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Institutional Investment Manager
Dalton Investments, Inc.
Dalton Investments, Inc. (CIK: 0001388838) incorporated in Nevada, located at 360 N. Pacific Coast Highway, El Segundo, CA. Institutional holdings reported to the SEC.

Institutional Holdings (2014Q1)
Portfolio Summary: 57 holdings with a total value of $367,215,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 BERKSHIRE HATHAWAY INC DEL 545,450 68,165,000 18.56%
2 AMERICAN INTL GROUP INC 1,228,500 61,437,000 16.73%
3 POWERSHARES QQQ TRUST 497,800 43,642,000 11.88% Call
4 MICRON TECHNOLOGY INC 1,554,000 36,768,000 10.01%
5 Turquoise Hill Resources Ltd 10,562,843 35,174,000 9.58%
6 CITIGROUP INC 593,535 28,252,000 7.69%
7 NATIONAL BK GREECE S A 1,530,000 27,448,000 7.47%
8 AMERICAN INTL GROUP INC 667,099 13,636,000 3.71%
9 BANK AMER CORP 685,466 11,790,000 3.21%
10 MORGAN STANLEY 348,100 10,850,000 2.95%
11 BERKSHIRE HATHAWAY INC DEL 21 3,934,000 1.07%
12 VANGUARD INTL EQUITY INDEX F 74,068 3,726,000 1.01%
13 VANGUARD INDEX FDS 34,686 3,381,000 0.92%
14 ROYAL BK SCOTLND 6.125% 94,112 2,075,000 0.57%
15 VANGUARD INDEX FDS 17,172 1,477,000 0.40%
16 DB 3X INVERSE JAPANESE GOVT BOND FUTURES EXCHANGE TRADED NOTES 83,000 1,403,000 0.38%
17 RESOLUTE FOREST 60,000 1,205,000 0.33%
18 LEUCADIA NATIONAL CO 35,156 984,000 0.27%
19 LOEWS CORP 20,000 881,000 0.24%
20 First Century Bankshares Inc 108,400 859,000 0.23%
21 ELLSWORTH GROWTH AND INCOME FU COM 81,638 702,000 0.19%
22 Global Commodity Equity ETF 12,998 571,000 0.16%
23 NORTHERN TIER ENERGY LP COM UN REPR PART 20,000 514,000 0.14%
24 Tessera Technologies Inc 20,000 473,000 0.13%
25 BANCROFT FD LTD 22,769 445,000 0.12%
26 Royal Bank of Scotland Group (The) PLC 19,299 437,000 0.12%
27 VANGUARD INDEX FDS 3,864 436,000 0.12%
28 EATON VANCE NATL MUN OPPORT 19,912 386,000 0.11%
29 ACACIA RESH CORP 24,560 375,000 0.10%
30 PUTNAM MUN OPPORTUNITIES TR 32,337 368,000 0.10%
31 TEJON RANCH CO 10,250 347,000 0.09%
32 MVC CAPITAL INC COM 24,500 332,000 0.09%
33 PANHANDLE OIL AND GAS INC 7,200 314,000 0.09%
34 VANGUARD INDEX FDS 4,299 304,000 0.08%
35 BLACKROCK MUNIHOLD QU FU II IN COM 23,285 297,000 0.08%
36 POWERSHS DB US DOLLAR INDEX 13,000 279,000 0.08%
37 SPDR INDEX SHS FDS 7,406 251,000 0.07%
38 MICROSOFT CORP 6,000 246,000 0.07%
39 EATON CORP PLC 3,000 225,000 0.06%
40 ROYAL BK SCOTLAND GRP PLC 10,090 224,000 0.06%
41 PIMCO ETF TR 4,124 217,000 0.06%
42 VANGUARD INTL EQUITY INDEX F 3,644 217,000 0.06%
43 OCH-ZIFF CAP MGMT GROUP CL A SHS 15,000 207,000 0.06%
44 FRANKLIN LTD DURATION INC TR 15,822 206,000 0.06%
45 VANGUARD SPECIALIZED FUNDS 2,708 204,000 0.06%
46 BLACKROCK MUNIYIELD CALIF FD 13,432 197,000 0.05%
47 BLACKROCK MUNIHOLDINGS QUALI 14,355 181,000 0.05%
48 Alcoa 13,000 167,000 0.05%
49 BGC PARTNERS INC 24,000 157,000 0.04%
50 INVESCO MUNI INCOME OPP TRST 23,456 155,000 0.04%
Page 1 of 2

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001172661-14-001028, filed 2014.05.15).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.