Mohnish Discusses Circling the Wagons on Diary of a CEO

Описание: We believe great returns come from owning a few exceptional businesses held for a very long time. A great business should not be sold as long as it remains great.

Our Portfolio Manager Mohnish Pabrai explains this timeless principle.

Disclosures:

Please visit our website for standardized performance: https://www.wagonsfund.com/

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end maybe obtained by calling 1-800-501-1792. The Fund imposes a 1.00% redemption fee on shares held for 90 days or less. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

The S&P 500 Index is an index of 500 large capitalization companies selected by Standard & Poor’s Financial Services LLC. One cannot invest directly in an index.

Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. Nothing contained on this communication constitutes tax, legal, or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation.

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. The Fund is new with a limited operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size. Download the prospectus here: https://www.wagonsfund.com/ir

According to the Statutory Prospectus dated 10/31/2025. Gross expense ratio is 1.84% for retail class and 1.59% for institutional class. The advisor has contractually agreed to cap the fund operating expenses through 10/31/2026. Dhandho Funds, dba Pabrai Wagons Advisors, (the “Advisor”) has contractually agreed to reduce its fees and/or pay Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, extraordinary expenses, shareholder servicing fees and any other class specific expenses) in order to limit Total Annual Fund Operating Expenses After Fee Reduction and/or Expense Reimbursement to 0.90% of the Fund’s average daily net assets (the “Expense Cap”). The Expense Cap is indefinite, but will remain in effect until at least October 31, 2026 and may be terminated at any time by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to the Advisor, or by the Advisor with consent of the Board.

Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

References to the performance record of Berkshire Hathaway or Warren Buffett is in no way meant to suggest the Fund will have a similar record or performance in the future.

A multibagger refers to a stock that has the potential to generate returns that are several times higher than its original purchase price. Specifically, it denotes stocks that can deliver returns of 100% or more from their cost basis.

Link to Top Ten Holdings: https://www.wagonsfund.com/our-busine...

Link to Prospectus: https://www.wagonsfund.com/documents

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