How to Invest

The Pabrai Wagons Fund is available at Schwab, Fidelity, Vanguard, Interactive Brokers, Pershing, Stifel, SoFi, and directly via our transfer agent US Bank, and is working to be available on additional brokerage platforms. We will update that list here. Most brokerage platforms require that existing clients request that a fund be added. If you would like the Pabrai Wagons Fund to be added to your brokerage platform of choice, please contact your broker or advisor and request that the fund be added. 

The Pabrai Wagons Fund will be reorganizing into an ETF called the Pabrai Wagons ETF (ticker: WAGN) expected to be live on  February 9, 2026. Ahead of that conversion, effective January 24, 2026, the retail share class of the mutual fund (WAGNX) consolidated into a single institutional share class (WGNIX). You can invest in the Fund by purchasing shares of WGNIX until February 2, 2026, when transactions will be frozen until after the conversion is complete on February 9, 2026. Mutual fund shares held in a standard brokerage account are expected to convert automatically into ETF shares over the weekend of February 6, 2026. For more details see the Combined Information Statement & Prospectus dated December 29, 2025. For more information on how to purchase ETF shares following our conversion, please visit our ETF Guide. 

Please email Aidan Townsend (at@wagonsfund.com) if you need any assistance.
1
BUSINESS
  • Enduring, predictable high ROEs* and FCF**
  • Identifiable, sustainable competitive advantages
  • Pricing power in excess of costs, inflation protection
  • Easy to understand
  • Normally avoid return-regulated industries
  • Strong balance sheets
2
MANAGEMENT
  • Management with exceptional skill, integrity, and passion
  • Treat shareholders like partners
  • Indifferent to Wall Street’s short-term focus
  • Lean corporate culture fosters independence, accountability
  • Compensation rationally determined
3
REINVESTMENT
  • Pattern of disciplined reinvestment
  • Extensive opportunities to reinvest FCF organically or through acquisitions
COMPOUNDING MACHINE
These three areas of analysis – business, management, and reinvestment – are the key components of what we call our “three-legged stool.” When we find a business that satisfies all three of our requirements, we refer to it as a “compounding machine,” and we seek to purchase shares at a modest valuation.

We know from experience that these businesses are rare.
1
BUSINESS
  • Enduring, predictable high ROEs* and FCF**
  • Identifiable, sustainable competitive advantages
  • Pricing power in excess of costs, inflation protection
  • Easy to understand
  • Normally avoid return-regulated industries
  • Strong balance sheets
2
MANAGEMENT
  • Management with exceptional skill, integrity, and passion
  • Treat shareholders like partners
  • Indifferent to Wall Street’s short-term focus
  • Lean corporate culture fosters independence, accountability
  • Compensation rationally determined
3
REINVESTMENT
  • Pattern of disciplined reinvestment
  • Extensive opportunities to reinvest FCF organically or through acquisitions
COMPOUNDING MACHINE
These three areas of analysis – business, management, and reinvestment – are the key components of what we call our “three-legged stool.” When we find a business that satisfies all three of our requirements, we refer to it as a “compounding machine,” and we seek to purchase shares at a modest valuation.

We know from experience that these businesses are rare.
1
BUSINESS
  • Enduring, predictable high ROEs* and FCF**
  • Identifiable, sustainable competitive advantages
  • Pricing power in excess of costs, inflation protection
  • Easy to understand
  • Normally avoid return-regulated industries
  • Strong balance sheets
2
MANAGEMENT
  • Management with exceptional skill, integrity, and passion
  • Treat shareholders like partners
  • Indifferent to Wall Street’s short-term focus
  • Lean corporate culture fosters independence, accountability
  • Compensation rationally determined
3
REINVESTMENT
  • Pattern of disciplined reinvestment
  • Extensive opportunities to reinvest FCF organically or through acquisitions
COMPOUNDING MACHINE
These three areas of analysis – business, management, and reinvestment – are the key components of what we call our “three-legged stool.” When we find a business that satisfies all three of our requirements, we refer to it as a “compounding machine,” and we seek to purchase shares at a modest valuation.

We know from experience that these businesses are rare.
You can buy shares of the Pabrai Wagons Fund by opening an account on any one of these platforms:
Charles Schwab: The Pabrai Wagons Fund (WGNIX) shares are available at Schwab. To invest, select the “Mutual Fund” option under the "Trade" heading in your Schwab account. If you are an RIA whose clearing correspondent firm uses Schwab, please contact Aidan Townsend (at@wagonsfund.com) so that we can assist you in accessing the Fund through your firm, including: Axos Clearing, Cetera, DA Davidson, ETC Brokerage, Goldman Sachs Folio, Fifth Third Bank, Hilltop Securities, Janney Montgomery Scott, Stone X, RW Baird, Stifel, Wedbush Securities.
Fidelity Investments: The Pabrai Wagons Fund (WGNIX) shares are available  at Fidelity. You can now buy by selecting the “Trade Mutual Funds” option under the “Trade” heading in your Fidelity account.
Charles Schwab: You can buy institutional class shares (WGNIX) of the Pabrai Wagons Fund on Schwab by selecting the “All-In-One Trade Ticket” option under the Trade heading in your Schwab account. Only the Institutional Share Class (WGNIX) has been added to Schwab at this time. We hope the Retail Share Class (WAGNX) will be made available too, but we have no visibility on when that will occur.
Vanguard: The Pabrai Wagons Fund (WGNIX) shares are available at Vanguard. To invest, select the option to "Trade Non-Vanguard funds via Fund Access" under "Transact."
Interactive Brokers: To buy the Pabrai Wagons Fund (WGNIX) shares at Interactive Brokers you will need to modify your Trading Permissions to allow for mutual fund trading. Instructions here: Instructions to Add Mutual Funds to Trading Permissions.
Pershing: The Pabrai Wagons Fund (WGNIX) shares are available at Pershing's two mutual fund platforms: FundCenter and FundVest.
Stifel: The Pabrai Wagons Fund (WGNIX) shares are available to Stifel advisors and clients.
SoFi: The Pabrai Wagons Fund (WGNIX) shares are available at SoFi. To invest, search for WGNIX under the "Invest" heading in your SoFi account and then click on "Trade."
Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may focus its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in small- and medium-capitalization companies, which involve additional risks such as limited liquidity and greater volatility than larger capitalization companies. Download the prospectus.
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The Pabrai Wagons Fund is distributed by Quasar Distributors, LLC. Quasar Distributors, LLC is not affiliated with broker dealers listed above. Dhandho Funds, dba Pabrai Wagons Advisors, is the Advisor to the Pabrai Wagons Fund.

The Interactive Brokers logo is a registered trademark of Interactive Brokers LLC.
ABOUT THE PABRAI WAGONS FUND
The Pabrai Wagons Fund (ticker: “WGNIX”) was launched on September 29, 2023. The Fund is non-diversified and maintains a focused portfolio of investments.
ADDITIONAL INFORMATION
For additional information about Pabrai Wagons Advisors, please visit us.
VISIT PABRAI WAGONS ADVISORS
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