Announcement of the Launch of "fundnote Dalton NAVF Select Fund" ―Initial Allocation Amount of 1.93 Billion Yen―
fundnote Inc. has launched its "fundnote Dalton NAVF Select Fund" with an initial allocation of 1.93 billion JPY on May 1, 2026. This marks the first time Dalton Investments' strategy, previously offered to overseas institutional investors, is made available to Japanese investors.
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- 📰 Published: May 2, 2026 at 03:38
- 🔍 Collected: May 1, 2026 at 19:02
- 🤖 AI Analyzed: May 1, 2026 at 20:05 (1h 3m after Collected)
fundnote Inc. (Headquarters: Minato-ku, Tokyo; Representative Director and President: Katsuma Watanabe; hereinafter 'the Company'), an independent asset management company, announced that its public investment trust, 'fundnote Dalton NAVF Select Fund' (nickname: 'Takumi no Fund Dalton'; hereinafter 'the Fund'), commenced operations on May 1, 2026 (Friday).
The initial allocation amount for the Fund was 1.93 billion JPY. We express our sincere gratitude to all investors. The continuous application period for this Fund will last until December 30, 2026. *Acceptance will close once the maximum offering amount of 10 billion JPY is reached.
**Dalton Investments' 'NAVF Select Strategy'**
This strategy has previously been offered primarily to overseas pension funds, foundations, and institutional investors, with many of its investment opportunities limited to foreign investors. We are delighted to have been able to offer this investment opportunity to Japanese investors for the first time through our public investment trust.
Together with all those who resonate with the investment philosophy of our company and Dalton Investments, we aim to achieve medium-to-long-term value creation and returns. We look forward to continuously sharing our results with all of you through operational reports and social media, even after the start of operations.
**Features of 'fundnote Dalton NAVF Select Fund' (nickname: 'Takumi no Fund Dalton')**
1. **Concentrated investment in cash-rich, undervalued companies** (stocks with a large discrepancy between intrinsic value and current stock price).
2. **Actively utilizes engagement** to bring out the value of investee companies, including proposals to enhance corporate capital efficiency.
3. **Delegates a portion of the investment instruction authority** (authority concerning investment instructions for stocks, etc.) to Dalton Investments Inc. for the operation of the master fund.
**Delegated Investment Manager ― About Dalton Investments**
Dalton Investments aims to be agile in investment opportunities, entrepreneurial, manage assets with a long-term perspective, and deliver superior returns to its clients.
It began operations in 1998 to capitalize on opportunities arising from the Asian crisis and was incorporated in 1999.
It has offices in Los Angeles, Las Vegas, Seoul, Sydney, Mumbai, Hong Kong, New York, and Tokyo.
It boasts an experienced and diverse team of 45 members, 21 of whom are dedicated investment professionals.
It is a company owned by its officers and employees, and both officers and employees invest in the funds managed by Dalton alongside their investors.
**About the Management Members**
**James B. Rosenwald III**
Chief Investment Officer (CIO) and Founding Partner of Dalton Investments
**[Biography]**
* Joined the investment industry in 1981, served as an external advisor to the Soros Group, and founded Rosenwald, Roditi & Company (now Rovida Asset Management) in 1992.
* Established Dalton Investments LLC in 1999.
* Has over 30 years of experience in Asian equity management.
* Since 2012, has been an Adjunct Professor at NYU Business School, teaching 'Global Value Investing,' which has been well-received by students.
* His grandfather, James Rosenwald I, was mentored by Benjamin Graham, known as the originator of value investing, trained as a securities analyst at Graham-Newman, and then gained renown as an analyst for Japanese non-life insurance and financial stocks at Nikko Securities New York for 30 years.
* Holds an MBA from NYU, graduated from Vassar College, is a CFA, and a member of the Society of Los Angeles.
**Masumi Nishida**
Managing Director, Dalton Advisory Co., Ltd.
Partner, Dalton Investments
Senior Analyst, NAVF Select Strategy
**[Biography]**
* After serving as a desk analyst in the distressed debt trading department at Citigroup Securities and Citigroup Global Markets Inc. (USA), joined Dalton Investments in 2021.
* Has over 16 years of trading and investment experience.
* Holds an MBA from Columbia University and a BA from Monash University.
**Comment from Mr. James B. Rosenwald III**
Our active management is slightly different from typical funds; we value an approach that engages with companies and draws out value through dialogue. This strategy is not aimed at generating profits through short-term trading. We focus on investing in 'Good Business' and securing a 'Margin of Safety'.
The initial allocation amount for the Fund was 1.93 billion JPY. We express our sincere gratitude to all investors. The continuous application period for this Fund will last until December 30, 2026. *Acceptance will close once the maximum offering amount of 10 billion JPY is reached.
**Dalton Investments' 'NAVF Select Strategy'**
This strategy has previously been offered primarily to overseas pension funds, foundations, and institutional investors, with many of its investment opportunities limited to foreign investors. We are delighted to have been able to offer this investment opportunity to Japanese investors for the first time through our public investment trust.
Together with all those who resonate with the investment philosophy of our company and Dalton Investments, we aim to achieve medium-to-long-term value creation and returns. We look forward to continuously sharing our results with all of you through operational reports and social media, even after the start of operations.
**Features of 'fundnote Dalton NAVF Select Fund' (nickname: 'Takumi no Fund Dalton')**
1. **Concentrated investment in cash-rich, undervalued companies** (stocks with a large discrepancy between intrinsic value and current stock price).
2. **Actively utilizes engagement** to bring out the value of investee companies, including proposals to enhance corporate capital efficiency.
3. **Delegates a portion of the investment instruction authority** (authority concerning investment instructions for stocks, etc.) to Dalton Investments Inc. for the operation of the master fund.
**Delegated Investment Manager ― About Dalton Investments**
Dalton Investments aims to be agile in investment opportunities, entrepreneurial, manage assets with a long-term perspective, and deliver superior returns to its clients.
It began operations in 1998 to capitalize on opportunities arising from the Asian crisis and was incorporated in 1999.
It has offices in Los Angeles, Las Vegas, Seoul, Sydney, Mumbai, Hong Kong, New York, and Tokyo.
It boasts an experienced and diverse team of 45 members, 21 of whom are dedicated investment professionals.
It is a company owned by its officers and employees, and both officers and employees invest in the funds managed by Dalton alongside their investors.
**About the Management Members**
**James B. Rosenwald III**
Chief Investment Officer (CIO) and Founding Partner of Dalton Investments
**[Biography]**
* Joined the investment industry in 1981, served as an external advisor to the Soros Group, and founded Rosenwald, Roditi & Company (now Rovida Asset Management) in 1992.
* Established Dalton Investments LLC in 1999.
* Has over 30 years of experience in Asian equity management.
* Since 2012, has been an Adjunct Professor at NYU Business School, teaching 'Global Value Investing,' which has been well-received by students.
* His grandfather, James Rosenwald I, was mentored by Benjamin Graham, known as the originator of value investing, trained as a securities analyst at Graham-Newman, and then gained renown as an analyst for Japanese non-life insurance and financial stocks at Nikko Securities New York for 30 years.
* Holds an MBA from NYU, graduated from Vassar College, is a CFA, and a member of the Society of Los Angeles.
**Masumi Nishida**
Managing Director, Dalton Advisory Co., Ltd.
Partner, Dalton Investments
Senior Analyst, NAVF Select Strategy
**[Biography]**
* After serving as a desk analyst in the distressed debt trading department at Citigroup Securities and Citigroup Global Markets Inc. (USA), joined Dalton Investments in 2021.
* Has over 16 years of trading and investment experience.
* Holds an MBA from Columbia University and a BA from Monash University.
**Comment from Mr. James B. Rosenwald III**
Our active management is slightly different from typical funds; we value an approach that engages with companies and draws out value through dialogue. This strategy is not aimed at generating profits through short-term trading. We focus on investing in 'Good Business' and securing a 'Margin of Safety'.