SHAH CAPITAL MANAGEMENT Long-Term Concentrated

Location: Raleigh, NC

CIK: 0001383838 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 12, 2025

Total Value: $559M (100.0% shares, 0.0% debt)

Holdings (13)

VEON VEON LTD 47.0%

Value $263M Shares 4,824,421 Share Price $54.43 Est. Cost/Share $19.70 Unrealized @ Report Date —

NVAX NOVAVAX INC 18.3%

Value $102M Shares 11,811,780 Share Price $8.67 * Est. Cost/Share $9.07 Unrealized @ Report Date -14.2%

CYD CHINA YUCHAI INTL LTD 12.4%

Value $69.2M Shares 1,672,697 Share Price $41.37 * Est. Cost/Share $8.25 Unrealized @ Report Date +266.3%

— EMEREN GROUP LTD 6.4%

Value $35.57M Shares 18,818,236 Share Price $1.89 Est. Cost/Share $2.73 Unrealized @ Report Date —

CSIQ CANADIAN SOLAR INC 3.9%

Value $21.99M Shares 1,686,285 Share Price $13.04 * Est. Cost/Share $12.87 Unrealized @ Report Date -7.0%

VGSH VANGUARD SCOTTSDALE FDS 3.8%

Value $20.98M Shares 356,528 Share Price $58.85 Est. Cost/Share $52.01 Unrealized @ Report Date —

EDU NEW ORIENTAL ED & TECHNOLOGY 2.9%

Value $16.17M Shares 304,744 Share Price $53.07 Est. Cost/Share $73.28 Unrealized @ Report Date —

AM ANTERO MIDSTREAM CORP 2.0%

Value $11.39M Shares 586,000 Share Price $19.44 * Est. Cost/Share $3.00 Unrealized @ Report Date +486.3%

TDAY GANNETT CO INC 1.3%

Value $7.434M Shares 1,800,000 Share Price $4.13 * Est. Cost/Share $1.95 Unrealized @ Report Date +106.3%

BIDU BAIDU INC 0.8%

Value $4.472M Shares 33,935 Share Price $131.77 Est. Cost/Share $86.06 Unrealized @ Report Date —

DOLE DOLE PLC 0.7%

Value $3.701M Shares 275,397 Share Price $13.44 * Est. Cost/Share $8.32 Unrealized @ Report Date +68.7%

TROX TRONOX HOLDINGS PLC 0.3%

Value $1.608M Shares 400,000 Share Price $4.02 * Est. Cost/Share $4.58 Unrealized @ Report Date 0.0%

— CHEER HLDG INC 0.3%

Value $1.462M Shares 2,157,500 Share Price $0.68 Est. Cost/Share $2.59 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
VEON	VEON LTD	4,824,421	$263M	47.0%	$54.43	$19.70	—	SPONSORED ADS	91822M502
NVAX	NOVAVAX INC	11,811,780	$102M	18.3%	$8.67 *	$9.07	-14.2%	COM NEW	670002401
CYD	CHINA YUCHAI INTL LTD	1,672,697	$69.2M	12.4%	$41.37 *	$8.25	+266.3%	COM	G21082105
—	EMEREN GROUP LTD	18,818,236	$35.57M	6.4%	$1.89	$2.73	—	SPONSORED ADS	75971T301
CSIQ	CANADIAN SOLAR INC	1,686,285	$21.99M	3.9%	$13.04 *	$12.87	-7.0%	COM	136635109
VGSH	VANGUARD SCOTTSDALE FDS	356,528	$20.98M	3.8%	$58.85	$52.01	—	SHORT TERM TREAS	92206C102
EDU	NEW ORIENTAL ED & TECHNOLOGY	304,744	$16.17M	2.9%	$53.07	$73.28	—	SPON ADR	647581206
AM	ANTERO MIDSTREAM CORP	586,000	$11.39M	2.0%	$19.44 *	$3.00	+486.3%	COM	03676B102
TDAY	GANNETT CO INC	1,800,000	$7.434M	1.3%	$4.13 *	$1.95	+106.3%	COM	36472T109
BIDU	BAIDU INC	33,935	$4.472M	0.8%	$131.77	$86.06	—	SPON ADR REP A	056752108
DOLE	DOLE PLC	275,397	$3.701M	0.7%	$13.44 *	$8.32	+68.7%	ORD SHS	G27907107
TROX	TRONOX HOLDINGS PLC	400,000	$1.608M	0.3%	$4.02 *	$4.58	0.0%	SHS	G9087Q102
—	CHEER HLDG INC	2,157,500	$1.462M	0.3%	$0.68	$2.59	—	SHS CL A	G39973204