Dalal Street, LLC

Dalal Street, LLC is a diversified fundamental manager, specialised in materials (68% of the long book), running a $422.9M US long book across 3 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: WARRIOR MET COAL INC, TRANSOCEAN LTD, ALPHA METALLURGICAL RESOURCE.

Over the last 9 quarters its long book ran on average 4.9pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.