SC
Shah Capital Management SEC 13F Filing (Q3 2026) — Holdings & Portfolio
Shah Capital ManagementCIK: 0001383838
Concentrated strategySector-focusedMomentum follower
Total reported value
$605.3M
Reporting period: 2026-09-30 · Number of holdings: 11
SHAH CAPITAL MANAGEMENT disclosed 11 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $605.3M and a quarterly turnover rate of 26.8%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 26.79
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 22
- Sizing Uniformity
- 81.33
Shah Capital Management's disclosed holdings carry a Herfindahl concentration index of 0.379 — mathematically equivalent to about 3 equally-sized positions, well below its 11 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.87), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.4 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 26% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd VEON
-0.4% $100.0M
Trim CYD
-1.6% -$22.6M
Trim NVAX
-14.1% -$1.8M
Trim TROX
+13.4% -$4.7M
Add VGSH
+46.9% $10.1M
Trim CSIQ
-1.5% -$4.3M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VEON | Veon LTD | Stock-Other | 56.78% | +10.47% | -0.39% | |
| 2 | NVAX | Novavax Inc | Stock-Healthcare | 21.74% | -3.62% | -14.06% | |
| 3 | CYD | China Yuchai International Limited | Stock-Other | 6.77% | -5.31% | -1.57% | |
| 4 | VGSH | Vanguard Short-term Treasury | ETF-Gov Bonds | 5.34% | +1.11% | +46.87% | |
| 5 | EDU | New Oriental Educatio-sp Adr | Stock-Consumer Staples | 2.67% | +0.10% | -1.14% | |
| 6 | TROX | Tronox Holdings plc | Stock-Other | 1.90% | -1.18% | +13.42% | |
| 7 | AM | Antero Midstream CORP | Stock-Energy | 1.74% | -0.67% | -6.31% | |
| 8 | CSIQ | Canadian Solar Inc | Stock-Other | 1.73% | -1.08% | -1.53% | |
| 9 | DOLE | Dole plc | Stock-Other | 0.90% | -0.25% | -3.07% | |
| 10 | ELTX | Elicio Therapeutics Inc | Stock-Other | 0.38% | +0.38% | NEW | |
| 11 | ✓ | Stock-Other | 0.06% | +0.06% | NEW |
Portfolio Performance
Performance for Q4 2026
+31.2%
Performance Last 4 Quarters
+32.1%
- Stdev
- +30.3%
- Beta
- +1.12
- Alpha
- +10.8%
- Max Drawdown
- -16.7%
- Annualized Perf
- +37.1%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +2.52
- Stutzer
- +0.36
- Treynor
- +0.32
- Sterling
- +1.77
- Calmar
- +2.22
- Information Ratio
- +0.5
- Tracking Error
- +27.1%
- Stdev Down
- +14.4%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +52.1%
- Worst 12 Months
- +11.4%
- Efficiency Ratio
- +0.6
- Sharpe
- +1.19
- Stdev Sectors
- +35.2%
- Skewness
- +0.41
- Kurtosis
- +0.42
- Upside Potential
- +4.32
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 11 | $605.3M | 27 | ||
| 2026 Q2 | 9 | $526.2M | 12 | ||
| 2026 Q1 | 11 | $521.2M | 21 | ||
| 2025 Q4 | 12 | $518.5M | 14 | ||
| 2025 Q3 | 13 | $559.0M | 28 | ||
| 2025 Q2 | 14 | $514.0M | 0 | ||
| 2025 Q1 | 17 | $489.6M | 100 | ||
| 2024 Q4 | 16 | $495.9M | 0 | ||
| 2024 Q3 | 19 | $513.0M | 0 | ||
| 2024 Q2 | 17 | $462.3M | 0 | ||
| 2024 Q1 | 17 | $357.4M | 0 | ||
| 2023 Q4 | 15 | $390.4M | 0 | ||
| 2023 Q3 | 14 | $422.7M | 0 | ||
| 2023 Q2 | 15 | $393.5M | 0 | ||
| 2023 Q1 | 16 | $343.7M | 0 | ||
| 2022 Q4 | 15 | $420.9M | 0 | ||
| 2022 Q3 | 12 | $349.9M | 0 | ||
| 2022 Q2 | 13 | $385.7M | 0 | ||
| 2022 Q1 | 12 | $386.9M | 0 | ||
| 2021 Q4 | 10 | $374.9M | 0 | ||
| 2021 Q3 | 9 | $369.7M | 0 | ||
| 2021 Q2 | 8 | $353.9M | 100 | ||
| 2021 Q1 | 7 | $362.9M | 16 | ||
| 2020 Q4 | 7 | $321.8M | 61 | ||
| 2020 Q3 | 8 | $190.5M | 31 | ||
| 2020 Q2 | 11 | $166.2M | 48 | ||
| 2020 Q1 | 16 | $126.7M | 61 | ||
| 2019 Q4 | 16 | $208.8M | 41 | ||
| 2019 Q3 | 17 | $185.4M | 52 | ||
| 2019 Q2 | 17 | $180.0M | 30 | ||
| 2019 Q1 | 14 | $192.3M | 38 | ||
| 2018 Q4 | 15 | $169.6M | 46 | ||
| 2018 Q3 | 12 | $223.4M | 22 | ||
| 2018 Q2 | 12 | $224.4M | 23 | ||
| 2018 Q1 | 12 | $215.1M | 22 | ||
| 2017 Q4 | 13 | $217.1M | 32 | ||
| 2017 Q3 | 13 | $198.7M | 26 | ||
| 2017 Q2 | 15 | $188.7M | 22 | ||
| 2017 Q1 | 15 | $188.8M | 32 | ||
| 2016 Q4 | 18 | $187.0M | 42 | ||
| 2016 Q3 | 18 | $179.9M | 31 | ||
| 2016 Q2 | 17 | $142.5M | 34 | ||
| 2016 Q1 | 13 | $119.3M | 27 | ||
| 2015 Q4 | 12 | $107.4M | 44 | ||
| 2015 Q3 | 9 | $97.0M | 38 | ||
| 2015 Q2 | 11 | $107.7M | 22 | ||
| 2015 Q1 | 10 | $114.6M | 13 | ||
| 2014 Q4 | 16 | $116.0M | 24 | ||
| 2014 Q3 | 13 | $107.1M | 30 | ||
| 2014 Q2 | 15 | $134.9M | 25 | ||
| 2014 Q1 | 14 | $124.7M | 21 | ||
| 2013 Q4 | 16 | $133.0M | 24 | ||
| 2013 Q3 | 17 | $131.9M | 25 | ||
| 2013 Q2 | 14 | $103.6M | 0 |
Holding changes this quarter
Shah Capital Management's most significant position changes for 2026-09-30: New buy: Elicio Therapeutics Inc (ELTX); New buy: ; Trim: Veon LTD (VEON) — shares -0.39%; Trim: China Yuchai International Limited (CYD) — shares -1.57%; Trim: Novavax Inc (NVAX) — shares -14.06%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VEON | Veon LTD | +10.5% | -0.39% | Trim |
| 2 | VGSH | Vanguard Short-term Treasury | +1.1% | +46.87% | Add |
| 3 | ELTX | Elicio Therapeutics Inc | +0.4% | NEW | New buy |
| 4 | EDU | New Oriental Educatio-sp Adr | +0.1% | -1.14% | Trim |
| 5 | ✓ | +0.1% | NEW | New buy | |
| 6 | DOLE | Dole plc | -0.3% | -3.07% | Trim |
| 7 | AM | Antero Midstream CORP | -0.7% | -6.31% | Trim |
| 8 | CSIQ | Canadian Solar Inc | -1.1% | -1.53% | Trim |
| 9 | TROX | Tronox Holdings plc | -1.2% | +13.42% | Add |
| 10 | NVAX | Novavax Inc | -3.6% | -14.06% | Trim |
| 11 | CYD | China Yuchai International Limited | -5.3% | -1.57% | Trim |
Filing History
FAQ
What is Shah Capital Management and what type of investor is it?
Shah Capital Management is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $605.3M, spread across 11 disclosed positions.
What are Shah Capital Management's largest equity positions?
Based on the latest 13F filing, Shah Capital Management's top holdings by market value are:
1. Veon LTD (VEON) — $343.7M (56.8%)
2. Novavax Inc (NVAX) — $131.6M (21.7%)
3. China Yuchai International Limited (CYD) — $41.0M (6.8%)
4. Vanguard Short-term Treasury (VGSH) — $32.3M (5.3%)
5. New Oriental Educatio-sp Adr (EDU) — $16.2M (2.7%)
What changes did Shah Capital Management make in its most recent portfolio filing?
In the latest reported quarter, Shah Capital Management made 11 notable position adjustments: 2 new positions were initiated, 2 existing holdings were added to, 7 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Elicio Therapeutics Inc (ELTX); New buy: ; Trim: Veon LTD (VEON) — shares -0.39%; Trim: China Yuchai International Limited (CYD) — shares -1.57%; Trim: Novavax Inc (NVAX) — shares -14.06%
What sectors does Shah Capital Management focus on?
Shah Capital Management is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 83.1%
• Consumer Staples: 10.2%
• Energy: 6.6%
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Investment Profile
Shah Capital Management returned an annualized 37.1% over the trailing 36 months — outperforming the S&P 500 by 10.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.12 (more volatile than the market) and a 53% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 83.1% of the portfolio concentrated in Health Care.
It has added to its VEON position over the past two quarters (+$117.3M, now $343.7M), while trimming TROX over the same stretch (-$17.7M, still holding $11.5M).
Peer Institutions
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JH
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Developer Access
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