Shah Capital Management
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Shah Capital Management reported 17 stock positions worth $357.4 million. Its top holding was Veon (VEON) at 33.3% of the portfolio, followed by New Oriental Educatio-SP ADR (EDU, 12.1%) and Novavax (NVAX, 10.9%). Compared with Q4 2023, it opened 3 new positions, sold out of 1, added to 4 and reduced 8. The biggest buy was Novavax (NVAX, shares +4%) and the biggest sale New Oriental Educatio-SP ADR (EDU, shares −40%).
- Most Recent 13F
- Q3 2026
- Location
- RALEIGH, NC
- CIK
- 0001383838
- Portfolio Value
- $357.4M (Q1 2024)
- SEC Filing
- 0001398344-24-009614 ↗ filed May 15, 2024
Holdings Value
Holdings 17 stocks · $357.4M
| VEON Veon Ltd. | 33.25% | 4,949,070 | $118.8M | Reduce -0.1% |
| EDU New Oriental Educatio-SP ADR | 12.11% | 498,630 | $43.3M | Reduce -39.8% |
| NVAX Novavax Inc. | 10.86% | 8,117,827 | $38.8M | Add +4.3% |
| SOL Emeren Group Ltd. | 10.06% | 18,635,291 | $36.0M | Reduce -0.0% |
| CYD China Yuchai Intl Ltd. | 10.01% | 4,192,772 | $35.8M | Add +2.0% |
| VAL Valaris Ltd. | 5.44% | 258,529 | $19.5M | Reduce -0.1% |
| GNW Genworth Financial Inc. | 5.40% | 3,000,000 | $19.3M | Reduce -36.5% |
| VGSH Vanguard Short-Term Treasury | 4.02% | 247,496 | $14.4M | Add +2.6% |
| AM Antero Midstream Corp. | 3.15% | 800,000 | $11.2M | Reduce -55.5% |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 1.43% | 2,100,000 | $5.1M | No change |
| DOLE Dole PLC | 1.02% | 306,211 | $3.7M | Reduce -0.3% |
| CHR Cheer Holding Inc. Class A | 0.89% | 1,265,558 | $3.2M | Add +0.7% |
| UNG US Natural Gas Fund LP | 0.87% | 214,433 | $3.1M | New |
| BABA Alibaba Group Holding-SP ADR | 0.60% | 29,739 | $2.2M | New |
| FXI iShares China Large-Cap ETF | 0.55% | 81,424 | $2.0M | Reduce -0.8% |
| PARAA Paramount Global Class B | 0.33% | 100,100 | $1.2M | New |
| NBIS Nebius Group NV filed as YANDEX N V | 0.00% | 17,000 | $0 | No change |
Portfolio Sells Q4 2023 → Q1 2024
| EDU New Oriental Educatio-SP ADR | Reduce -39.8% | 12.11% | −3.42 |
| SOL Emeren Group Ltd. | Reduce -0.0% | 10.06% | −2.97 |
| GNW Genworth Financial Inc. | Reduce -36.5% | 5.40% | −2.69 |
| AM Antero Midstream Corp. | Reduce -55.5% | 3.15% | −2.63 |
| AR Antero Resources Corp. | Sold out | 0.00% | −2.32 |
| FXI iShares China Large-Cap ETF | Reduce -0.8% | 0.55% | +0.04 |
| DOLE Dole PLC | Reduce -0.3% | 1.02% | +0.06 |
| VAL Valaris Ltd. | Reduce -0.1% | 5.44% | +0.90 |
| VEON Veon Ltd. | Reduce -0.1% | 33.25% | +8.26 |
Portfolio Buys Q4 2023 → Q1 2024
| NVAX Novavax Inc. | Add +4.3% | 10.86% | +1.29 |
| CYD China Yuchai Intl Ltd. | Add +2.0% | 10.01% | +1.19 |
| UNG US Natural Gas Fund LP | New | 0.87% | +0.87 |
| BABA Alibaba Group Holding-SP ADR | New | 0.60% | +0.60 |
| VGSH Vanguard Short-Term Treasury | Add +2.6% | 4.02% | +0.42 |
| PARAA Paramount Global Class B | New | 0.33% | +0.33 |
| CHR Cheer Holding Inc. Class A | Add +0.7% | 0.89% | −0.13 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q3 2026 | 11 | $605.3M | VEON, NVAX, CYD, VGSH, EDU |
| 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 |