SHAH CAPITAL MANAGEMENT Long-Term Concentrated

Location: Raleigh, NC

CIK: 0001383838 · Show all filings

Period: Q3 2026 (← Previous)

Filing Date: Oct 9, 2026

Total Value: $605M (100.0% shares, 0.0% debt)

Holdings (11)

New Positions (2)

ELTX ELICIO THERAPEUTICS INC 0.4%

Value $2.275M Shares 1,250,000 Share Price $1.82 Est. Cost/Share $2.77 Unrealized @ Report Date -34.4%

REAX REAL REMAX GROUP INC 0.1%

Value $350K Shares 21,396 Share Price $16.36 Est. Cost/Share $16.36 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ELTX	ELICIO THERAPEUTICS INC	1,250,000	$2.275M	0.4%	$1.82	$2.77	-34.4%	COM	28657F103
REAX	REAL REMAX GROUP INC	21,396	$350K	0.1%	$16.36	$16.36	—	COM NEW	776105108

Increased Positions (2)

VGSH VANGUARD SCOTTSDALE FDS 5.3%

Value $32.32M (+45.3%) Shares 561,531 (+46.9%) Share Price $57.56 Est. Cost/Share $58.37 Unrealized @ Report Date -1.4%

TROX TRONOX HOLDINGS PLC 1.9%

Value $11.52M (-28.9%) Shares 2,915,807 (+13.4%) Share Price $3.95 Est. Cost/Share $4.10 Unrealized @ Report Date -3.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
VGSH	VANGUARD SCOTTSDALE FDS	561,531 (+46.9%)	$32.32M (+45.3%)	5.3%	$57.56	$58.37	-1.4%	SHORT TERM TREAS	92206C102
TROX	TRONOX HOLDINGS PLC	2,915,807 (+13.4%)	$11.52M (-28.9%)	1.9%	$3.95	$4.10	-3.6%	SHS	G9087Q102

Decreased Positions (6)

CYD CHINA YUCHAI INTL LTD 6.8%

Value $40.96M (-35.6%) Shares 1,320,058 (-1.6%) Share Price $31.03 Est. Cost/Share $8.25 Unrealized @ Report Date +276.1%

CSIQ CANADIAN SOLAR INC 1.7%

Value $10.48M (-29.2%) Shares 909,571 (-1.5%) Share Price $11.52 Est. Cost/Share $12.87 Unrealized @ Report Date -10.5%

EDU NEW ORIENTAL ED & TECHNOLOGY 2.7%

Value $16.18M (+19.5%) Shares 291,504 (-1.1%) Share Price $55.49 Est. Cost/Share $69.37 Unrealized @ Report Date -20.0%

AM ANTERO MIDSTREAM CORP 1.7%

Value $10.52M (-17.0%) Shares 521,713 (-6.3%) Share Price $20.16 Est. Cost/Share $3.00 Unrealized @ Report Date +572.3%

NVAX NOVAVAX INC 21.7%

Value $132M (-1.4%) Shares 12,173,481 (-14.1%) Share Price $10.81 Est. Cost/Share $8.79 Unrealized @ Report Date +23.0%

DOLE DOLE PLC 0.9%

Value $5.431M (-10.2%) Shares 427,284 (-3.1%) Share Price $12.71 Est. Cost/Share $10.58 Unrealized @ Report Date +20.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CYD	CHINA YUCHAI INTL LTD	1,320,058 (-1.6%)	$40.96M (-35.6%)	6.8%	$31.03	$8.25	+276.1%	COM	G21082105
CSIQ	CANADIAN SOLAR INC	909,571 (-1.5%)	$10.48M (-29.2%)	1.7%	$11.52	$12.87	-10.5%	COM	136635109
EDU	NEW ORIENTAL ED & TECHNOLOGY	291,504 (-1.1%)	$16.18M (+19.5%)	2.7%	$55.49	$69.37	-20.0%	SPON ADR	647581206
AM	ANTERO MIDSTREAM CORP	521,713 (-6.3%)	$10.52M (-17.0%)	1.7%	$20.16	$3.00	+572.3%	COM	03676B102
NVAX	NOVAVAX INC	12,173,481 (-14.1%)	$132M (-1.4%)	21.7%	$10.81	$8.79	+23.0%	COM NEW	670002401
DOLE	DOLE PLC	427,284 (-3.1%)	$5.431M (-10.2%)	0.9%	$12.71	$10.58	+20.1%	ORD SHS	G27907107

Unchanged Positions (1)

VEON VEON LTD 56.8%

Value $344M Shares 4,649,172 Share Price $73.93 Est. Cost/Share $19.00 Unrealized @ Report Date +289.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
VEON	VEON LTD	4,649,172	$344M	56.8%	$73.93	$19.00	+289.0%	SPONSORED ADS	91822M502