Overview
A. General Description of Advisory Firm
Dhandho Funds LLC is a limited liability company (the “Adviser”) that was formed on January 4,
2016 in Puerto Rico. Effective December 27, 2016, the Adviser converted to a Delaware limited
liability company. There was no practical change in control or management of the Adviser as a
result of the conversion.
The principal owners of the Adviser are Dhandho Holdings, L.P. and Dhandho Holdings Qualified
Purchaser, L.P. (together “Dhandho Holdings”), of which Mohnish Pabrai is the ultimate
controlling person.
The Adviser serves as general partner to or manager of four private funds: Dhandho Junoon LP,
Dhandho Junoon Offshore Ltd., Dhandho India Zero Fee Fund, L.P. and Dhandho India Zero Fee
Fund Offshore Ltd. The four private funds are being liquidated and all capital will be returned to
investors in 2024 after a final audit as of June 30, 2024.
B. Description of Advisory Services
The Adviser provides investment management services to limited partnerships or companies
(“Private Fund” or “Private Funds”) organized under the laws of the United States or the British
Virgin Islands; separately managed accounts (“SMAs”); and a mutual fund (“Mutual Fund”), the
Pabrai Wagons Fund (Retail Share: WAGNX, Institutional Share: WGNIX), collectively referred to
as “Clients.” The Adviser serves as general
partner to or manager of each Private Fund.
Please refer to Item 8 for a more detailed description of the Adviser’s management strategies as
well as the securities and other instruments purchased by the Adviser on behalf of the Clients.
C. Availability of Customized Services for Individual Clients
The Advisor tailors its advisory services as described in the relevant Private Fund’s private
placement memorandum and/or organizational documents, the Investment Policy Statement for
the SMA accounts and the Mutual Fund’s Summary and Statutory Prospectus and Statement of
Additional Information.
Advisory services for each Private Fund are not tailored to the individual needs of investors.
Investors may not impose restrictions on the Adviser with respect to the investments it makes
on behalf of the Clients. SMA clients may impose reasonable restrictions, in writing, on investing
in certain securities or types of securities held in their portfolio. The Mutual Fund has adopted
written investment restrictions and is also subject to regulatory requirements.
D. Wrap Fee Programs
The Adviser does not participate in wrap fee programs.
E. Assets Under Management
The Adviser’s collective Client regulatory assets under management as of December 31, 2023,
were $116,270,544, all of which are managed on a discretionary basis.