In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Dalton Investments, Inc. reported 21 stock positions worth $186.1 million . Its top holding was Icici Bank Ltd.-Spon ADR (IBN) at 19.9% of the portfolio, followed by WNS (WNS, 17.2% ) and Makemytrip (MMYT, 13.1% ). Compared with Q4 2024, it sold out of 5, added to 6 and reduced 7. The biggest buy was Cognizant Tech Solutions-A (CTSH, shares +47% ) and the biggest sale Makemytrip (MMYT, shares −7% ).
Location El Segundo, CA
CIK 0001388838
Portfolio Value $186.1M (Q1 2025) Holdings 21 stocks · $186.1M 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 Q4 2024 IBN Icici Bank Ltd.-Spon ADR 1,176,842 $37.1M Add +4.5% WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 520,902 $32.0M Reduce -0.1% MMYT Makemytrip Ltd. 248,883 $24.4M Reduce -6.8% NVDA Nvidia Corp. 217,050 $23.5M No change CTSH Cognizant Tech Solutions-A 217,638 $16.6M Add +46.5% G Genpact Ltd. 297,180 $15.0M Reduce -1.3% TASK Taskus Inc. Class A 750,146 $10.2M Add +10.3% HDB HDFC Bank Ltd.-ADR 81,700 $5.4M No change GLOB Globant SA 31,654 $3.7M Add +58.6% ANET Arista Networks Inc. 41,200 $3.2M No change LNG Cheniere Energy Inc. 11,942 $2.8M Reduce -23.2% RDY Dr. Reddy's Laboratories-ADR 205,900 $2.7M No change EPSN Epsilon Energy Ltd. 250,000 $1.8M No change FRSH Freshworks Inc. Class A 120,292 $1.7M Reduce -17.5% CHRD Chord Energy Corp. 13,280 $1.5M No change AMX America Movil Sab DE CV 98,200 $1.4M Reduce -11.3% ISRG Intuitive Surgical Inc. 2,400 $1.2M Add +166.7% TX Ternium SA-Sponsored ADR 23,584 $735K Reduce -14.8% DRRX Durect Corporation 512,312 $411K Add +109.1% KVUE Kenvue Inc. 15,000 $360K No change AMPY Amplify Energy Corp. 89,410 $334K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $332K (not counted above) Security Class Shares / Principal Value Change EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 3,302 $332K No change
Total filed on the 13F, all lines: $186.4M.
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ MMYT Makemytrip Ltd. Reduce -6.8% 13.11% −2.48 INFY Infosys Ltd.-SP ADR Sold out 0.00% −2.14 MSFT Microsoft Corp. Sold out 0.00% −1.18 NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −0.51 ON On Semiconductor Sold out 0.00% −0.47 EXLS Exlservice Holdings Inc. Sold out 0.00% −0.40 FRSH Freshworks Inc. Class A Reduce -17.5% 0.91% −0.31 LNG Cheniere Energy Inc. Reduce -23.2% 1.49% −0.25 AMX America Movil Sab DE CV Reduce -11.3% 0.75% −0.07 TX Ternium SA-Sponsored ADR Reduce -14.8% 0.39% −0.02 G Genpact Ltd. Reduce -1.3% 8.05% +1.33 WNS WNS Holdings Ltd. Reduce -0.1% 17.21% +4.37
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ CTSH Cognizant Tech Solutions-A Add +46.5% 8.95% +3.01 IBN Icici Bank Ltd.-Spon ADR Add +4.5% 19.93% +2.44 ISRG Intuitive Surgical Inc. Add +166.7% 0.64% +0.39 DRRX Durect Corporation Add +109.1% 0.22% +0.13 GLOB Globant SA Add +58.6% 2.00% −0.22 TASK Taskus Inc. Class A Add +10.3% 5.49% −0.50
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