SHAH CAPITAL MANAGEMENT Long-Term Concentrated

Location: Raleigh, NC

CIK: 0001383838 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Jan 15, 2026

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

Holdings (12)

VEON VEON LTD 49.6%

Value $257M Shares 4,895,252 Share Price $52.57 Est. Cost/Share $20.18 Unrealized @ Report Date —

NVAX NOVAVAX INC 18.9%

Value $97.84M Shares 14,558,780 Share Price $6.72 * Est. Cost/Share $8.78 Unrealized @ Report Date -14.1%

CYD CHINA YUCHAI INTL LTD 11.3%

Value $58.45M Shares 1,646,397 Share Price $35.50 * Est. Cost/Share $8.25 Unrealized @ Report Date +341.8%

CSIQ CANADIAN SOLAR INC 4.4%

Value $23.06M Shares 970,000 Share Price $23.77 * Est. Cost/Share $12.87 Unrealized @ Report Date +69.4%

VGSH VANGUARD SCOTTSDALE FDS 4.0%

Value $20.92M Shares 356,178 Share Price $58.73 Est. Cost/Share $52.01 Unrealized @ Report Date —

EDU NEW ORIENTAL ED & TECHNOLOGY 3.2%

Value $16.77M Shares 304,744 Share Price $55.03 Est. Cost/Share $73.28 Unrealized @ Report Date —

TROX TRONOX HOLDINGS PLC 2.4%

Value $12.51M Shares 3,000,000 Share Price $4.17 * Est. Cost/Share $3.91 Unrealized @ Report Date -2.6%

AM ANTERO MIDSTREAM CORP 2.0%

Value $10.42M Shares 586,000 Share Price $17.79 Est. Cost/Share $3.00 Unrealized @ Report Date +491.9%

TDAY USA TODAY CO INC 1.8%

Value $9.27M Shares 1,800,000 Share Price $5.15 * Est. Cost/Share $1.95 Unrealized @ Report Date +141.2%

DOLE DOLE PLC 1.3%

Value $6.918M Shares 461,521 Share Price $14.99 * Est. Cost/Share $10.58 Unrealized @ Report Date +31.7%

BIDU BAIDU INC 0.9%

Value $4.434M Shares 33,935 Share Price $130.66 Est. Cost/Share $86.06 Unrealized @ Report Date —

WOLF WOLFSPEED INC 0.1%

Value $583K Shares 33,494 Share Price $17.41 * Est. Cost/Share $22.94 Unrealized @ Report Date 0.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
VEON	VEON LTD	4,895,252	$257M	49.6%	$52.57	$20.18	—	SPONSORED ADS	91822M502
NVAX	NOVAVAX INC	14,558,780	$97.84M	18.9%	$6.72 *	$8.78	-14.1%	COM NEW	670002401
CYD	CHINA YUCHAI INTL LTD	1,646,397	$58.45M	11.3%	$35.50 *	$8.25	+341.8%	COM	G21082105
CSIQ	CANADIAN SOLAR INC	970,000	$23.06M	4.4%	$23.77 *	$12.87	+69.4%	COM	136635109
VGSH	VANGUARD SCOTTSDALE FDS	356,178	$20.92M	4.0%	$58.73	$52.01	—	SHORT TERM TREAS	92206C102
EDU	NEW ORIENTAL ED & TECHNOLOGY	304,744	$16.77M	3.2%	$55.03	$73.28	—	SPON ADR	647581206
TROX	TRONOX HOLDINGS PLC	3,000,000	$12.51M	2.4%	$4.17 *	$3.91	-2.6%	SHS	G9087Q102
AM	ANTERO MIDSTREAM CORP	586,000	$10.42M	2.0%	$17.79	$3.00	+491.9%	COM	03676B102
TDAY	USA TODAY CO INC	1,800,000	$9.27M	1.8%	$5.15 *	$1.95	+141.2%	COM	36472T109
DOLE	DOLE PLC	461,521	$6.918M	1.3%	$14.99 *	$10.58	+31.7%	ORD SHS	G27907107
BIDU	BAIDU INC	33,935	$4.434M	0.9%	$130.66	$86.06	—	SPON ADR REP A	056752108
WOLF	WOLFSPEED INC	33,494	$583K	0.1%	$17.41 *	$22.94	0.0%	COMMON STOCK	97785W106