Shah Capital Management

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 15, 2024), Shah Capital Management reported 19 stock positions worth $513.0 million. Its top holding was Veon (VEON) at 29.4% of the portfolio, followed by Novavax (NVAX, 24.2%) and China Yuchai Intl (CYD, 10.4%). Compared with Q2 2024, it opened 2 new positions, added to 2 and reduced 6. The biggest buy was Emeren (SOL, shares +1%) and the biggest sale New Oriental Educatio-SP ADR (EDU, shares −35%).

Most Recent 13F
Q2 2026
Location
RALEIGH, NC
CIK
0001383838
Portfolio Value
$513.0M (Q3 2024)
SEC Filing
0001398344-24-018895 ↗ filed Oct 15, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $357.4M Q1 2024 Q2 2024: $462.3M Q2 2024 Q3 2024: $513.0M $513.0M Q3 2024 Q4 2024: $495.9M Q4 2024 Q1 2025: $489.6M Q1 2025 Q2 2025: $514.0M Q2 2025 Q3 2025: $559.0M Q3 2025 Q4 2025: $518.5M Q4 2025 Q1 2026: $521.2M Q1 2026 Q2 2026: $526.2M Q2 2026

Holdings 19 stocks · $513.0M
VEON Veon Ltd. 29.35% 4,950,027 $150.6M No change
NVAX Novavax Inc. 24.16% 9,815,541 $124.0M Add +1.6%
CYD China Yuchai Intl Ltd. 10.42% 4,216,962 $53.5M Reduce -0.1%
SOL Emeren Group Ltd. 9.87% 18,748,862 $50.6M Add +0.7%
EDU New Oriental Educatio-SP ADR 4.58% 309,659 $23.5M Reduce -34.6%
GNW Genworth Financial Inc. 3.79% 2,835,417 $19.4M Reduce -5.1%
BIDU Baidu Inc. - Spon ADR 3.39% 165,000 $17.4M No change
VGSH Vanguard Short-Term Treasury 2.79% 242,357 $14.3M No change
AM Antero Midstream Corp. 2.33% 794,138 $12.0M Reduce -0.1%
PARAA Paramount Global Class B 2.32% 1,121,000 $11.9M No change
TDAY USA Today Co. Inc. filed as GANNETT CO INC 1.97% 1,800,000 $10.1M No change
VAL Valaris Ltd. 1.33% 122,118 $6.8M Reduce -52.6%
DOLE Dole PLC 0.88% 278,146 $4.5M Reduce -8.4%
CHR Cheer Holding Inc. Class A 0.73% 1,302,400 $3.8M No change
CSIQ Canadian Solar Inc. 0.62% 188,582 $3.2M New
BABA Alibaba Group Holding-SP ADR 0.60% 28,985 $3.1M No change
FXI iShares China Large-Cap ETF 0.49% 79,651 $2.5M No change
WOLF Wolfspeed Inc. 0.38% 200,000 $1.9M New
NBIS Nebius Group NV 0.00% 17,000 $0 No change

Portfolio Sells Q2 2024 → Q3 2024
EDU New Oriental Educatio-SP ADR Reduce -34.6% 4.58% −3.39
VAL Valaris Ltd. Reduce -52.6% 1.33% −2.82
AM Antero Midstream Corp. Reduce -0.1% 2.33% −0.21
GNW Genworth Financial Inc. Reduce -5.1% 3.79% −0.12
DOLE Dole PLC Reduce -8.4% 0.88% +0.08
CYD China Yuchai Intl Ltd. Reduce -0.1% 10.42% +2.11

Portfolio Buys Q2 2024 → Q3 2024
SOL Emeren Group Ltd. Add +0.7% 9.87% +3.82
CSIQ Canadian Solar Inc. New 0.62% +0.62
WOLF Wolfspeed Inc. New 0.38% +0.38
NVAX Novavax Inc. Add +1.6% 24.16% −2.29

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 9$526.2MVEON, NVAX, CYD, VGSH, TROX
Q1 2026 11$521.2MVEON, NVAX, CYD, TROX, VGSH
Q4 2025 12$518.5MVEON, NVAX, CYD, CSIQ, VGSH
Q3 2025 13$559.0MVEON, NVAX, CYD, SOL, CSIQ
Q2 2025 14$514.0MVEON, CYD, NVAX, SOL, VGSH
Q1 2025 17$489.6MVEON, NVAX, CYD, SOL, VGSH
Q4 2024 16$495.9MVEON, NVAX, CYD, SOL, EDU
Q3 2024 19$513.0MVEON, NVAX, CYD, SOL, EDU
Q2 2024 17$462.3MVEON, NVAX, CYD, EDU, SOL
Q1 2024 17$357.4MVEON, EDU, NVAX, SOL, CYD