In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Dalton Investments, Inc. reported 26 stock positions worth $192.4 million . Its top holding was Icici Bank Ltd.-Spon ADR (IBN) at 17.5% of the portfolio, followed by Makemytrip (MMYT, 15.6% ) and Nvidia (NVDA, 15.2% ). Compared with Q3 2024, it opened 2 new positions, sold out of 2, added to 3 and reduced 12. The biggest buy was a new position in WNS (WNS) and the biggest sale Infosys Ltd.-SP ADR (INFY, shares −62% ).
Location El Segundo, CA
CIK 0001388838
Portfolio Value $192.4M (Q4 2024) Holdings 26 stocks · $192.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 IBN Icici Bank Ltd.-Spon ADR 1,126,742 $33.6M Reduce -5.3% MMYT Makemytrip Ltd. 266,983 $30.0M Reduce -19.7% NVDA Nvidia Corp. 217,050 $29.1M No change WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 521,202 $24.7M New G Genpact Ltd. 300,980 $12.9M Reduce -11.3% TASK Taskus Inc. Class A 680,246 $11.5M Reduce -1.1% CTSH Cognizant Tech Solutions-A 148,538 $11.4M Add +181.9% HDB HDFC Bank Ltd.-ADR 81,700 $5.2M No change ANET Arista Networks Inc. 41,200 $4.6M Reduce -8.8% GLOB Globant SA 19,954 $4.3M Reduce -1.2% INFY Infosys Ltd.-SP ADR 187,400 $4.1M Reduce -62.1% LNG Cheniere Energy Inc. 15,542 $3.3M Reduce -50.3% RDY Dr. Reddy's Laboratories-ADR 205,900 $3.3M Reduce -23.3% FRSH Freshworks Inc. Class A 145,792 $2.4M Reduce -11.2% MSFT Microsoft Corp. 5,400 $2.3M Reduce -33.3% AMX America Movil Sab DE CV 110,700 $1.6M No change CHRD Chord Energy Corp. 13,280 $1.6M No change EPSN Epsilon Energy Ltd. 250,000 $1.6M No change NVO Novo-Nordisk A/S-Spons ADR 11,300 $972K Add +24.2% ON On Semiconductor 14,300 $902K No change TX Ternium SA-Sponsored ADR 27,684 $805K No change EXLS Exlservice Holdings Inc. 17,335 $769K Reduce -29.6% AMPY Amplify Energy Corp. 89,410 $536K No change ISRG Intuitive Surgical Inc. 900 $470K New KVUE Kenvue Inc. 15,000 $320K No change DRRX Durect Corporation 245,000 $184K Add +8.9%
Other holdings (1): bonds, preferreds, convertibles and warrants · $286K (not counted above) Security Class Shares / Principal Value Change EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 3,302 $286K New
Total filed on the 13F, all lines: $192.7M.
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ INFY Infosys Ltd.-SP ADR Reduce -62.1% 2.14% −4.36 IBN Icici Bank Ltd.-Spon ADR Reduce -5.3% 17.49% −3.44 MMYT Makemytrip Ltd. Reduce -19.7% 15.58% −2.64 LNG Cheniere Energy Inc. Reduce -50.3% 1.74% −1.58 G Genpact Ltd. Reduce -11.3% 6.72% −1.13 MSFT Microsoft Corp. Reduce -33.3% 1.18% −0.87 RDY Dr. Reddy's Laboratories-ADR Reduce -23.3% 1.69% −0.83 ANET Arista Networks Inc. Reduce -8.8% 2.37% −0.19 LAD Lithia Motors Inc. Sold out 0.00% −0.19 EXLS Exlservice Holdings Inc. Reduce -29.6% 0.40% −0.15 MU Micron Technology Inc. Sold out 0.00% −0.14 GLOB Globant SA Reduce -1.2% 2.22% −0.14 FRSH Freshworks Inc. Class A Reduce -11.2% 1.23% +0.11 TASK Taskus Inc. Class A Reduce -1.1% 5.99% +0.75
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ WNS WNS Holdings Ltd. New 12.84% +12.84 CTSH Cognizant Tech Solutions-A Add +181.9% 5.94% +3.54 ISRG Intuitive Surgical Inc. New 0.24% +0.24 DRRX Durect Corporation Add +8.9% 0.10% −0.08 NVO Novo-Nordisk A/S-Spons ADR Add +24.2% 0.51% −0.13
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 New 3,302 $286K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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