Every document in this section is a compiled analysis — a synthesis prepared from the primary records preserved in source documents. None is itself a primary record. Where a document tags its own claims (CONFIRMED / PARTIAL / UNCONFIRMED / ASSERTED), the tags are preserved exactly as written, including the caveats that cut against the compiler's premises. Check any statement against the underlying filing before quoting or relying on it.
Compiled analysis
Analysis
The working documents behind the archive: year-by-year extractions, findings memoranda, and the binder index — published as compiled, labeled as analysis, and tied to the primary records they cite.
Browse the underlying records →
Analysis 01
Form ADV detail — Dalton and RCM, year by year
Regulatory assets under management and client counts 2011–2026, the verbatim Schedule A/B ownership chain, and the RCM brochure's own Item 10 admissions.
Compiled analysis Analysis 02Form 5500 Schedule C — compensation to Dalton
73 Schedule C compensation rows across public pension filings, 2009–2024, totaling $67,766,587 — each row carrying its DOL acknowledgment ID.
Compiled analysis Analysis 03EDINET large-shareholding reports — the Japan positions
The Dalton/NAVF large-shareholding reports on file: position ladders, concert-party structures, activist campaigns, the Hogy Medical board seat and Carlyle exit, and the null results.
Compiled analysis Analysis 04IRS Form 990 notes — where Dalton appears
Where the name Dalton Investments appears in the preserved nonprofit returns — the YMCA Retirement Fund's paid manager and Schedule L entry, three foundations' fund holdings, and one confirmed false positive.
Compiled analysis Analysis 05Beach Front, Kazan, and the Rosenwald nexus — findings
Three questions worked against the saved SEC records, with every claim tagged CONFIRMED, PARTIAL, UNCONFIRMED, or ASSERTED — including the caveats and the records still open.
Compiled analysis Analysis 06The records binder — index and manifest
The index of the source binder behind this archive: what was collected, from which system, and which records remained open when the binder was compiled.
Compiled analysis