SHAH CAPITAL MANAGEMENT Long-Term Concentrated

Location: Raleigh, NC

CIK: 0001383838 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 15, 2026

Total Value: $519M (100.0% shares, 0.0% debt)

Holdings (12)

New Positions (1)

WOLF WOLFSPEED INC 0.1%

Value $583K Shares 33,494 Est. Cost $22.94 Unrealized 0.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WOLF	WOLFSPEED INC	33,494	$583K	0.1%	$22.94	0.0%	COMMON STOCK	97785W106

Increased Positions (4)

TROX TRONOX HOLDINGS PLC 2.4%

Value $12.51M (+678.0%) Shares 3,000,000 (+650.0%) Est. Cost $3.91 Unrealized -2.6%

VEON VEON LTD 49.6%

Value $257M (-2.0%) Shares 4,895,252 (+1.5%) Est. Cost $20.18 Unrealized —

NVAX NOVAVAX INC 18.9%

Value $97.84M (-4.5%) Shares 14,558,780 (+23.3%) Est. Cost $8.78 Unrealized -14.1%

DOLE DOLE PLC 1.3%

Value $6.918M (+86.9%) Shares 461,521 (+67.6%) Est. Cost $10.58 Unrealized +31.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TROX	TRONOX HOLDINGS PLC	3,000,000 (+650.0%)	$12.51M (+678.0%)	2.4%	$3.91	-2.6%	SHS	G9087Q102
VEON	VEON LTD	4,895,252 (+1.5%)	$257M (-2.0%)	49.6%	$20.18	—	SPONSORED ADS	91822M502
NVAX	NOVAVAX INC	14,558,780 (+23.3%)	$97.84M (-4.5%)	18.9%	$8.78	-14.1%	COM NEW	670002401
DOLE	DOLE PLC	461,521 (+67.6%)	$6.918M (+86.9%)	1.3%	$10.58	+31.7%	ORD SHS	G27907107

Exited Positions (2)

— EMEREN GROUP LTD 6.9%

Value $35.57M Shares 18,818,236 Est. Cost $2.73 Unrealized —

— CHEER HLDG INC 0.3%

Value $1.462M Shares 2,157,500 Est. Cost $2.59 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	EMEREN GROUP LTD	18,818,236	$35.57M	6.9%	$2.73	—	—	75971T301
—	CHEER HLDG INC	2,157,500	$1.462M	0.3%	$2.59	—	—	G39973204

Decreased Positions (2)

CYD CHINA YUCHAI INTL LTD 11.3%

Value $58.45M (-15.5%) Shares 1,646,397 (-1.6%) Est. Cost $8.25 Unrealized +341.8%

CSIQ CANADIAN SOLAR INC 4.4%

Value $23.06M (+4.9%) Shares 970,000 (-42.5%) Est. Cost $12.87 Unrealized +69.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CYD	CHINA YUCHAI INTL LTD	1,646,397 (-1.6%)	$58.45M (-15.5%)	11.3%	$8.25	+341.8%	COM	G21082105
CSIQ	CANADIAN SOLAR INC	970,000 (-42.5%)	$23.06M (+4.9%)	4.4%	$12.87	+69.4%	COM	136635109

Unchanged Positions (5)

TDAY USA TODAY CO INC 1.8%

Value $9.27M Shares 1,800,000 Est. Cost $1.95 Unrealized +141.2%

AM ANTERO MIDSTREAM CORP 2.0%

Value $10.42M Shares 586,000 Est. Cost $3.00 Unrealized +491.9%

EDU NEW ORIENTAL ED & TECHNOLOGY 3.2%

Value $16.77M Shares 304,744 Est. Cost $73.28 Unrealized —

VGSH VANGUARD SCOTTSDALE FDS 4.0%

Value $20.92M Shares 356,178 Est. Cost $52.01 Unrealized —

BIDU BAIDU INC 0.9%

Value $4.434M Shares 33,935 Est. Cost $86.06 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TDAY	USA TODAY CO INC	1,800,000	$9.27M	1.8%	$1.95	+141.2%	COM	36472T109
AM	ANTERO MIDSTREAM CORP	586,000	$10.42M	2.0%	$3.00	+491.9%	COM	03676B102
EDU	NEW ORIENTAL ED & TECHNOLOGY	304,744	$16.77M	3.2%	$73.28	—	SPON ADR	647581206
VGSH	VANGUARD SCOTTSDALE FDS	356,178	$20.92M	4.0%	$52.01	—	SHORT TERM TREAS	92206C102
BIDU	BAIDU INC	33,935	$4.434M	0.9%	$86.06	—	SPON ADR REP A	056752108