# Dalton Investments, Inc.

> Dalton Investments, Inc. is an SEC-registered investment advisory firm in El Segundo, CA, registered since 2021, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 308609
- Filed as: DALTON INVESTMENTS, INC.
- Also doing business as: DALTON ADVISORY KK (JAPAN AFFILIATE), DALTON INVESTMENT ADVISORY SERVICES PRIVATE LIMITED (INDIA AFFILIATE), DALTON INVESTMENTS (AUSTRALIA) PTY LTD (AUSTRALIA AFFILIATE), DALTON INVESTMENTS (HONG KONG) LIMITED (HONG KONG AFFILIATE), DALTON KOREA CO., LTD. (KOREA AFFILIATE)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: El Segundo, CA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/308609
- AdvisorCensus page: https://advisorcensus.com/firm/dalton-investments-inc-el-segundo-ca-308609

## Quick answers

**How is Dalton Investments, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Dalton Investments, Inc. reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Dalton Investments, Inc. located?**
Dalton Investments, Inc.'s principal office is in El Segundo, CA, according to its Form ADV; the April 2026 filing also lists 6 other offices (Schedule D, Section 1.F).

**Is Dalton Investments, Inc. registered with the SEC or a state?**
Dalton Investments, Inc. is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 308609.

**How much does Dalton Investments, Inc. manage?**
Dalton Investments, Inc. reports $5,717,833,544 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Dalton Investments, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Dalton Investments, Inc.: Regulatory assets under management: $1,792,100,675 in the October 2021 data and $5,717,833,544 in the October 2026 data, up 219%. Total employees: 41 in October 2021 and 46 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Dalton Investments, Inc. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (27); pension and profit sharing plans (but not the plan participants or government pension plans) (6); high net worth individuals (2).

**Which custodians does Dalton Investments, Inc. use?**
Dalton Investments, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Bank and Trust Company, The Bank of New York Mellon and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Dalton Investments, Inc. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/308609

**What changed in Dalton Investments, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $4,112,185,669 to $5,717,833,544 (+39%). Changed its office addresses in Seocho-Gu, Seoul. Added an office in Mumbai, Maharashtra. No longer lists an office in Mumbai. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- State Street Bank and Trust Company
- The Bank of New York Mellon
- The Northern Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $5,717,833,544
- Discretionary: $5,717,833,544
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 2 | $237,639,375 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 27 | $3,144,023,131 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 6 | $1,051,705,117 |
| Charitable organizations | 2 | $167,618,815 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 1 | $23,817,070 |
| Sovereign wealth funds and foreign official institutions | 1 | $238,800,567 |
| Corporations or other businesses not listed above | 1 | $854,229,469 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2021 (5 years)
- Employees: 46 total, 17 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NV, NY
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/308609

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Crows Nest, Nsw
- Hong Kong
- Mumbai, Maharashtra
- Redondo Beach, CA
- Seocho-Gu, Seoul
- Tokyo

### Websites listed on Form ADV (Item 1.I)
- daltoninvestments.co.jp
- daltoninvestments.com
- LinkedIn @dalton-investments-limited

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,792,100,675 | 41 | June 30, 2021 |
| October 2022 | $3,183,959,410 | 42 | March 31, 2022 |
| October 2023 | $2,406,511,672 | 39 | March 31, 2023 |
| October 2024 | $4,059,517,879 | 36 | August 8, 2024 |
| October 2025 | $4,112,185,669 | 44 | July 28, 2025 |
| October 2026 | $5,717,833,544 | 46 | March 30, 2026 |

Regulatory assets under management: $1,792,100,675 in the October 2021 data and $5,717,833,544 in the October 2026 data, up 219%.
Total employees: 41 in October 2021 and 46 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $4,112,185,669 to $5,717,833,544 (+39%).
- Changed its office addresses in Seocho-Gu, Seoul.
- Added an office in Mumbai, Maharashtra.
- No longer lists an office in Mumbai.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Dalton Investments, Inc. (CRD 308609): Form ADV filing data as of October 2026.