Dalton Investments, Inc.
- Regulatory AUM
- $5.7B
- Discretionary
- $5.7B
- Clients
- 40
- Avg AUM / client
- $143M
- Accounts
- 40
- Employees
- 46
AUM over time
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Investments (13F portfolio — 17 positions, $103,325,252)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Nvidia Corporation | COM | $34,906,160 | 200,150 | 33.8% | 0.61% |
| 2 | Cognizant Technology Solutio | CL A | $16,370,511 | 266,838 | 15.8% | 0.29% |
| 3 | Makemytrip Limited Mauritius | SHS | $15,124,675 | 405,596 | 14.6% | 0.26% |
| 4 | Taskus Inc | CLASS A COM | $10,184,331 | 1,517,784 | 9.86% | 0.18% |
| 5 | Genpact Limited | SHS | $8,810,445 | 236,522 | 8.53% | 0.15% |
| 6 | Sea Ltd | SPONSORD ADS | $4,720,170 | 57,000 | 4.57% | 0.08% |
| 7 | Arista Networks Inc | COM SHS | $2,124,094 | 17,300 | 2.06% | 0.04% |
| 8 | Intuitive Surgical Inc | COM NEW | $1,890,059 | 4,100 | 1.83% | 0.03% |
| 9 | Chord Energy Corporation | COM NEW | $1,888,150 | 13,280 | 1.83% | 0.03% |
| 10 | Epsilon Energy Ltd | COM | $1,540,000 | 250,000 | 1.49% | 0.03% |
| 11 | America Movil Sab De Cv | SPON ADS RP CL B | $1,378,468 | 54,100 | 1.33% | 0.02% |
| 12 | Freshworks Inc | CLASS A COM | $1,080,188 | 134,519 | 1.05% | 0.02% |
| 13 | Taiwan Semiconductor Manufac | SPONSORED ADS | $956,399 | 2,830 | 0.93% | 0.02% |
| 14 | Shinhan Financial Group Co L | SPN ADR RESTRD | $840,084 | 13,700 | 0.81% | 0.01% |
| 15 | Kosmos Energy Ltd | COM | $695,000 | 250,000 | 0.67% | 0.01% |
| 16 | Amplify Energy Corp New | COM | $557,918 | 89,410 | 0.54% | 0.01% |
| 17 | Kenvue Inc | COM | $258,600 | 15,000 | 0.25% | 0.0% |
Top 25 of 17 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | 2 | $238M | 4.16% |
| Pooled investment vehicles (non-investment companies) | 27 | $3.1B | 55.0% |
| Pension and profit sharing plans | 6 | $1.1B | 18.4% |
| Charitable organizations | 2 | $168M | 2.93% |
| Insurance companies | 1 | $23.8M | 0.42% |
| Sovereign wealth funds and foreign official institutions | 1 | $239M | 4.18% |
| Corporations and other businesses | 1 | $854M | 14.9% |
Private funds (8)
Reported in Form ADV Section 7.B.(1), filing of Aug 2024 · $443M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Dalton Investments Trust Series B | Other Private Fund | Delaware | $166M | 29 |
| Dalton Investments Trust Series C | Other Private Fund | Delaware | $55.4M | 1 |
| Navf Select Llc master | Hedge Fund | Delaware | $46.0M | 50 |
| Dalton Asia (Master) Fund Lp master | Hedge Fund | Delaware | $44.0M | 28 |
| Dalton India (Master) Fund Lp master | Hedge Fund | Cayman Islands | $40.4M | 49 |
| Dalton Kizuna (Master) Fund Lp master | Hedge Fund | Delaware | $35.0M | 24 |
| Pacific And General (Master) Fund Lp master | Hedge Fund | Cayman Islands | $31.7M | 27 |
| Dalton Pacific Rim Fund Lp | Hedge Fund | Cayman Islands | $24.1M | 14 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Resolute Fp Us Pension Plan Resolute Fp Us Inc. | 2024 |
People (8)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Rosenwald, James, Benno | Chairman Of The Board Of Directors, And Chief Investment Officer, Dalton Investmnts, Inc. | Dec 1997 (29y) | Less than 5% | |
| Rosenwald, Laura, Parker | Trustee | Dec 1997 (29y) | GP / trustee / elected manager of Rosenwald Family Trust (indirect) | |
| Combs, Frank, Gifford | Treasurer, Secretary, Portfolio Manager, And Director Of The Board Of Directors, Dalton Investments, Inc. | Dec 2019 (7y) | Less than 5% | |
| Alfandari, Sarah, Barbara | Chief Executive Officer And President, And Director Of The Board Of Directors, Dalton Investments, Inc. | Sep 2020 (6y) | Less than 5% | |
| Rosenwald, Jocelyn, May | Director Of The Board Of Directors, Dalton Investments, Inc. | Sep 2020 (6y) | Less than 5% | |
| Ha, Christopher, Alfred | Chief Compliance Officer And Counsel, Dalton Investments, Inc. | Jan 2021 (6y) | Less than 5% | |
| Douglas, Iain, Na | Chief Marketing Officer, Dalton Investments, Inc. | Mar 2021 (5y) | Less than 5% | |
| Hunpadongrat, Janet, Na | Chief Operating Officer And Chief Financial Officer, Dalton Investments, Inc. | Jan 2022 (5y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Dalton Investments Llc | Owner Of Dalton Investments, Inc. | Jan 2024 | A | 75% or more |
| Rosenwald Family Trust | Owner | Dec 1997 | B | ≈ 28.13% – 75% via Rosenwald Capital Management, Inc. |
| Rosenwald Capital Management, Inc. | Majority Owner And Managing Member | Jun 2019 | B | ≈ 37.5% – 75% via Dalton Investments Llc |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Rosenwald Family Trust: 75% – 100% of Rosenwald Capital Management, Inc. × 50% – 75% of Dalton Investments Llc × 75% – 100% direct ≈ 28.13% – 75% of the firm
- Rosenwald Capital Management, Inc.: 50% – 75% of Dalton Investments Llc × 75% – 100% direct ≈ 37.5% – 75% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (8, $443M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Dalton Investments Trust Series B | Other Private Fund | $166M | $1.0M | 29 |
| Dalton Investments Trust Series C | Other Private Fund | $55.4M | $1.0M | 1 |
| Navf Select Llc | Hedge Fund | $46.0M | $1.0M | 50 |
| Dalton Asia (Master) Fund Lp | Hedge Fund | $44.0M | $1.0M | 28 |
| Dalton India (Master) Fund Lp | Hedge Fund | $40.4M | $1.0M | 49 |
| Dalton Kizuna (Master) Fund Lp | Hedge Fund | $35.0M | $1.0M | 24 |
| Pacific And General (Master) Fund Lp | Hedge Fund | $31.7M | $1.0M | 27 |
| Dalton Pacific Rim Fund Lp | Hedge Fund | $24.1M | $1.0M | 14 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (1)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Resolute Fp Us Pension Plan | Resolute Fp Us Inc. | 577 | $641M | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 4.11 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: IN MARCH 2016, THE FINANCIAL SUPERVISORY AUTHORITY OF NORWAY ("FINANSTILSYNET") SENT A LETTER TO DALTON INVESTMENTS LLC ("DALTON"),NOTIFYING IT OF THE FINANSTILSYNET'S DECISION TO IMPOSE A CHARGE OF 100,000 NOK (APPROXIMATELY $12,000 USD) FOR VIOLATING THE NOTIFICATION REQUIREMENT UNDER NORWEGIAN LAW. NORWEGIAN LAW REQUIRES THAT A NOTIFICATION BEGIVEN TO THE FINANSTILSYNET IF A PERSON'S PROPORTION OF SHARES OF A PORTFOLIO COMPANY FALLS BELOW 10%. ON JULY 7, 2015, A SALE BY DALTON, ON BEHALF OF ITS CLIENTS/FUNDS, RESULTED IN ITS OWNERSHIP OF A PORTFOLIO COMPANY DECREASING FROM 10.14% TO 9.998% ON AN AGGREGATED BASIS. DALTON FILED THE REPORT ON JULY 10, 2015, WHICH THEFINANSTILSYNET DID NOT DEEM AS "IMMEDIATE" UNDER NORWEGIAN LAW. DALTON PAID THE PENALTY IN DUE COURSE. Status: Final Sanction Detail: SEE ABOVE. Summary: SEE ABOVE.
Allegations: IN SEPTEMBER 2018, THE KOREAN SECURITIES AND FUTURES COMMISSION ("SFC") DETERMINED TO IMPOSE ON DALTON INVESTMENTS LLC ("DALTON") AN "ADMINISTRATIVE FINE" OF 7,500,000 KRW (APPROXIMATELY $6,700 USD), WHICH DALTON PAID IN DUE COURSE. THE SFC ALLEGED THAT DALTON, ON BEHALF OF ONE OF THE FUNDS UNDER DALTON'S MANAGEMENT, PLACED AN ORDER IN JULY 2017 TO ENGAGE IN A SHORT SALE IN KOREA WITHOUT BORROWING THE SECURITIES TO BE SOLD, VIOLATING THE SHORT SALE RESTRICTION PROVISIONS IN THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT OF KOREA. THIS MATTER ARISES OUT OF THE FOLLOWING: DALTON, ON BEHALF OF ONE OF ITS FUNDS, REQUESTED ITS PRIME BROKER TO LOCATE AND MAKE AVAILABLE SHARES OF A SECURITY WITH AN INTENT TO SELL THE SHARES SHORT. AFTER DALTON'S PRIME BROKER APPROVED THE REQUEST, DALTON PLACED A SHORT SALE TRADE. THEREAFTER, THE EXECUTING BROKER IN KOREA NOTIFIED DALTON THAT THE TRADE WAS FAILING BECAUSE THE SHARES HAD NOT BEEN PLACED IN DALTONFUND'S INVESTOR REGISTRATION CODE ("IRC") ACCOUNT BUT RATHER WERE IN THE PRIME BROKER'S SWAP IRC ACCOUNT. TO RESOLVE THIS PROBLEM, THE TRADE WAS SETTLED ON TIME AFTER THE EXECUTING BROKER DELIVERED THE SHARES FROM ITSINVENTORY. UPON LEARNING OF THIS ISSUE, DALTON IMMEDIATELY PURCHASED THE SHARES IN THE OPEN MARKET AND RETURNED THE SHARES TO THE EXECUTING BROKER. Status: Final Sanction Detail: SEE ABOVE. Summary: SEE ABOVE.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- BNY Mellon $1.4B (25% of AUM) Mar 2026
- State Street $1.2B (22% of AUM) Mar 2026
- Charles Schwab & Co. $913M (27% of AUM) Oct 2021
- Northern Trust $751M (13% of AUM) Mar 2026
- Cibc Mellon Trust Company $177M (10% of AUM) Jun 2021
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗