13F HOLDINGS REPORT
SHAH CAPITAL MANAGEMENT
Quarter ended Q4 2025 · Filed January 15, 2026 · Accession 0001398344-26-000720
Total Value
$518.5M
Positions
12
Other Managers
0
Confidential Omitted
No
Holdings (12)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | VEON LTD | VEON | 4,895,252 | $257.3M | 49.63% |
| 2 | NOVAVAX INC | NVAX | 14,558,780 | $97.8M | 18.87% |
| 3 | CHINA YUCHAI INTL LTD | G21082105 | 1,646,397 | $58.4M | 11.27% |
| 4 | CANADIAN SOLAR INC | CSIQ | 970,000 | $23.1M | 4.45% |
| 5 | VANGUARD SCOTTSDALE FDS | 92206C102 | 356,178 | $20.9M | 4.03% |
| 6 | NEW ORIENTAL ED & TECHNOLOGY | 647581206 | 304,744 | $16.8M | 3.23% |
| 7 | TRONOX HOLDINGS PLC | TROX | 3,000,000 | $12.5M | 2.41% |
| 8 | ANTERO MIDSTREAM CORP | AM | 586,000 | $10.4M | 2.01% |
| 9 | USA TODAY CO INC | TDAY | 1,800,000 | $9.3M | 1.79% |
| 10 | DOLE PLC | DOLE | 461,521 | $6.9M | 1.33% |
| 11 | BAIDU INC | BAIDF | 33,935 | $4.4M | 0.86% |
| 12 | WOLFSPEED INC | WOLF | 33,494 | $583,131 | 0.11% |