James B. Rosenwald III, Gifford Combs & Shiro Hayashi
Dalton Investments
Dalton Investments are value investors and Asia experts. Particularly in Japan, where they help clients take advantage of mispriced opportunities in under-researched companies, engaging with managements to extract value for shareholders. As well as their headquarters in LA, the firm has multi-cultural, multi-lingual teams on the ground in Tokyo, HK, Sydney and Mumbai.
James B. Rosenwald III
Co-Founder & CIO
James has a long, and strong, background in Asia-focused investment. He’s been investing in Japan since his teens, when he began working with his grandfather – a peer of Benjamin Graham, the economist who’s widely known as the father of value investing. Before Dalton, he worked for George Soros as an investor in the Korean market.
Gifford Combs
Managing Director & Portfolio Manager
Gifford is a founding member of Dalton. For over 39 years, he has skilfully managed equity portfolios. In that time, he’s covered portfolios for U.S. and international institutions, managed a U.S. investment partnership and managed a Pacific and General investments portfolio. He also serves on the board of Cambridge in America (NY) and the Capital, as well as various investment committees.
Shiro Hayashi
Director of Research
Shiro has 21 years of investment and banking experience. Bringing that to his role as Director of Research and Head of Dalton’s Tokyo research office, Dalton Advisory KK. Before Dalton, he was an equity analyst at SPARX and also worked as an Investment Banker for JP Morgan.
Introducing Dalton Investments
FILMED IN JULY 2023.
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Japan Update
FILMED IN SEPTEMBER 2025.
In our latest manager update video, stock picker Jamie Rosenwald from Dalton Investments looks at what’s boosting Japanese equities even as US tariffs and global tensions weigh on other markets.
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Stock Spotlight: Ezaki Glico
FILMED IN OCTOBER 2025
Jamie Rosenwald from Dalton explores why Ezaki Glico, best known for its Pocky chocolate sticks, could be a good investment opportunity with its global reach and untapped potential in the US and UK markets.
00:00:11:15 - 00:00:14:06 So one of the new names in our portfolio 00:00:14:06 - 00:00:17:20 that I really like because I am a chocoholic 00:00:17:20 - 00:00:20:01 is Ezaki Glico 00:00:20:01 - 00:00:23:03 and just a second, let me show you what that is. 00:00:28:00 - 00:00:33:15 Here is Jamie advertising Ezaki Glico not for its products, but for the stock. 00:00:33:15 - 00:00:37:21 It is an amazing chocolate manufacturer in Japan. 00:00:37:21 - 00:00:40:07 It has a global product. 00:00:40:07 - 00:00:44:20 In Los Angeles I see it sold in my local supermarket. 00:00:44:20 - 00:00:47:20 You can find it in China, you can find it in the UK, 00:00:47:20 - 00:00:49:11 you can find it in Europe. 00:00:49:11 - 00:00:52:00 It is a literally a global product with a market 00:00:52:00 - 00:00:55:14 capitalisation of approximately $2 billion. 00:00:55:14 - 00:01:00:14 Luckily, Dalton clients have the ability to handle some illiquidity, 00:01:00:14 - 00:01:03:08 and we've accumulated over 10% of the company. 00:01:03:08 - 00:01:06:23 From children to adults we all need chocolate. 00:01:06:23 - 00:01:08:13 We all need to feel good 00:01:08:13 - 00:01:12:22 and this is a marvellous product that is sold globally by Ezaki Glico. 00:01:12:22 - 00:01:17:24 The addressable market for chocolate is tens of billions of dollars globally. 00:01:17:24 - 00:01:22:09 It is a unique market for those who follow the prices of cocoa. 00:01:22:09 - 00:01:27:19 You'll notice the price of cocoa has continued to rise as difficulties in Western Africa, 00:01:27:19 - 00:01:33:01 the Caribbean and Asia make picking the cocoa bean more and more complex. 00:01:33:01 - 00:01:38:01 But as far as the market itself, it is a growing market 00:01:38:01 - 00:01:42:23 as people’s incomes rise to middle class globally 00:01:42:23 - 00:01:46:15 and one of the greatest new markets for this product is India. 00:01:46:15 - 00:01:50:18 So in Japan you have a number of unique consumer products 00:01:50:18 - 00:01:54:18 but this type of product can be sold globally 00:01:54:18 - 00:01:58:19 just as easily or even more easily than an automobile. 00:01:58:19 - 00:02:03:17 Therefore, while we see it in our market, 00:02:03:17 - 00:02:06:05 it is not a product that is being marketed 00:02:06:05 - 00:02:09:23 in the way that we believe, at Dalton, it can be 00:02:09:23 - 00:02:13:09 and therefore to compete, for instance, in the United States 00:02:13:09 - 00:02:16:22 with Hershey or in the UK with Cadbury. 00:02:16:22 - 00:02:19:16 So we see a $2 billion market cap 00:02:19:16 - 00:02:22:22 that could easily be worth double or triple this 00:02:22:22 - 00:02:27:23 if consolidated with a global player who has more power marketing. 00:02:27:23 - 00:02:30:02 We've talked to private equity firms. 00:02:30:02 - 00:02:34:20 They also share our view that this could be a unique target for them 00:02:34:20 - 00:02:37:07 and therefore we see a lot of reasons why 00:02:37:07 - 00:02:41:01 there will be a consolidation within the chocolate industry within Japan.