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SHAH CAPITAL MANAGEMENT

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13F filer, CIK 1383838, RALEIGH, NC

SHAH CAPITAL MANAGEMENT reported $558,979,399 across 13 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-12. Its ten largest share positions make up 98.79% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-25-020706

Period
2025-09-30
Reported value
$559M
Holdings
13
Top 10 weight
98.79%
New
1
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NVAXadded+300,000$2.6M
TROXnew+400,000$1.61M
DOLEadded+4,165$56K
CHEER HLDG INCadded+47,500$32.2K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
CYDreduced-1,582,488-$65.5M
PARAMOUNT GLOBALexited-790,173-$10.2M
VEONreduced-94,336-$5.13M
VALexited-120,506-$5.07M
CSIQreduced-194,600-$2.54M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001398344-25-020706, largest first. % of portfolio is the value over $558,979,399, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VEONVEON LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 4,943,890 shares; 2025Q1: 4,942,790 shares; 2025Q2: 4,918,757 shares; 2025Q3: 4,824,421 shares 4,824,421$263M46.98%-94,336Timeline
NVAXNOVAVAX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 11,148,846 shares; 2025Q1: 11,131,846 shares; 2025Q2: 11,511,780 shares; 2025Q3: 11,811,780 shares 11,811,780$102M18.32%+300,000Timeline
CYDCHINA YUCHAI INTL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 4,345,471 shares; 2025Q1: 3,324,022 shares; 2025Q2: 3,255,185 shares; 2025Q3: 1,672,697 shares 1,672,697$69.2M12.38%-1,582,488Timeline
EMEREN GROUP LTDEMEREN GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 18,818,236 shares; 2025Q1: 18,818,236 shares; 2025Q2: 18,818,236 shares; 2025Q3: 18,818,236 shares 18,818,236$35.6M6.36%0
CSIQCANADIAN SOLAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,745,546 shares; 2025Q1: 1,906,285 shares; 2025Q2: 1,880,885 shares; 2025Q3: 1,686,285 shares 1,686,285$22M3.93%-194,600Timeline
VGSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 237,752 shares; 2025Q1: 373,988 shares; 2025Q2: 373,988 shares; 2025Q3: 356,528 shares 356,528$21M3.75%-17,460Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 308,558 shares; 2025Q1: 306,250 shares; 2025Q2: 305,317 shares; 2025Q3: 304,744 shares 304,744$16.2M2.89%-573Timeline
AMANTERO MIDSTREAM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 789,397 shares; 2025Q1: 765,565 shares; 2025Q2: 586,000 shares; 2025Q3: 586,000 shares 586,000$11.4M2.04%0Timeline
TDAYUSA TODAY CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,800,000 shares; 2025Q1: 1,800,000 shares; 2025Q2: 1,800,000 shares; 2025Q3: 1,800,000 shares 1,800,000$7.43M1.33%0Timeline
BIDUBAIDU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 164,656 shares; 2025Q1: 13,935 shares; 2025Q2: 33,935 shares; 2025Q3: 33,935 shares 33,935$4.47M0.8%0Timeline
DOLEDOLE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 275,890 shares; 2025Q1: 271,232 shares; 2025Q2: 271,232 shares; 2025Q3: 275,397 shares 275,397$3.7M0.66%+4,165Timeline
TROXTRONOX HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 400,000 shares 400,000$1.61M0.29%newTimeline
CHEER HLDG INCCHEER HLDG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,614,921 shares; 2025Q1: 1,705,050 shares; 2025Q2: 2,110,000 shares; 2025Q3: 2,157,500 shares 2,157,500$1.46M0.26%+47,500

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
PARAMOUNT GLOBALPARAMOUNT GLOBAL790,173$10.2Mshares
VALVALARIS LTD120,506$5.07Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001398344-25-020706 base2025-11-12acceptance time not in the bulk data set