Shah Capital Management
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 24, 2026), Shah Capital Management reported 11 stock positions worth $521.2 million. Its top holding was Veon (VEON) at 43.4% of the portfolio, followed by Novavax (NVAX, 23.2%) and China Yuchai Intl (CYD, 12.0%). Compared with Q4 2025, it sold out of 1, added to 2 and reduced 8. The biggest buy was Novavax (NVAX, shares +2%) and the biggest sale Veon (VEON, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001383838
- Portfolio Value
- $521.2M (Q1 2026)
- SEC Filing
- 0001398344-26-007059 ↗ filed Apr 24, 2026
Holdings Value
Holdings 11 stocks · $521.2M
| VEON Veon Ltd. | 43.44% | 4,890,497 | $226.4M | Reduce -0.1% |
| NVAX Novavax Inc. | 23.18% | 14,845,097 | $120.8M | Add +2.0% |
| CYD China Yuchai Intl Ltd. | 11.95% | 1,618,441 | $62.3M | Reduce -1.7% |
| TROX Tronox Holdings PLC | 5.61% | 2,994,154 | $29.3M | Reduce -0.2% |
| VGSH Vanguard Short-Term Treasury | 3.85% | 342,990 | $20.1M | Reduce -3.7% |
| EDU New Oriental Educatio-SP ADR | 3.30% | 303,953 | $17.2M | Reduce -0.3% |
| AM Antero Midstream Corp. | 2.56% | 586,000 | $13.4M | No change |
| CSIQ Canadian Solar Inc. | 2.56% | 964,557 | $13.4M | Reduce -0.6% |
| WOLF Wolfspeed Inc. | 1.59% | 508,948 | $8.3M | Add +1419.5% |
| DOLE Dole PLC | 1.26% | 458,522 | $6.6M | Reduce -0.7% |
| TDAY USA Today Co. Inc. | 0.68% | 500,000 | $3.5M | Reduce -72.2% |
Portfolio Sells Q4 2025 → Q1 2026
| VEON Veon Ltd. | Reduce -0.1% | 43.44% | −6.19 |
| CSIQ Canadian Solar Inc. | Reduce -0.6% | 2.56% | −1.88 |
| TDAY USA Today Co. Inc. | Reduce -72.2% | 0.68% | −1.11 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −0.86 |
| VGSH Vanguard Short-Term Treasury | Reduce -3.7% | 3.85% | −0.18 |
| DOLE Dole PLC | Reduce -0.7% | 1.26% | −0.08 |
| EDU New Oriental Educatio-SP ADR | Reduce -0.3% | 3.30% | +0.07 |
| CYD China Yuchai Intl Ltd. | Reduce -1.7% | 11.95% | +0.68 |
| TROX Tronox Holdings PLC | Reduce -0.2% | 5.61% | +3.20 |
Portfolio Buys Q4 2025 → Q1 2026
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 |