Shah Capital Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Shah Capital Management reported 14 stock positions worth $514.0 million. Its top holding was Veon (VEON) at 44.1% of the portfolio, followed by China Yuchai Intl (CYD, 15.1%) and Novavax (NVAX, 14.1%). Compared with Q1 2025, it sold out of 3, added to 3 and reduced 6. The biggest buy was Baidu Inc. - Spon ADR (BIDU, shares +144%) and the biggest sale an exit from Genworth Financial (GNW).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001383838
- Portfolio Value
- $514.0M (Q2 2025)
- SEC Filing
- 0001398344-25-013573 ↗ filed Jul 23, 2025
Holdings Value
Holdings 14 stocks · $514.0M
| VEON Veon Ltd. | 44.09% | 4,918,757 | $226.6M | Reduce -0.5% |
| CYD China Yuchai Intl Ltd. | 15.14% | 3,255,185 | $77.8M | Reduce -2.1% |
| NVAX Novavax Inc. | 14.11% | 11,511,780 | $72.5M | Add +3.4% |
| SOL Emeren Group Ltd. | 6.85% | 18,818,236 | $35.2M | No change |
| VGSH Vanguard Short-Term Treasury | 4.28% | 373,988 | $22.0M | No change |
| CSIQ Canadian Solar Inc. | 4.04% | 1,880,885 | $20.8M | Reduce -1.3% |
| EDU New Oriental Educatio-SP ADR | 3.20% | 305,317 | $16.5M | Reduce -0.3% |
| AM Antero Midstream Corp. | 2.16% | 586,000 | $11.1M | Reduce -23.5% |
| PARAA Paramount Global Class B | 1.98% | 790,173 | $10.2M | Reduce -41.0% |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 1.25% | 1,800,000 | $6.4M | No change |
| VAL Valaris Ltd. | 0.99% | 120,506 | $5.1M | No change |
| DOLE Dole PLC | 0.74% | 271,232 | $3.8M | No change |
| CHR Cheer Holding Inc. Class A | 0.60% | 2,110,000 | $3.1M | Add +23.8% |
| BIDU Baidu Inc. - Spon ADR | 0.57% | 33,935 | $2.9M | Add +143.5% |
Portfolio Sells Q1 2025 → Q2 2025
| GNW Genworth Financial Inc. | Sold out | 0.00% | −1.58 |
| WOLF Wolfspeed Inc. | Sold out | 0.00% | −1.35 |
| PARAA Paramount Global Class B | Reduce -41.0% | 1.98% | −1.29 |
| AM Antero Midstream Corp. | Reduce -23.5% | 2.16% | −0.65 |
| XRX Xerox Holdings Corp. | Sold out | 0.00% | −0.41 |
| VEON Veon Ltd. | Reduce -0.5% | 44.09% | +0.06 |
| EDU New Oriental Educatio-SP ADR | Reduce -0.3% | 3.20% | +0.21 |
| CSIQ Canadian Solar Inc. | Reduce -1.3% | 4.04% | +0.67 |
| CYD China Yuchai Intl Ltd. | Reduce -2.1% | 15.14% | +3.61 |
Portfolio Buys Q1 2025 → Q2 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 |