Dhandho Funds

What Dhandho Funds does

Dhandho Funds LLC, doing business as Pabrai Wagons Advisors, is a private investment management firm founded in 2014 by Mohnish Pabrai and headquartered in West Lake Hills, Texas (Austin metro). The firm applies a value-investing methodology rooted in Warren Buffett's principles, employing a proprietary 'three-legged stool' analytical framework that evaluates business quality, management quality, and reinvestment potential to identify long-duration 'compounding machines.' Its core product is the Pabrai Wagons ETF (NYSE ticker: WAGN), an actively-managed, non-diversified ETF launched on September 29, 2023, which invests in both large- and small/mid-cap companies with high-conviction, long-term holdings under a 'circle the wagons' strategy.

The firm manages approximately $1.2 billion in combined private partnership and ETF assets as of March 31, 2026, through Pabrai Wagons Advisors and its affiliated advisor Dalal Street LLC. It is a subsidiary of Dhandho Holdings, which serves as the parent holding company. Distribution of the ETF is handled by Quasar Distributors, LLC, and shares are accessible through standard brokerage accounts on the NYSE.

The firm employs approximately 10 individuals across portfolio management (Mohnish Pabrai), research and quantitative analysis (Fahad Missmar, Jaya Bharath Velicherla), compliance (Kimberly Engleman, CSCP-certified), investor relations (Aidan Townsend), and administrative consulting functions. The firm's customer base comprises individual investors, registered investment advisors and wealth managers, and institutional investment firms (including family offices and endowments), reached via direct investor relations outreach and the publicly-listed ETF wrapper.

Name

Dhandho Funds

Legal name

Dhandho Funds LLC

Website

https://dhandhofunds.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Dhandho Funds, dba Pabrai Wagons Advisors, is a private Texas-based investment manager founded in 2014 by Mohnish Pabrai. It manages approximately $1.2 billion across the actively-managed Pabrai Wagons ETF (WAGN) and private partnerships, serving individual investors, advisors, and institutions.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Private Client/High-Net-Worth Advisory (FSAEAAAN)

Keywords

• Value investing management
• Actively managed ETF
• Investment advisory services
• Concentrated equity portfolio
• Wealth management firm

Headquarters

HQ city

Irvine

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Investment Management Fees: The firm earns management fees through advising the Pabrai Wagons ETF (ticker: WAGN) and private partnership assets. Dhandho Funds LLC, dba Pabrai Wagons Advisors, serves as the Advisor to the Pabrai Wagons ETF, distributed by Quasar Distributors, LLC. The firm manages approximately $1.2 billion in combined private partnership and ETF assets.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Dhandho Funds LLC, doing business as Pabrai Wagons Advisors, is an investment management firm founded by Mohnish Pabrai that advises the Pabrai Wagons ETF (NYSE ticker: WAGN) and private partnership assets. The firm applies a Buffett-style value investing methodology, concentrating on a small number of high-conviction "compounding machine" businesses held for the long term. As of March 31, 2026, the firm manages approximately $1.2 billion in combined private partnership and ETF assets.

Product overview

Dhandho Funds, dba Pabrai Wagons Advisors, is an investment management firm offering a single actively-managed ETF product: the Pabrai Wagons ETF (ticker: WAGN). The fund applies core value investing principles to invest in high-quality businesses led by high-quality people. As of March 31, 2026, Mohnish Pabrai manages approximately $1.2 billion in private partnership and ETF assets through Pabrai Wagons Advisors and its affiliated advisor, Dalal Street LLC. The firm is based in Austin, Texas.

Differentiator

Problem solved

Functional benefit

Products and services

• Pabrai Wagons ETF (WAGN) An actively-managed, non-diversified exchange-traded fund listed on NYSE under ticker WAGN. The fund employs a concentrated, long-term value strategy that "circles the wagons" around highest-conviction holdings exhibiting durable competitive advantages, exceptional management, and disciplined reinvestment. It is the publicly traded vehicle through which investors access Mohnish Pabrai's investment expertise.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Quasar Distributors, LLCcoreChannel Partner/ Reseller/ Distributor · 29 September 2023Quasar Distributors, LLC is the distributor of the Pabrai Wagons ETF. The firm provides regulatory distribution services for the actively-managed ETF listed on NYSE under ticker WAGN.
• Dalal Street LLCcoreStrategic or Co-development PartnerDalal Street LLC is an affiliated advisor that, together with Pabrai Wagons Advisors, manages approximately $1.2 billion in private partnership and ETF assets as of March 31, 2026.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• ARK Invest: ARK Invest runs a suite of actively managed thematic ETFs led by a single high-profile investor personality (Cathie Wood). Like Pabrai Wagons Advisors, ARK distributes directly to retail and advisor channels and is deeply identified with its founder's investment philosophy, providing a direct structural and distribution comparison point.
• Third Avenue Management: Third Avenue is a concentrated, deep-value asset manager founded by Martin Whitman, with a strong focus on downside protection and intensive fundamental research. It is comparable as a founder-led, value-disciplined boutique asset manager.
• Pershing Square Capital Management: Bill Ackman's Pershing Square runs a concentrated, high-conviction value-oriented portfolio managed by a single named CIO, marketed heavily through public communications. The concentrated, personality-led, value-flavored approach is structurally analogous to the Pabrai Wagons strategy.
• First Eagle Investment Management: First Eagle is a well-established value-oriented asset manager with multiple vehicles (mutual funds, ETFs, SMAs) and a conservative, capital-preservation mindset. It is comparable as a value-led multi-channel asset manager with both institutional and retail distribution.
• Pzena Investment Management: Pzena is a publicly traded, classic-value asset manager running concentrated global value portfolios for institutional and retail channels. Its focus on high-conviction, value-oriented equity strategies serves as a direct comparable on investment approach and asset management business model.
• Tweedy, Browne Company: Tweedy, Browne is a classic Graham-Buffett-style value investment manager with global mandates, a small specialized team, and a long holding-period philosophy. It is a direct comparable on investment style and firm culture for Dhandho Funds.
• Sequoia Fund: Sequoia Fund (Ruane, Cunniff & Goldfarb) is a long-running, concentrated value-oriented equity fund with a deep Buffett lineage (Bill Ruane was a Buffett protégé). It offers a direct comparable for Dhandho's long-term, high-conviction, founder-influenced value approach.
• Longleaf Partners: Longleaf Partners runs concentrated, long-term value equity portfolios with a small team and a disciplined price-sensitive approach. It is comparable as a long-hold, high-conviction value partnership with a similar firm-size profile.

Broad incumbents

• Oaktree Capital Management: Oaktree, co-founded by Howard Marks, is a large value-oriented alternative asset manager with a similarly founder-led, value-disciplined culture and a strong external thought-leadership brand. It is comparable at the level of investment philosophy and thought-leadership-driven distribution, though at materially greater scale.
• Berkshire Hathaway: While Berkshire is a holding company rather than an asset manager, it is the intellectual and philosophical anchor for Dhandho's value approach (Buffett lineage). It is useful as a broad incumbent reference for the value/compounding-machine paradigm that Pabrai explicitly follows.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/WagonsAdvisors
• YouTubeyoutube.com/@PabraiWagonsAdvisors
• Facebookfacebook.com/profile.php?id=61583834352643
• LinkedInlinkedin.com/company/dhandho-fund
• TikToktiktok.com/@wagons_advisors

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dhandho Funds