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SHAH CAPITAL MANAGEMENT

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13F filer, CIK 1383838, RALEIGH, NC

SHAH CAPITAL MANAGEMENT reported $518,511,008 across 12 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-01-15. Its ten largest share positions make up 99.03% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-26-000720

Period
2025-12-31
Reported value
$519M
Holdings
12
Top 10 weight
99.03%
New
1
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NVAXadded+2,747,000$18.5M
TROXadded+2,600,000$10.8M
VEONadded+70,831$3.72M
DOLEadded+186,124$2.79M
WOLFnew+33,494$583K

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
EMEREN GROUP LTDexited-18,818,236-$35.6M
CSIQreduced-716,285-$17M
CHEER HLDG INCexited-2,157,500-$1.46M
CYDreduced-26,300-$934K
VGSHreduced-350-$20.6K

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, Q4 2025

Share positions as resolved from 13F-HR 0001398344-26-000720, largest first. % of portfolio is the value over $518,511,008, 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; 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; 2025Q4: 4,895,252 shares 4,895,252$257M49.63%+70,831Timeline
NVAXNOVAVAX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 14,558,780 shares 14,558,780$97.8M18.87%+2,747,000Timeline
CYDCHINA YUCHAI INTL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,646,397 shares 1,646,397$58.4M11.27%-26,300Timeline
CSIQCANADIAN SOLAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 970,000 shares 970,000$23.1M4.45%-716,285Timeline
VGSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 237,752 shares; 2025Q1: 373,988 shares; 2025Q2: 373,988 shares; 2025Q3: 356,528 shares; 2025Q4: 356,178 shares 356,178$20.9M4.03%-350Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 308,558 shares; 2025Q1: 306,250 shares; 2025Q2: 305,317 shares; 2025Q3: 304,744 shares; 2025Q4: 304,744 shares 304,744$16.8M3.23%0Timeline
TROXTRONOX HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 400,000 shares; 2025Q4: 3,000,000 shares 3,000,000$12.5M2.41%+2,600,000Timeline
AMANTERO MIDSTREAM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 789,397 shares; 2025Q1: 765,565 shares; 2025Q2: 586,000 shares; 2025Q3: 586,000 shares; 2025Q4: 586,000 shares 586,000$10.4M2.01%0Timeline
TDAYUSA TODAY CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,800,000 shares 1,800,000$9.27M1.79%0Timeline
DOLEDOLE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 275,890 shares; 2025Q1: 271,232 shares; 2025Q2: 271,232 shares; 2025Q3: 275,397 shares; 2025Q4: 461,521 shares 461,521$6.92M1.33%+186,124Timeline
BIDUBAIDU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 164,656 shares; 2025Q1: 13,935 shares; 2025Q2: 33,935 shares; 2025Q3: 33,935 shares; 2025Q4: 33,935 shares 33,935$4.43M0.86%0Timeline
WOLFWOLFSPEED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 33,494 shares 33,494$583K0.11%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
EMEREN GROUP LTDEMEREN GROUP LTD18,818,236$35.6Mshares
CHEER HLDG INCCHEER HLDG INC2,157,500$1.46Mshares

How Q4 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 0001398344-26-000720 base2026-01-15acceptance time not in the bulk data set