Shah Capital Management
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 12, 2024), Shah Capital Management reported 17 stock positions worth $462.3 million. Its top holding was Veon (VEON) at 27.8% of the portfolio, followed by Novavax (NVAX, 26.5%) and China Yuchai Intl (CYD, 8.3%). Compared with Q1 2024, it opened 1 new position, sold out of 1, added to 5 and reduced 10. The biggest buy was Novavax (NVAX, shares +19%) and the biggest sale New Oriental Educatio-SP ADR (EDU, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001383838
- Portfolio Value
- $462.3M (Q2 2024)
- SEC Filing
- 0001398344-24-014293 ↗ filed Aug 12, 2024
Holdings Value
Holdings 17 stocks · $462.3M
| VEON Veon Ltd. | 27.77% | 4,950,027 | $128.4M | Add +0.0% |
| NVAX Novavax Inc. | 26.46% | 9,662,090 | $122.3M | Add +19.0% |
| CYD China Yuchai Intl Ltd. | 8.31% | 4,221,152 | $38.4M | Add +0.7% |
| EDU New Oriental Educatio-SP ADR | 7.96% | 473,682 | $36.8M | Reduce -5.0% |
| SOL Emeren Group Ltd. | 6.04% | 18,628,308 | $27.9M | Reduce -0.0% |
| VAL Valaris Ltd. | 4.15% | 257,458 | $19.2M | Reduce -0.4% |
| GNW Genworth Financial Inc. | 3.90% | 2,988,586 | $18.1M | Reduce -0.4% |
| BIDU Baidu Inc. - Spon ADR | 3.09% | 165,000 | $14.3M | New |
| VGSH Vanguard Short-Term Treasury | 3.04% | 242,357 | $14.1M | Reduce -2.1% |
| AM Antero Midstream Corp. | 2.53% | 795,038 | $11.7M | Reduce -0.6% |
| PARAA Paramount Global Class B | 2.52% | 1,121,000 | $11.6M | Add +1019.9% |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 1.79% | 1,800,000 | $8.3M | Reduce -14.3% |
| DOLE Dole PLC | 0.80% | 303,720 | $3.7M | Reduce -0.8% |
| CHR Cheer Holding Inc. Class A | 0.72% | 1,302,400 | $3.3M | Add +2.9% |
| BABA Alibaba Group Holding-SP ADR | 0.45% | 28,985 | $2.1M | Reduce -2.5% |
| FXI iShares China Large-Cap ETF | 0.45% | 79,651 | $2.1M | Reduce -2.2% |
| NBIS Nebius Group NV filed as YANDEX N V | 0.00% | 17,000 | $0 | No change |
Portfolio Sells Q1 2024 → Q2 2024
| EDU New Oriental Educatio-SP ADR | Reduce -5.0% | 7.96% | −4.15 |
| SOL Emeren Group Ltd. | Reduce -0.0% | 6.04% | −4.02 |
| GNW Genworth Financial Inc. | Reduce -0.4% | 3.90% | −1.49 |
| VAL Valaris Ltd. | Reduce -0.4% | 4.15% | −1.30 |
| VGSH Vanguard Short-Term Treasury | Reduce -2.1% | 3.04% | −0.98 |
| UNG US Natural Gas Fund LP | Sold out | 0.00% | −0.87 |
| AM Antero Midstream Corp. | Reduce -0.6% | 2.53% | −0.61 |
| DOLE Dole PLC | Reduce -0.8% | 0.80% | −0.22 |
| BABA Alibaba Group Holding-SP ADR | Reduce -2.5% | 0.45% | −0.15 |
| FXI iShares China Large-Cap ETF | Reduce -2.2% | 0.45% | −0.10 |
| TDAY USA Today Co. Inc. | Reduce -14.3% | 1.79% | +0.36 |
Portfolio Buys Q1 2024 → Q2 2024
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 |