Shah Capital Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 15, 2026), Shah Capital Management reported 12 stock positions worth $518.5 million. Its top holding was Veon (VEON) at 49.6% of the portfolio, followed by Novavax (NVAX, 18.9%) and China Yuchai Intl (CYD, 11.3%). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 4 and reduced 3. The biggest buy was Veon (VEON, shares +1%) and the biggest sale an exit from Emeren (SOL).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001383838
- Portfolio Value
- $518.5M (Q4 2025)
- SEC Filing
- 0001398344-26-000720 ↗ filed Jan 15, 2026
Holdings Value
Holdings 12 stocks · $518.5M
| VEON Veon Ltd. | 49.63% | 4,895,252 | $257.3M | Add +1.5% |
| NVAX Novavax Inc. | 18.87% | 14,558,780 | $97.8M | Add +23.3% |
| CYD China Yuchai Intl Ltd. | 11.27% | 1,646,397 | $58.4M | Reduce -1.6% |
| CSIQ Canadian Solar Inc. | 4.45% | 970,000 | $23.1M | Reduce -42.5% |
| VGSH Vanguard Short-Term Treasury | 4.03% | 356,178 | $20.9M | Reduce -0.1% |
| EDU New Oriental Educatio-SP ADR | 3.23% | 304,744 | $16.8M | No change |
| TROX Tronox Holdings PLC | 2.41% | 3,000,000 | $12.5M | Add +650.0% |
| AM Antero Midstream Corp. | 2.01% | 586,000 | $10.4M | No change |
| TDAY USA Today Co. Inc. | 1.79% | 1,800,000 | $9.3M | No change |
| DOLE Dole PLC | 1.33% | 461,521 | $6.9M | Add +67.6% |
| BIDU Baidu Inc. - Spon ADR | 0.86% | 33,935 | $4.4M | No change |
| WOLF Wolfspeed Inc. | 0.11% | 33,494 | $583K | New |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 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 |