SHAH CAPITAL MANAGEMENT Long-Term Concentrated

Location: Raleigh, NC

CIK: 0001383838 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Jul 23, 2025

Total Value: $514M (100.0% shares, 0.0% debt)

Holdings (14)

VEON VEON LTD 44.1%

Value $227M Shares 4,918,757 Share Price $46.07 Est. Cost/Share $19.70 Unrealized @ Report Date —

CYD CHINA YUCHAI INTL LTD 15.1%

Value $77.83M Shares 3,255,185 Share Price $23.91 * Est. Cost/Share $8.25 Unrealized @ Report Date +108.3%

NVAX NOVAVAX INC 14.1%

Value $72.52M Shares 11,511,780 Share Price $6.30 * Est. Cost/Share $9.10 Unrealized @ Report Date -27.3%

— EMEREN GROUP LTD 6.8%

Value $35.19M Shares 18,818,236 Share Price $1.87 Est. Cost/Share $2.73 Unrealized @ Report Date —

VGSH VANGUARD SCOTTSDALE FDS 4.3%

Value $21.98M Shares 373,988 Share Price $58.78 Est. Cost/Share $52.01 Unrealized @ Report Date —

CSIQ CANADIAN SOLAR INC 4.0%

Value $20.76M Shares 1,880,885 Share Price $11.04 * Est. Cost/Share $12.87 Unrealized @ Report Date -24.8%

EDU NEW ORIENTAL ED & TECHNOLOGY 3.2%

Value $16.47M Shares 305,317 Share Price $53.95 Est. Cost/Share $73.28 Unrealized @ Report Date —

AM ANTERO MIDSTREAM CORP 2.2%

Value $11.1M Shares 586,000 Share Price $18.95 * Est. Cost/Share $3.00 Unrealized @ Report Date +472.1%

— PARAMOUNT GLOBAL 2.0%

Value $10.19M Shares 790,173 Share Price $12.90 Est. Cost/Share $10.75 Unrealized @ Report Date —

TDAY GANNETT CO INC 1.3%

Value $6.444M Shares 1,800,000 Share Price $3.58 * Est. Cost/Share $1.95 Unrealized @ Report Date +72.0%

VAL VALARIS LTD 1.0%

Value $5.075M Shares 120,506 Share Price $42.11 * Est. Cost/Share $25.06 Unrealized @ Report Date +50.1%

DOLE DOLE PLC 0.7%

Value $3.795M Shares 271,232 Share Price $13.99 Est. Cost/Share $8.23 Unrealized @ Report Date +71.3%

— CHEER HLDG INC 0.6%

Value $3.081M Shares 2,110,000 Share Price $1.46 Est. Cost/Share $2.63 Unrealized @ Report Date —

BIDU BAIDU INC 0.6%

Value $2.91M Shares 33,935 Share Price $85.76 Est. Cost/Share $86.06 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
VEON	VEON LTD	4,918,757	$227M	44.1%	$46.07	$19.70	—	SPONSORED ADS	91822M502
CYD	CHINA YUCHAI INTL LTD	3,255,185	$77.83M	15.1%	$23.91 *	$8.25	+108.3%	COM	G21082105
NVAX	NOVAVAX INC	11,511,780	$72.52M	14.1%	$6.30 *	$9.10	-27.3%	COM NEW	670002401
—	EMEREN GROUP LTD	18,818,236	$35.19M	6.8%	$1.87	$2.73	—	SPONSORED ADS	75971T301
VGSH	VANGUARD SCOTTSDALE FDS	373,988	$21.98M	4.3%	$58.78	$52.01	—	SHORT TERM TREAS	92206C102
CSIQ	CANADIAN SOLAR INC	1,880,885	$20.76M	4.0%	$11.04 *	$12.87	-24.8%	COM	136635109
EDU	NEW ORIENTAL ED & TECHNOLOGY	305,317	$16.47M	3.2%	$53.95	$73.28	—	SPON ADR	647581206
AM	ANTERO MIDSTREAM CORP	586,000	$11.1M	2.2%	$18.95 *	$3.00	+472.1%	COM	03676B102
—	PARAMOUNT GLOBAL	790,173	$10.19M	2.0%	$12.90	$10.75	—	CLASS B COM	92556H206
TDAY	GANNETT CO INC	1,800,000	$6.444M	1.3%	$3.58 *	$1.95	+72.0%	COM	36472T109
VAL	VALARIS LTD	120,506	$5.075M	1.0%	$42.11 *	$25.06	+50.1%	CL A	G9460G101
DOLE	DOLE PLC	271,232	$3.795M	0.7%	$13.99	$8.23	+71.3%	ORD SHS	G27907107
—	CHEER HLDG INC	2,110,000	$3.081M	0.6%	$1.46	$2.63	—	SHS CL A	G39973204
BIDU	BAIDU INC	33,935	$2.91M	0.6%	$85.76	$86.06	—	SPON ADR REP A	056752108