Dalton Investments, Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Dalton Investments, Inc. reported 19 stock positions worth $188.4 million. Its top holding was Icici Bank Ltd.-Spon ADR (IBN) at 21.0% of the portfolio, followed by Nvidia (NVDA, 18.2%) and WNS (WNS, 17.5%). Compared with Q1 2025, it sold out of 2, added to 3 and reduced 2. The biggest buy was Intuitive Surgical (ISRG, shares +71%) and the biggest sale an exit from Taskus Class A (TASK).

Most Recent 13F
Q2 2026
Location
El Segundo, CA
CIK
0001388838
Portfolio Value
$188.4M (Q2 2025)
SEC Filing
0001172661-25-002956 ↗ filed Aug 7, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $165.0M Q1 2024 Q2 2024: $175.8M Q2 2024 Q3 2024: $169.6M Q3 2024 Q4 2024: $192.4M Q4 2024 Q1 2025: $186.1M Q1 2025 Q2 2025: $188.4M $188.4M Q2 2025 Q3 2025: $148.9M Q3 2025 Q4 2025: $134.2M Q4 2025 Q1 2026: $103.3M Q1 2026 Q2 2026: $111.0M Q2 2026

Holdings 19 stocks · $188.4M
IBN Icici Bank Ltd.-Spon ADR 21.01% 1,176,842 $39.6M No change
NVDA Nvidia Corp. 18.20% 217,050 $34.3M No change
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 17.52% 521,902 $33.0M Add +0.2%
MMYT Makemytrip Ltd. 12.95% 248,883 $24.4M No change
CTSH Cognizant Tech Solutions-A 9.01% 217,638 $17.0M No change
G Genpact Ltd. 6.94% 297,180 $13.1M No change
HDB HDFC Bank Ltd.-ADR 3.32% 81,700 $6.3M No change
ANET Arista Networks Inc. 2.24% 41,200 $4.2M No change
RDY Dr. Reddy's Laboratories-ADR 1.64% 205,900 $3.1M No change
LNG Cheniere Energy Inc. 1.52% 11,744 $2.9M Reduce -1.7%
ISRG Intuitive Surgical Inc. 1.18% 4,100 $2.2M Add +70.8%
EPSN Epsilon Energy Ltd. 0.98% 250,000 $1.8M No change
FRSH Freshworks Inc. Class A 0.95% 120,292 $1.8M No change
AMX America Movil Sab DE CV 0.91% 95,400 $1.7M Reduce -2.9%
CHRD Chord Energy Corp. 0.68% 13,280 $1.3M No change
TX Ternium SA-Sponsored ADR 0.38% 23,584 $710K No change
DRRX Durect Corporation 0.25% 745,000 $473K Add +45.4%
KVUE Kenvue Inc. 0.17% 15,000 $314K No change
AMPY Amplify Energy Corp. 0.15% 89,410 $286K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $376K (not counted above)
SecurityClassShares / PrincipalValueChange
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 3,302$376KNo change

Total filed on the 13F, all lines: $188.8M.

Portfolio Sells Q1 2025 → Q2 2025
TASK Taskus Inc. Class A Sold out 0.00% −5.49
GLOB Globant SA Sold out 0.00% −2.00
LNG Cheniere Energy Inc. Reduce -1.7% 1.52% +0.03
AMX America Movil Sab DE CV Reduce -2.9% 0.91% +0.16

Portfolio Buys Q1 2025 → Q2 2025
ISRG Intuitive Surgical Inc. Add +70.8% 1.18% +0.54
WNS WNS Holdings Ltd. Add +0.2% 17.52% +0.30
DRRX Durect Corporation Add +45.4% 0.25% +0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 16$111.0MNVDA, MMYT, CTSH, G, TASK
Q1 2026 17$103.3MNVDA, CTSH, MMYT, TASK, G
Q4 2025 18$134.2MNVDA, CTSH, MMYT, G, TASK
Q3 2025 17$148.9MNVDA, WNS, MMYT, CTSH, G
Q2 2025 19$188.4MIBN, NVDA, WNS, MMYT, CTSH
Q1 2025 21$186.1MIBN, WNS, MMYT, NVDA, CTSH
Q4 2024 26$192.4MIBN, MMYT, NVDA, WNS, G
Q3 2024 26$169.6MIBN, MMYT, NVDA, G, INFY
Q2 2024 27$175.8MMMYT, IBN, NVDA, G, INFY
Q1 2024 27$165.0MIBN, MMYT, NVDA, G, INFY