In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 6, 2025), Dalton Investments, Inc. reported 17 stock positions worth $148.9 million . Its top holding was Nvidia (NVDA) at 27.2% of the portfolio, followed by WNS (WNS, 20.3% ) and Makemytrip (MMYT, 15.6% ). Compared with Q2 2025, it opened 3 new positions, sold out of 5, added to 1 and reduced 4. The biggest buy was a new position in Sea Ltd.-ADR (SE) and the biggest sale an exit from Icici Bank Ltd.-Spon ADR (IBN).
Location El Segundo, CA
CIK 0001388838
Portfolio Value $148.9M (Q3 2025) Holdings 17 stocks · $148.9M 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 Q2 2025 NVDA Nvidia Corp. 217,050 $40.5M No change WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 395,646 $30.2M Reduce -24.2% MMYT Makemytrip Ltd. 248,883 $23.3M No change CTSH Cognizant Tech Solutions-A 217,038 $14.6M Reduce -0.3% G Genpact Ltd. 295,380 $12.4M Reduce -0.6% ANET Arista Networks Inc. 41,200 $6.0M No change SE Sea Ltd.-ADR 27,800 $5.0M New GRAB Grab Holdings Ltd. Class A 709,200 $4.3M New FRSH Freshworks Inc. Class A 236,292 $2.8M Add +96.4% LNG Cheniere Energy Inc. 11,744 $2.8M No change ISRG Intuitive Surgical Inc. 4,100 $1.8M No change CHRD Chord Energy Corp. 13,280 $1.3M No change EPSN Epsilon Energy Ltd. 250,000 $1.3M No change AMX America Movil Sab DE CV 50,000 $1.1M Reduce -47.6% GLOB Globant SA 17,600 $1.0M New AMPY Amplify Energy Corp. 89,410 $469K No change KVUE Kenvue Inc. 15,000 $243K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $319K (not counted above) Security Class Shares / Principal Value Change EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 3,302 $319K No change
Total filed on the 13F, all lines: $149.2M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ IBN Icici Bank Ltd.-Spon ADR Sold out 0.00% −21.01 HDB HDFC Bank Ltd.-ADR Sold out 0.00% −3.32 RDY Dr. Reddy's Laboratories-ADR Sold out 0.00% −1.64 TX Ternium SA-Sponsored ADR Sold out 0.00% −0.38 DRRX Durect Corporation Sold out 0.00% −0.25 AMX America Movil Sab DE CV Reduce -47.6% 0.71% −0.20 CTSH Cognizant Tech Solutions-A Reduce -0.3% 9.78% +0.77 G Genpact Ltd. Reduce -0.6% 8.31% +1.37 WNS WNS Holdings Ltd. Reduce -24.2% 20.27% +2.75
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ SE Sea Ltd.-ADR New 3.34% +3.34 GRAB Grab Holdings Ltd. Class A New 2.87% +2.87 FRSH Freshworks Inc. Class A Add +96.4% 1.87% +0.92 GLOB Globant SA New 0.68% +0.68
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