Shah Capital Management
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 22, 2025), Shah Capital Management reported 16 stock positions worth $495.9 million. Its top holding was Veon (VEON) at 40.0% of the portfolio, followed by Novavax (NVAX, 18.1%) and China Yuchai Intl (CYD, 8.4%). Compared with Q3 2024, it sold out of 3, added to 5 and reduced 9. The biggest buy was Canadian Solar (CSIQ, shares +826%) and the biggest sale Genworth Financial (GNW, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001383838
- Portfolio Value
- $495.9M (Q4 2024)
- SEC Filing
- 0001398344-25-000895 ↗ filed Jan 22, 2025
Holdings Value
Holdings 16 stocks · $495.9M
| VEON Veon Ltd. | 39.98% | 4,943,890 | $198.2M | Reduce -0.1% |
| NVAX Novavax Inc. | 18.08% | 11,148,846 | $89.6M | Add +13.6% |
| CYD China Yuchai Intl Ltd. | 8.35% | 4,345,471 | $41.4M | Add +3.0% |
| SOL Emeren Group Ltd. | 7.70% | 18,818,236 | $38.2M | Add +0.4% |
| EDU New Oriental Educatio-SP ADR | 3.99% | 308,558 | $19.8M | Reduce -0.4% |
| CSIQ Canadian Solar Inc. | 3.91% | 1,745,546 | $19.4M | Add +825.6% |
| BIDU Baidu Inc. - Spon ADR | 2.80% | 164,656 | $13.9M | Reduce -0.2% |
| VGSH Vanguard Short-Term Treasury | 2.79% | 237,752 | $13.8M | Reduce -1.9% |
| GNW Genworth Financial Inc. | 2.66% | 1,887,170 | $13.2M | Reduce -33.4% |
| AM Antero Midstream Corp. | 2.40% | 789,397 | $11.9M | Reduce -0.6% |
| PARAA Paramount Global Class B | 2.36% | 1,121,000 | $11.7M | No change |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 1.84% | 1,800,000 | $9.1M | No change |
| VAL Valaris Ltd. | 1.08% | 121,600 | $5.4M | Reduce -0.4% |
| CHR Cheer Holding Inc. Class A | 0.81% | 1,614,921 | $4.0M | Add +24.0% |
| DOLE Dole PLC | 0.75% | 275,890 | $3.7M | Reduce -0.8% |
| BABA Alibaba Group Holding-SP ADR | 0.48% | 28,279 | $2.4M | Reduce -2.4% |
Portfolio Sells Q3 2024 → Q4 2024
| GNW Genworth Financial Inc. | Reduce -33.4% | 2.66% | −1.13 |
| BIDU Baidu Inc. - Spon ADR | Reduce -0.2% | 2.80% | −0.59 |
| EDU New Oriental Educatio-SP ADR | Reduce -0.4% | 3.99% | −0.58 |
| FXI iShares China Large-Cap ETF | Sold out | 0.00% | −0.49 |
| WOLF Wolfspeed Inc. | Sold out | 0.00% | −0.38 |
| VAL Valaris Ltd. | Reduce -0.4% | 1.08% | −0.24 |
| DOLE Dole PLC | Reduce -0.8% | 0.75% | −0.13 |
| BABA Alibaba Group Holding-SP ADR | Reduce -2.4% | 0.48% | −0.12 |
| NBIS Nebius Group NV | Sold out | 0.00% | 0.00 |
| VGSH Vanguard Short-Term Treasury | Reduce -1.9% | 2.79% | +0.00 |
| AM Antero Midstream Corp. | Reduce -0.6% | 2.40% | +0.07 |
| VEON Veon Ltd. | Reduce -0.1% | 39.98% | +10.63 |
Portfolio Buys Q3 2024 → Q4 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 |