Shah Capital Management
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Shah Capital Management reported 9 stock positions worth $526.2 million. Its top holding was Veon (VEON) at 46.3% of the portfolio, followed by Novavax (NVAX, 25.4%) and China Yuchai Intl (CYD, 12.1%). Compared with Q1 2026, it sold out of 2, added to 1 and reduced 8. The biggest buy was Vanguard Short-Term Treasury (VGSH, shares +11%) and the biggest sale Tronox (TROX, shares −14%).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001383838
- Portfolio Value
- $526.2M (Q2 2026)
- SEC Filing
- 0001398344-26-014600 ↗ filed Aug 14, 2026
Holdings Value
Holdings 9 stocks · $526.2M
| VEON Veon Ltd. | 46.31% | 4,667,578 | $243.7M | Reduce -4.6% |
| NVAX Novavax Inc. | 25.36% | 14,165,577 | $133.4M | Reduce -4.6% |
| CYD China Yuchai Intl Ltd. | 12.08% | 1,341,057 | $63.6M | Reduce -17.1% |
| VGSH Vanguard Short-Term Treasury | 4.23% | 382,324 | $22.3M | Add +11.5% |
| TROX Tronox Holdings PLC | 3.08% | 2,570,814 | $16.2M | Reduce -14.1% |
| CSIQ Canadian Solar Inc. | 2.81% | 923,716 | $14.8M | Reduce -4.2% |
| EDU New Oriental Educatio-SP ADR | 2.57% | 294,866 | $13.5M | Reduce -3.0% |
| AM Antero Midstream Corp. | 2.41% | 556,830 | $12.7M | Reduce -5.0% |
| DOLE Dole PLC | 1.15% | 440,826 | $6.0M | Reduce -3.9% |
Portfolio Sells Q1 2026 → Q2 2026
| TROX Tronox Holdings PLC | Reduce -14.1% | 3.08% | −2.53 |
| WOLF Wolfspeed Inc. | Sold out | 0.00% | −1.59 |
| EDU New Oriental Educatio-SP ADR | Reduce -3.0% | 2.57% | −0.73 |
| TDAY USA Today Co. Inc. | Sold out | 0.00% | −0.68 |
| AM Antero Midstream Corp. | Reduce -5.0% | 2.41% | −0.16 |
| DOLE Dole PLC | Reduce -3.9% | 1.15% | −0.11 |
| CYD China Yuchai Intl Ltd. | Reduce -17.1% | 12.08% | +0.13 |
| CSIQ Canadian Solar Inc. | Reduce -4.2% | 2.81% | +0.25 |
| NVAX Novavax Inc. | Reduce -4.6% | 25.36% | +2.17 |
| VEON Veon Ltd. | Reduce -4.6% | 46.31% | +2.87 |
Portfolio Buys Q1 2026 → Q2 2026
| VGSH Vanguard Short-Term Treasury | Add +11.5% | 4.23% | +0.38 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 9 | $526.2M | VEON, NVAX, CYD, VGSH, TROX |
| Q1 2026 | 11 | $521.2M | VEON, NVAX, CYD, TROX, VGSH |
| Q4 2025 | 12 | $518.5M | VEON, NVAX, CYD, CSIQ, VGSH |
| Q3 2025 | 13 | $559.0M | VEON, NVAX, CYD, SOL, CSIQ |
| Q2 2025 | 14 | $514.0M | VEON, CYD, NVAX, SOL, VGSH |
| Q1 2025 | 17 | $489.6M | VEON, NVAX, CYD, SOL, VGSH |
| Q4 2024 | 16 | $495.9M | VEON, NVAX, CYD, SOL, EDU |
| Q3 2024 | 19 | $513.0M | VEON, NVAX, CYD, SOL, EDU |
| Q2 2024 | 17 | $462.3M | VEON, NVAX, CYD, EDU, SOL |
| Q1 2024 | 17 | $357.4M | VEON, EDU, NVAX, SOL, CYD |