 |
| October 2026 | $104,034,265 | 5 | August 27, 2026 |

Regulatory assets under management: $87,668,141 in the October 2022 data and $104,034,265 in the October 2026 data, up 19%.
Total employees: 3 in October 2022 and 5 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $46,535,631 to $104,034,265 (+124%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pabrai Wagons Advisors (CRD 283147): Form ADV filing data as of October 2026.