SHAH CAPITAL MANAGEMENT

All Holdings — 2025 Q4

AI Portfolio Summary
In 2025 Q4, SHAH CAPITAL MANAGEMENT maintained a portfolio of 14 distinct positions. The most significant new addition to the portfolio was WOLFSPEED INC, which now represents 0.11% of the total fund value. They heavily accumulated shares in VEON LTD, increasing their position by 1.5%. Conversely, SHAH CAPITAL MANAGEMENT completely exited their position in EMEREN GROUP LTD.
PCA Score Concentration Risk
Risk ENB
Total Positions
14
Quarter
2025 Q4
Top Holding
VEON (49.6%)
Top 10 Concentration
99.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-14 of 14
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
VEON
VEON LTD
Communication Services 49.63% 46.98% #1
Prev: #1
10.0 70,831 1.5%
P
S
4,895,252 $257,343,398 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
NVAX
NOVAVAX INC
Healthcare 18.87% 18.32% #2
Prev: #2
9.6 2,747,000 23.3%
P
S
14,558,780 $97,835,002 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CYD
CHINA YUCHAI IN...
Consumer Cyclical 11.27% 12.38% #3
Prev: #3
4.5 -26,300 -1.6%
P
S
1,646,397 $58,447,094 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CSIQ
CANADIAN SOLAR ...
Technology 4.45% 3.93% #4 1
Prev: #5
1.9 -716,285 -42.5%
P
S
970,000 $23,056,900 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
VGSH
VANGUARD SCOTTS...
ETF 4.03% 3.75% #5 1
Prev: #6
1.6 -350 -0.1%
P
S
356,178 $20,918,334 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
EDU
NEW ORIENTAL ED...
Consumer Defensive 3.23% 2.89% #6 1
Prev: #7
1.3 no change no change
P
S
304,744 $16,770,062 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
TROX
TRONOX HOLDINGS...
Basic Materials 2.41% 0.29% #7 5
Prev: #12
3.3 2,600,000 650.0%
P
S
3,000,000 $12,510,000 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
AM
ANTERO MIDSTREA...
Energy 2.01% 2.04% #8
Prev: #8
0.8 no change no change
P
S
586,000 $10,424,940 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
GCI
USA TODAY CO IN...
Unknown 1.79% 1.33% #9
Prev: #9
0.7 no change no change
P
S
1,800,000 $9,270,000 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
DOLE
DOLE PLC
Consumer Defensive 1.33% 0.66% #10 1
Prev: #11
2.7 186,124 67.6%
P
S
461,521 $6,918,200 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
BIDU
BAIDU INC
Communication Services 0.86% 0.80% #11 1
Prev: #10
0.3 no change no change
P
S
33,935 $4,433,947 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
WOLF
WOLFSPEED INC
Technology 0.11% #12
Prev: #—
2.0 33,494 no change
NEW
33,494 $583,131 2006 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
SOL
EMEREN GROUP LT...
Technology 0.00% 6.36%
Sold All 😨
(Was: #4)
0.3 -18,818,236 -100.0%
CLOSED
$— 2013 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CHR
CHEER HLDG INC
Communication Services 0.00% 0.26%
Sold All 😨
(Was: #13)
0.3 -2,157,500 -100.0%
CLOSED
$— 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-14 of 14 holdings

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