We believe in companies with strong fundamentals offering strong upside with a substantial margin of safety.
Dalton's unique structure allows us to be both nimble and insightful, and has provided us with stability through turbulent market environments.
Capital preservation is our highest priority.
Transparency and integrity are core Dalton values.

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Dalton — A value-oriented, entrepreneurial and opportunistic global investor

Dalton Investments is a value-focused investment management firm with expertise in Asia, Emerging Markets and global equities. Headquartered in Los Angeles, with offices in Las Vegas, New York, Tokyo, Hong Kong, Sydney and Mumbai, Dalton manages $3.6 billion (September 30, 2023) in actively managed long only and long/short strategies for pensions, endowments, foundations, financial institutions and family offices.

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Disclaimer

This website does not constitute an offer to sell or a solicitation of an offer to buy or sell any security, nor is it advice or a recommendation to enter into any transaction. Any offer to sell or a solicitation of an offer to buy or sell shall be made solely by a private placement memorandum. This website is based on information obtained from sources that Dalton Investments LLC (“Dalton”) considers to be reliable; however, we make no representation as to, and accept no responsibility or liability for, the accuracy or completeness of the information. Information contained herein is subject to change at any time without notice.

All of the information in this document relating to Dalton Investments LLC or its affiliates (collectively, “Dalton” or the “Firm”) is communicated solely by Dalton, 1601 Cloverfield Boulevard, Suite 5050 N, Santa Monica, CA 90404, regulated by the U.S. Securities and Exchange Commission (SEC). No representation or warranty can be given with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of transactions conforming to the terms hereof. Certain assumptions may have been made in the analysis which resulted in any information and returns/results detailed herein. No representation is made that any results/returns indicated will be achieved or that all assumptions in achieving these returns have been considered or stated. Additional information is available on request. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on market conditions. Unless otherwise indicated, figures presented are preliminary, unaudited, subject to change and do not constitute Dalton’s standard books and records.

Individual portfolio account returns and holdings within a referenced Dalton composite may vary substantially for such factors including, among others, account specific restrictions – e.g. whether currency investments are permitted, timing of transactions, contributions, withdrawals, and market conditions at the time of investment.

PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE PERFORMANCE. THE VALUE OF THE INVESTMENTS AND THE INCOME FROM THEM CAN GO DOWN AS WELL AS UP AND AN INVESTOR MAY NOT GET BACK THE AMOUNT INVESTED. THESE INVESTMENTS ARE DESIGNED FOR INVESTORS WHO UNDERSTAND AND ARE WILLING TO ACCEPT THESE RISKS. PERFORMANCE MAY BE VOLATILE, AND AN INVESTOR COULD LOSE ALL OR A SUBSTANTIAL PORTION OF ITS INVESTMENT.

Please note that neither the Funds/Composites nor the Investment Manager/Investment Advisor complies with the requirements of the Alternative Investment Fund Managers Directive (“AIFMD”) of the European Union. No direct or indirect offering or placement of shares by or on behalf of the Funds/Composites or the Investment Manager may be made to or with investors in member states of the European Union in breach of either the applicable requirements under the AIFMD or the private placement regime in each relevant member state.

Any specific securities referenced herein are holdings as of the date identified and any performance information relates only to the period identified. No inferences should be made as to the profitability of specific positions overall.
In compliance with certain legal restrictions, Dalton is required to ascertain your status as a (i) “accredited investors” within the meaning of Regulation D of the Securities Act of 1933, as amended, and (ii) “qualified purchasers” within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended. We will not allow access to the private areas of the website unless you meet certain suitability requirements. To continue, please accept the disclaimer.

For the United Kingdom

The content of this website has not been approved by an authorized person within the meaning of the Financial Services and Markets Act 2000. Reliance of this website for the purpose of engaging in any investment activity may expose an individual to significant risk of losing all of the property or other assets invested.

The information contained in this website is directed only at persons who (i) are outside the United Kingdom or (ii) are persons falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “FP Order”) (“investment professionals”) or (iii) are persons falling within Article 49(2)(a)-(e) (“high net worth companies, unincorporated associations etc.”) of the FP Order or persons falling within Article 48(2) (“certified high net worth individual”), Article 50(1) (“certified sophisticated investor”) or Article 50A(1) (“self-certified sophisticated investor”) of the FP Order, or (iv) are persons to whom an invitation or inducement to engage in investment activity within the meaning of Section 21 of the Financial Services and Markets Act 2000 (as amended, the “FSMA”) may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). The information contained in this website must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this website relates is available only to relevant persons and will be engaged in only with relevant persons.In order for a person to qualify as a “certified high net worth individual” such person must have signed, within the last 12 months, a statement in the form set out in Part I of Schedule 5 of the FP Order which, inter alia, states that (A) such person meets required income and/or net assets thresholds and (B) such person acknowledges that he or she may lose significant rights, that he or she may have no right of complaint to the Financial Services Authority or the Financial Ombudsman Scheme, and that he or she may have no right to seek compensation from the Financial Services Compensation Scheme.

In order for a person to qualify as a “certified sophisticated investor”, such person must (A) have a current certificate in writing or other legible form (signed and dated within the last 12 months) signed by an authorized person confirming that the person concerned is sufficiently knowledgeable to understand the risks associated with the type of investment to which this website relates and (B) have signed, within the last 12 months, a statement in the form set out in Article 50(1)(b) of the FP Order in which, inter alia, such person declares that (A) he or she qualifies as a certified sophisticated investor in respect of the type of investment to which this website relates and (B) he or she accepts that the content of materials he or she receives may not have been approved by an authorized person and may therefore not be subject to controls that would otherwise apply.

In order for a person to qualify as a “self-certified sophisticated investor”, such person must have signed, within the last 12 months, a statement in the form set out in Part II of Schedule 5 of the FP Order which, inter alia, (A) sets out the reasons why the person concerned is a sophisticated investor and (B) states that such person acknowledges that he or she may lose significant rights, that he or she may have no right of complaint to the Financial Services Authority or the Financial Ombudsman Scheme, and that he or she may have no right to seek compensation from the Financial Services Compensation Scheme.

The information contained in this website is exempt from the general restriction in Section 21 of the FSMA on the communication of invitations or inducements to engage in investment activity on the grounds that, amongst others, it is made only to relevant persons.

The information contained in this website has not been approved by an authorized person within the meaning of the FSMA. Unless one of the exemptions referred to above applies, such approval is required by Section 21 of the FSMA. Any person who is in any doubt about the investment to which this website relates should consult an authorized person specializing in advising on investments of the type referred to in this communication.

Sales Restrictions – United Kingdom

This website relates to the Funds, which are not a recognized collective investment scheme for the purposes of the Financial Services and Markets Act 2000 (as amended, the “FSMA”). The information contained in this website relating to the Funds are accordingly restricted by Sections 21 and 238 of the FSMA. As a result, this website may only be accessed in the United Kingdom: (a) by persons other than authorized persons to persons who (i) fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “FP Order”) (“investment professionals”) or (ii) fall within Article 49(2)(a)-(e) (“high net worth companies, unincorporated associations etc.”) of the FP Order or (iii) fall within Article 50(1) (“certified sophisticated investor”) of the FP Order, or (iv) are persons to whom an invitation or inducement to engage in investment activity within the meaning of Section 21 of the FSMA may otherwise lawfully be communicated or caused to be communicated; or (b) by any authorized persons to persons who, or in circumstances in which, fall within the exemptions contained in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (as amended, the “CIS Order”) (including persons with professional experience of investment in unregulated schemes and high net worth companies and other entities described in Article 22(2)(a) to (e) of the CIS Order) or to persons who fall within paragraph 4.12.1R of the Conduct of Business Sourcebook promulgated by the Financial Services Authority (the “FSA”).

Where communicated otherwise than by an authorized person, the information contained in this website is exempt from the financial promotion restriction contained in Section 21 of the FSMA on the grounds that is will be issued to and/or directed only at the types of persons referred to in (a) above. This information must not be relied or acted upon by any other persons. Any investment or investment activity to which this website relates is available only to such persons and will be engaged in only with such persons.

Where communicated by an authorized person, the information contained in this website is exempt from the scheme promotion restriction contained in Section 238 of the FSMA on the grounds that the information is being issued to and/or directed at only the persons referred to in (b) above. The information contained in this website must not be relied or acted upon by any other persons. Any investment or investment activity to which this information relates is available only to such persons and will be engaged in only with such persons.

Any recipient of the information contained in this website that is an authorized person may (if and to the extent that it is permitted by the FSA’s rules applicable to it) distribute it or otherwise promote the Funds in accordance with Section 238 of the FSMA, but not otherwise. Any recipient of the information contained in this website that is not an authorized person may only distribute it to a person referred to in (a) above.

In order for a person to qualify as a “certified sophisticated investor”, such person must (A) have a current certificate in writing or other legible form (signed and dated within the last 12 months) signed by an authorized person confirming that the person concerned is sufficiently knowledgeable to understand the risks associated with the type of investment to which the information contained in this website relates and (B) have signed, within the last 12 months, a statement in the form set out in Article 50(1)(b) of the FP Order in which, inter alia, such person declares that (A) he or she qualifies as a certified sophisticated investor in respect of the type of investment to which this website relates and (B) he or she accepts that the content of materials he or she receives may not have been approved by an authorized person and may therefore not be subject to controls that would otherwise apply.

Since the Funds are not recognized collective investment schemes under the FSMA, investors in the Funds will not benefit from the rules and regulations made under the FSMA for the protection of investors, nor from the financial services compensation scheme in the United Kingdom.

To continue, please accept the disclaimer and the Terms and Conditions.

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