Shah Capital Management 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Shah Capital Management disclosed 13 US equity positions worth $559.0m in its Q3 2025 13F filing. The largest position was VEON at 47.0% of the reported book, followed by NVAX and CHINA YUCHAI INTL LTD. Against the Q2 2025 filing, it opened 1 new position, added to 3 and reduced 4 among the top 13 holdings.
What did Shah Capital Management own in Q3 2025? Top 13 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | VEON VEON LTD | 47.0% | $262.6m | 4,824,421 | -2% | reduced | |
| 2 | NVAX NOVAVAX INC | Healthcare | 18.3% | $102.4m | 11,811,780 | 3% | added |
| 3 | CHINA YUCHAI INTL LTD | 12.4% | $69.2m | 1,672,697 | -49% | reduced | |
| 4 | VQKA EMEREN GROUP LTD | 6.4% | $35.6m | 18,818,236 | 0% | held | |
| 5 | CSIQ CANADIAN SOLAR INC | Technology | 3.9% | $22.0m | 1,686,285 | -10% | reduced |
| 6 | VGSH VANGUARD SCOTTSDALE FDS | 3.8% | $21.0m | 356,528 | -5% | reduced | |
| 7 | EDU NEW ORIENTAL ED & TECHNOLOGY | Consumer Defensive | 2.9% | $16.2m | 304,744 | -0% | held |
| 8 | AM ANTERO MIDSTREAM CORP | Energy | 2.0% | $11.4m | 586,000 | 0% | held |
| 9 | TDAY GANNETT CO INC | Communication Services | 1.3% | $7.4m | 1,800,000 | 0% | held |
| 10 | BIDU BAIDU INC | Communication Services | 0.8% | $4.5m | 33,935 | 0% | held |
| 11 | DOLE DOLE PLC | Consumer Defensive | 0.7% | $3.7m | 275,397 | 2% | added |
| 12 | TROX TRONOX HOLDINGS PLC | Basic Materials | 0.3% | $1.6m | 400,000 | – | new |
| 13 | CHEER HLDG INC | 0.3% | $1.5m | 2,157,500 | 2% | added |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.