Shah Capital Management 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Shah Capital Management disclosed 12 US equity positions worth $518.5m in its Q4 2025 13F filing. The largest position was VEON at 49.6% of the reported book, followed by NVAX and CHINA YUCHAI INTL LTD. Against the Q3 2025 filing, it opened 1 new position, added to 4 and reduced 2 among the top 12 holdings.
What did Shah Capital Management own in Q4 2025? Top 12 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | VEON VEON LTD | 49.6% | $257.3m | 4,895,252 | 1% | added | |
| 2 | NVAX NOVAVAX INC | Healthcare | 18.9% | $97.8m | 14,558,780 | 23% | added |
| 3 | CHINA YUCHAI INTL LTD | 11.3% | $58.4m | 1,646,397 | -2% | reduced | |
| 4 | CSIQ CANADIAN SOLAR INC | Technology | 4.4% | $23.1m | 970,000 | -42% | reduced |
| 5 | VGSH VANGUARD SCOTTSDALE FDS | 4.0% | $20.9m | 356,178 | -0% | held | |
| 6 | EDU NEW ORIENTAL ED & TECHNOLOGY | Consumer Defensive | 3.2% | $16.8m | 304,744 | 0% | held |
| 7 | TROX TRONOX HOLDINGS PLC | Basic Materials | 2.4% | $12.5m | 3,000,000 | 650% | added |
| 8 | AM ANTERO MIDSTREAM CORP | Energy | 2.0% | $10.4m | 586,000 | 0% | held |
| 9 | TDAY USA TODAY CO INC | Communication Services | 1.8% | $9.3m | 1,800,000 | 0% | held |
| 10 | DOLE DOLE PLC | Consumer Defensive | 1.3% | $6.9m | 461,521 | 68% | added |
| 11 | BIDU BAIDU INC | Communication Services | 0.9% | $4.4m | 33,935 | 0% | held |
| 12 | WOLF WOLFSPEED INC | Technology | 0.1% | $583.1k | 33,494 | – | new |
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.