Shah Capital Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Shah Capital Management reported 13 stock positions worth $559.0 million. Its top holding was Veon (VEON) at 47.0% of the portfolio, followed by Novavax (NVAX, 18.3%) and China Yuchai Intl (CYD, 12.4%). Compared with Q2 2025, it opened 1 new position, sold out of 2, added to 3 and reduced 5. The biggest buy was Novavax (NVAX, shares +3%) and the biggest sale China Yuchai Intl (CYD, shares −49%).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001383838
- Portfolio Value
- $559.0M (Q3 2025)
- SEC Filing
- 0001398344-25-020706 ↗ filed Nov 12, 2025
Holdings Value
Holdings 13 stocks · $559.0M
| VEON Veon Ltd. | 46.98% | 4,824,421 | $262.6M | Reduce -1.9% |
| NVAX Novavax Inc. | 18.32% | 11,811,780 | $102.4M | Add +2.6% |
| CYD China Yuchai Intl Ltd. | 12.38% | 1,672,697 | $69.2M | Reduce -48.6% |
| SOL Emeren Group Ltd. | 6.36% | 18,818,236 | $35.6M | No change |
| CSIQ Canadian Solar Inc. | 3.93% | 1,686,285 | $22.0M | Reduce -10.3% |
| VGSH Vanguard Short-Term Treasury | 3.75% | 356,528 | $21.0M | Reduce -4.7% |
| EDU New Oriental Educatio-SP ADR | 2.89% | 304,744 | $16.2M | Reduce -0.2% |
| AM Antero Midstream Corp. | 2.04% | 586,000 | $11.4M | No change |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 1.33% | 1,800,000 | $7.4M | No change |
| BIDU Baidu Inc. - Spon ADR | 0.80% | 33,935 | $4.5M | No change |
| DOLE Dole PLC | 0.66% | 275,397 | $3.7M | Add +1.5% |
| TROX Tronox Holdings PLC | 0.29% | 400,000 | $1.6M | New |
| CHR Cheer Holding Inc. Class A | 0.26% | 2,157,500 | $1.5M | Add +2.3% |
Portfolio Sells Q2 2025 → Q3 2025
| CYD China Yuchai Intl Ltd. | Reduce -48.6% | 12.38% | −2.76 |
| PARAA Paramount Global Class B | Sold out | 0.00% | −1.98 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.99 |
| VGSH Vanguard Short-Term Treasury | Reduce -4.7% | 3.75% | −0.52 |
| EDU New Oriental Educatio-SP ADR | Reduce -0.2% | 2.89% | −0.31 |
| CSIQ Canadian Solar Inc. | Reduce -10.3% | 3.93% | −0.11 |
| VEON Veon Ltd. | Reduce -1.9% | 46.98% | +2.89 |
Portfolio Buys Q2 2025 → Q3 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 |