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Dalton Investments Portfolio holdings

AUM $103M
1-Year Est. Return 3.77%
This Fund
S&P 500
This Quarter Est. Return
+9.18%
1 Year Est. Return
-3.77%
3 Year Est. Return
+94.71%
5 Year Est. Return
+120.24%
10 Year Est. Return
+496.89%
AUM
$336M
AUM Growth
-$17.5M
Cap. Flow
-$43.6M
Cap. Flow %
-12.98%
Top 10 Hldgs %
89.41%
Holding
72
New
8
Increased
16
Reduced
9
Closed
20

Top Buys

Rank Stock Value
1
TRQ
Turquoise Hill Resources Ltd
TRQ
+$9.37M
2
TRQ.RT
TURQUOISE HILL RES LTD RTS EXP 01/07/2014 (DE)
TRQ.RT
+$4.1M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$1.93M
4
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$396K
5
EOT
Eaton Vance National Municipal Opportunities Trust
EOT
+$367K

Top Sells

Rank Stock Value
1
GCVRZ
Sanofi Contingent Value Rights
GCVRZ
+$34M
2
HIMX
Himax Technologies
HIMX
+$28.8M
3
EWJ icon
iShares MSCI Japan ETF
EWJ
+$7.78M
4
RWM icon
ProShares Short Russell2000
RWM
+$1.66M
5
CHK
Chesapeake Energy Corporation
CHK
+$647K

Sector Composition

Rank Sector Weight
1 Financials 59.7%
2 Technology 12.97%
3 Materials 5.3%
4 Energy 0.81%
5 Industrials 0.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RBS.PRN
26
DELISTED
ROYAL BK SCOTLAND GROUP PLC ADR RPTNG PFD SHRS SER N (UK)
RBS.PRN
$535K 0.16%
26,133
– –
BCV
27
Bancroft Fund
BCV
$133M
$495K 0.15%
26,611
-874
-3% -$16K
NTI
28
DELISTED
NORTHERN TIER ENERGY LP CLASS A
NTI
$492K 0.15%
20,000
– –
VB icon
29
Vanguard Morningstar Small-Cap ETF
VB
$79.5B
$414K 0.12%
3,765
-209
-5% -$22.2K
EOT
30
Eaton Vance National Municipal Opportunities Trust
EOT
$270M
$367K 0.11%
+19,859
New +$367K
ACTG icon
31
Acacia Research
ACTG
$428M
$356K 0.11%
24,465
+2,343
+11% +$37K
PMO
32
Franklin Municipal Opportunities Trust
PMO
$280M
$342K 0.1%
31,824
+209
+0.7% +$2.26K
MUE
33
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
$277K 0.08%
22,894
+393
+2% +$4.76K
VNQ icon
34
Vanguard Real Estate ETF
VNQ
$39.2B
$273K 0.08%
4,233
– –
MVC
35
DELISTED
MVC Capital, Inc.
MVC
$270K 0.08%
20,000
+10,000
+100% +$138K
RBS.PRP
36
DELISTED
Royal Bank of Scotland Group Plc (The) ADR representing Pref
RBS.PRP
$266K 0.08%
13,136
– –
GWX icon
37
State Street SPDR S&P International Small Cap ETF
GWX
$856M
$236K 0.07%
7,029
-592
-8% -$19.6K
BA icon
38
Boeing
BA
$171B
$232K 0.07%
1,700
-300
-15% -$39K
VT icon
39
Vanguard Total World Stock ETF
VT
$77.1B
$216K 0.06%
+3,644
New +$210K
MUNI icon
40
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund
MUNI
$3.06B
$212K 0.06%
4,102
+22
+0.5% +$1.15K
VIG icon
41
Vanguard Dividend Appreciation ETF
VIG
$111B
$203K 0.06%
+2,696
New +$196K
FTF
42
Franklin Limited Duration Income Trust
FTF
$231M
$202K 0.06%
15,561
+263
+2% +$3.4K
SCU
43
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
$192K 0.06%
+1,300
New +$171K
MYC
44
DELISTED
Blackrock Muni Yield California Fund, Inc.
MYC
$182K 0.05%
13,212
+218
+2% +$3.06K
MUS
45
DELISTED
BLACKROCK MUNIHOLDINGS QUALITY FUND, INC.
MUS
$146K 0.04%
12,336
-5,063
-29% -$60.3K
OIA icon
46
Invesco Municipal Income Opportunities Trust
OIA
$289M
$143K 0.04%
23,108
+9,108
+65% +$56.1K
BGC icon
47
BGC Group
BGC
$5.45B
$139K 0.04%
35,765
– –
MUA icon
48
BlackRock MuniAssets Fund
MUA
$509M
$139K 0.04%
+12,027
New +$140K
FEIM icon
49
Frequency Electronics
FEIM
$635M
$117K 0.03%
10,000
– –
LIOX
50
DELISTED
Lionbridge Technologies
LIOX
$84K 0.03%
14,082
– –
1
2
3

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Dalton Investments's Q4 2013 Portfolio in Review

As of Q4 2013, Dalton Investments held 72 positions worth $336M, down 5% from $354M the previous quarter. Its ten largest holdings account for 89% of the portfolio.

Dalton Investments withdrew a net $43.6M in Q4 2013, closing 20 positions and reducing 9 holdings. Its most notable exit was Sanofi Contingent Value Rights, an estimated $34M position sold in full.

By sector, the portfolio is most concentrated in Financials at 60% of assets, up from 53% a quarter earlier, followed by Technology and Materials.

Against the trend, Dalton Investments opened a new position in TURQUOISE HILL RES LTD RTS EXP 01/07/2014 (DE) worth $4.5M.

  • Dalton Investments's largest Q4 2013 buy was TURQUOISE HILL RES LTD RTS EXP 01/07/2014 (DE): 4,683,634 shares worth $4.5M.
  • Dalton Investments added most to Turquoise Hill Resources Ltd in Q4 2013, an estimated $9.37M increase.
  • Dalton Investments's biggest Q4 2013 reduction was Morgan Stanley, cutting an estimated $452K.
  • Dalton Investments fully exited Sanofi Contingent Value Rights in Q4 2013, selling an estimated $34M.
  • Dalton Investments's ten largest holdings make up 89% of its $336M portfolio in Q4 2013.
  • Dalton Investments opened 8 new positions and closed 20 in Q4 2013.
  • Dalton Investments's portfolio value fell 5% quarter-over-quarter to $336M.

Based on Dalton Investments's 13F filing for Q4 2013, filed 14 Feb 2014.