Shah Capital Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Shah Capital Management reported 17 stock positions worth $489.6 million. Its top holding was Veon (VEON) at 44.0% of the portfolio, followed by Novavax (NVAX, 14.6%) and China Yuchai Intl (CYD, 11.5%). Compared with Q4 2024, it opened 2 new positions, sold out of 1, added to 4 and reduced 9. The biggest buy was Vanguard Short-Term Treasury (VGSH, shares +57%) and the biggest sale Novavax (NVAX, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001383838
- Portfolio Value
- $489.6M (Q1 2025)
- SEC Filing
- 0001398344-25-009346 ↗ filed May 14, 2025
Holdings Value
Holdings 17 stocks · $489.6M
| VEON Veon Ltd. | 44.03% | 4,942,790 | $215.6M | Reduce -0.0% |
| NVAX Novavax Inc. | 14.58% | 11,131,846 | $71.4M | Reduce -0.1% |
| CYD China Yuchai Intl Ltd. | 11.54% | 3,324,022 | $56.5M | Reduce -23.5% |
| SOL Emeren Group Ltd. | 6.03% | 18,818,236 | $29.5M | No change |
| VGSH Vanguard Short-Term Treasury | 4.48% | 373,988 | $21.9M | Add +57.3% |
| CSIQ Canadian Solar Inc. | 3.37% | 1,906,285 | $16.5M | Add +9.2% |
| PARAA Paramount Global Class B | 3.27% | 1,340,173 | $16.0M | Add +19.6% |
| EDU New Oriental Educatio-SP ADR | 2.99% | 306,250 | $14.6M | Reduce -0.8% |
| AM Antero Midstream Corp. | 2.81% | 765,565 | $13.8M | Reduce -3.0% |
| GNW Genworth Financial Inc. | 1.58% | 1,090,743 | $7.7M | Reduce -42.2% |
| WOLF Wolfspeed Inc. | 1.35% | 2,152,225 | $6.6M | New |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 1.06% | 1,800,000 | $5.2M | No change |
| VAL Valaris Ltd. | 0.97% | 120,506 | $4.7M | Reduce -0.9% |
| DOLE Dole PLC | 0.80% | 271,232 | $3.9M | Reduce -1.7% |
| CHR Cheer Holding Inc. Class A | 0.46% | 1,705,050 | $2.3M | Add +5.6% |
| XRX Xerox Holdings Corp. | 0.41% | 418,794 | $2.0M | New |
| BIDU Baidu Inc. - Spon ADR | 0.26% | 13,935 | $1.3M | Reduce -91.5% |
Portfolio Sells Q4 2024 → Q1 2025
| NVAX Novavax Inc. | Reduce -0.1% | 14.58% | −3.50 |
| BIDU Baidu Inc. - Spon ADR | Reduce -91.5% | 0.26% | −2.54 |
| GNW Genworth Financial Inc. | Reduce -42.2% | 1.58% | −1.08 |
| EDU New Oriental Educatio-SP ADR | Reduce -0.8% | 2.99% | −1.00 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.48 |
| VAL Valaris Ltd. | Reduce -0.9% | 0.97% | −0.12 |
| DOLE Dole PLC | Reduce -1.7% | 0.80% | +0.05 |
| AM Antero Midstream Corp. | Reduce -3.0% | 2.81% | +0.41 |
| CYD China Yuchai Intl Ltd. | Reduce -23.5% | 11.54% | +3.18 |
| VEON Veon Ltd. | Reduce -0.0% | 44.03% | +4.05 |
Portfolio Buys Q4 2024 → Q1 2025
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 |