Pabrai’s Top Holding Seritage Sours in 2021


Mohnish Pabrai
(Trades, Portfolio), managing partner of Pabrai Investment Funds, disclosed this week that his firm slashed more than a quarter of its stake in Seritage Growth Properties (SRG, Financial) according to GuruFocus Real-Time Picks, a Premium feature.

Pabrai invests primarily in smaller-cap companies that are out of favor and undervalued. The guru’s U.S.-based portfolio represents a fraction of his firm’s total assets under management. Pabrai said in a 2019 interview with GuruFocus that he had moved the majority of the assets to other countries, where he was finding more attractive investments.

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As of the latest portfolio filing, Pabrai’s U.S.-based equity portfolio contains three stocks: Seritage, Micron Technology Inc. (

MU, Financial) and Alibaba Group Holding Ltd. (BABA, Financial).

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Seritage

Pabrai Investment Funds sold 1,277,108 shares of Seritage (

SRG, Financial), slicing 26.98% of the position and 9.06% of its equity portfolio.

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Shares of Seritage traded around $13.53, down approximately 12.70% over the past 12 months. The stock is modestly undervalued based on Tuesday’s price-to-GF Value ratio of 0.77.

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GuruFocus ranks the New York-based REIT’s financial strength 2 out of 10 on several warning signs, which include a low Piotroski F-score of 2, a weak Altman Z-score of -0.14 and a debt-to-equity ratio that underperforms over 90% of global competitors.

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Micron Technology

The firm owns 1,579,150 shares of Micron Technology (

MU, Financial), dedicating 58.76% of its equity portfolio to the stake.

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Shares of Micron traded around $93.91, up approximately 21.53% over the past 12 months. The stock is modestly overvalued based on Tuesday’s price-to-GF Value ratio of 1.27.

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GuruFocus ranks the Boise, Idaho-based semiconductor company’s profitability 9 out of 10 on several positive investing signs, which include a 4.5-star business predictability rank, a high Piotroski F-score of 9 and profit margins that outperform more than 89% of global competitors.

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Other gurus with holdings in Micron Technology include


PRIMECAP Management
(Trades, Portfolio) and
Li Lu
(Trades, Portfolio)’s Himalaya Capital Management.

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Alibaba

The firm owns 57,347 shares of Alibaba (

BABA, Financial), allocating 4.45% of its equity portfolio to the holding.

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Shares of Alibaba traded around $132.31, down approximately 45.68% over the past 12 months. The stock is significantly undervalued based on Tuesday’s price-to-GF Value ratio of 0.35.

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GuruFocus ranks the Chinese e-commerce giant’s profitability 8 out of 10 on several positive investing signs, which include a three-star business predictability rank and profit margins that outperform more than 78% of global competitors.

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Other gurus with holdings in Alibaba include


Charlie Munger
(Trades, Portfolio)’s Daily Journal Corp. (DJCO, Financial) and
Baillie Gifford
(Trades, Portfolio).

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