Institutional Manager · CIK 0001383838
SHAH CAPITAL MANAGEMENT
RALEIGH, NC · File #028-12080
Latest AUM
$518.5M
Positions
12
Top-10 Concentration
99.0%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| EXITED | EMEREN GROUP LTD | 75971T301 | -18,818,236 | -$35.6M | $0 |
| ADD | NOVAVAX INC | NVAX | +2,747,000 | +$18.5M | -$23.0M |
| REDUCE | CANADIAN SOLAR INC | CSIQ | -716,285 | -$17.0M | +$18.1M |
| ADD | TRONOX HOLDINGS PLC | TROX | +2,600,000 | +$10.8M | +$60,000 |
| ADD | VEON LTD | VEON | +70,831 | +$3.7M | -$9.0M |
| ADD | DOLE PLC | DOLE | +186,124 | +$2.8M | +$426,865 |
| EXITED | CHEER HLDG INC | G39973204 | -2,157,500 | -$1.5M | $0 |
| REDUCE | CHINA YUCHAI INTL LTD | G21082105 | -26,300 | -$933,650 | -$9.8M |
| NEW | WOLFSPEED INC | WOLF | +33,494 | +$583,131 | $0 |
| REDUCE | VANGUARD SCOTTSDALE FDS | 92206C102 | -350 | -$20,556 | -$42,783 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202512 pos · $518.5M
- 13F HOLDINGS REPORTQ/E Sep 202513 pos · $559.0M
- 13F HOLDINGS REPORTQ/E Jun 202514 pos · $514.0M
- 13F HOLDINGS REPORTQ/E Mar 202517 pos · $489.6M
- 13F HOLDINGS REPORTQ/E Dec 202416 pos · $495.9M
- 13F HOLDINGS REPORTQ/E Sep 202419 pos · $513.0M
- 13F HOLDINGS REPORTQ/E Jun 202417 pos · $462.3M
- 13F HOLDINGS REPORTQ/E Mar 202417 pos · $357.4M
- 13F HOLDINGS REPORTQ/E Dec 202314 pos · $422,660
Top 12 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 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% |