Dalton Investments, Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Dalton Investments, Inc. reported 27 stock positions worth $165.0 million. Its top holding was Icici Bank Ltd.-Spon ADR (IBN) at 22.6% of the portfolio, followed by Makemytrip (MMYT, 21.9%) and Nvidia (NVDA, 11.9%). Compared with Q4 2023, it opened 2 new positions, sold out of 1, added to 3 and reduced 5. The biggest buy was a new position in Cognizant Tech Solutions-A (CTSH) and the biggest sale an exit from WNS Holdings Ltd.-ADR (WNS).
- Most Recent 13F
- Q2 2026
- Location
- El Segundo, CA
- CIK
- 0001388838
- Portfolio Value
- $165.0M (Q1 2024)
- SEC Filing
- 0001172661-24-002373 ↗ filed May 15, 2024
Holdings Value
Holdings 27 stocks · $165.0M
| IBN Icici Bank Ltd.-Spon ADR | 22.58% | 1,410,185 | $37.2M | Reduce -15.2% |
| MMYT Makemytrip Ltd. | 21.90% | 508,384 | $36.1M | No change |
| NVDA Nvidia Corp. | 11.89% | 21,705 | $19.6M | No change |
| G Genpact Ltd. | 7.35% | 367,776 | $12.1M | Add +34.8% |
| INFY Infosys Ltd.-SP ADR | 6.50% | 597,916 | $10.7M | Reduce -18.2% |
| TASK Taskus Inc. Class A | 4.39% | 621,158 | $7.2M | Add +26.7% |
| TTE Totalenergies SE -Spon ADR | 3.18% | 76,320 | $5.3M | Reduce -3.0% |
| LNG Cheniere Energy Inc. | 3.05% | 31,242 | $5.0M | No change |
| RDY Dr. Reddy's Laboratories-ADR | 2.39% | 53,700 | $3.9M | No change |
| MSFT Microsoft Corp. | 2.07% | 8,100 | $3.4M | No change |
| AMX America Movil Sab DE CV | 1.99% | 176,300 | $3.3M | Add +22.9% |
| ANET Arista Networks Inc. | 1.99% | 11,300 | $3.3M | No change |
| CTSH Cognizant Tech Solutions-A | 1.59% | 35,900 | $2.6M | New |
| CHRD Chord Energy Corp. | 1.43% | 13,280 | $2.4M | No change |
| FRSH Freshworks Inc. Class A | 1.23% | 111,700 | $2.0M | No change |
| TX Ternium SA-Sponsored ADR | 1.05% | 41,775 | $1.7M | No change |
| HDB HDFC Bank Ltd.-ADR | 0.99% | 29,100 | $1.6M | New |
| EXLS Exlservice Holdings Inc. | 0.97% | 50,141 | $1.6M | No change |
| EPSN Epsilon Energy Ltd. | 0.83% | 250,000 | $1.4M | No change |
| ON On Semiconductor | 0.64% | 14,300 | $1.1M | No change |
| MU Micron Technology Inc. | 0.41% | 5,760 | $679K | Reduce -25.8% |
| IMCR Immunocore Holdings PLC-ADR | 0.39% | 10,000 | $650K | No change |
| AMPY Amplify Energy Corp. | 0.36% | 89,410 | $591K | No change |
| ZG Zillow Group Inc. Class A | 0.29% | 10,000 | $479K | No change |
| KVUE Kenvue Inc. | 0.20% | 15,000 | $322K | No change |
| LAD Lithia Motors Inc. | 0.18% | 1,000 | $301K | No change |
| DRRX Durect Corporation | 0.17% | 225,000 | $272K | Reduce -5.2% |
Portfolio Sells Q4 2023 → Q1 2024
| WNS WNS Holdings Ltd.-ADR | Sold out | 0.00% | −7.22 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -15.2% | 22.58% | −3.67 |
| INFY Infosys Ltd.-SP ADR | Reduce -18.2% | 6.50% | −2.39 |
| TTE Totalenergies SE -Spon ADR | Reduce -3.0% | 3.18% | −0.33 |
| MU Micron Technology Inc. | Reduce -25.8% | 0.41% | −0.03 |
| DRRX Durect Corporation | Reduce -5.2% | 0.17% | +0.07 |
Portfolio Buys Q4 2023 → Q1 2024
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 16 | $111.0M | NVDA, MMYT, CTSH, G, TASK |
| Q1 2026 | 17 | $103.3M | NVDA, CTSH, MMYT, TASK, G |
| Q4 2025 | 18 | $134.2M | NVDA, CTSH, MMYT, G, TASK |
| Q3 2025 | 17 | $148.9M | NVDA, WNS, MMYT, CTSH, G |
| Q2 2025 | 19 | $188.4M | IBN, NVDA, WNS, MMYT, CTSH |
| Q1 2025 | 21 | $186.1M | IBN, WNS, MMYT, NVDA, CTSH |
| Q4 2024 | 26 | $192.4M | IBN, MMYT, NVDA, WNS, G |
| Q3 2024 | 26 | $169.6M | IBN, MMYT, NVDA, G, INFY |
| Q2 2024 | 27 | $175.8M | MMYT, IBN, NVDA, G, INFY |
| Q1 2024 | 27 | $165.0M | IBN, MMYT, NVDA, G, INFY |