SHAH CAPITAL MANAGEMENT — 13F Holdings & Portfolio
CIK 1383838 · latest 13F-HR filed 2026-04-24
SHAH CAPITAL MANAGEMENT manages $521.2M in 13F-reported U.S. long-equity assets across 11 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are VEON (43.44%), NVAX (23.18%), CYD (11.95%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 0 new positions, exited 1, added to 5, and trimmed 4.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$521.2M
Long-equity book
11
Distinct positions
2026-03-31
Filed 2026-04-24
+0 / −1 / ↑5 / ↓4
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- NOVAVAX INC$23.0M +23.5%
- TRONOX HOLDINGS PLC$16.7M +133.8%
- WOLFSPEED INC$7.7M +1324.4%
- CHINA YUCHAI INTL LTD$3.9M +6.6%
- ANTERO MIDSTREAM CORP$2.9M +28.2%
Top Trims
- VEON LTD-$30.9M -12.0%
- CANADIAN SOLAR INC-$9.7M -42.1%
- USA TODAY CO INC-$5.7M -62.0%
- DOLE PLC-$365.9K -5.3%
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | VEON LTD | VEON | 91822M502 | $226.4M | 43.44% | 4,890,497 | SH |
| 2 | NOVAVAX INC | NVAX | 670002401 | $120.8M | 23.18% | 14,845,097 | SH |
| 3 | CHINA YUCHAI INTL LTD | CYD | G21082105 | $62.3M | 11.95% | 1,618,441 | SH |
| 4 | TRONOX HOLDINGS PLC | TROX | G9087Q102 | $29.3M | 5.61% | 2,994,154 | SH |
| 5 | VANGUARD SCOTTSDALE FDS | VGSH | 92206C102 | $20.1M | 3.85% | 342,990 | SH |
| 6 | NEW ORIENTAL ED & TECHNOLOGY | EDU | 647581206 | $17.2M | 3.30% | 303,953 | SH |
| 7 | ANTERO MIDSTREAM CORP | AM | 03676B102 | $13.4M | 2.56% | 586,000 | SH |
| 8 | CANADIAN SOLAR INC | CSIQ | 136635109 | $13.4M | 2.56% | 964,557 | SH |
| 9 | WOLFSPEED INC | WOLF | 97785W106 | $8.3M | 1.59% | 508,948 | SH |
| 10 | DOLE PLC | DOLE | G27907107 | $6.6M | 1.26% | 458,522 | SH |
| 11 | USA TODAY CO INC | TDAY | 36472T109 | $3.5M | 0.68% | 500,000 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-04-24 | $521.2M | 11 | 0001398344-26-007059 |
| 2025-12-31 | 2026-01-15 | $518.5M | 12 | 0001398344-26-000720 |