Shah Capital Management — Quarterly 13F Portfolio Report

CIK: 0001383838

Concentrated strategyMomentum followerQuality / disciplined sizing

Total reported value

$521.2M

Reporting period: 2026-03-31 · Number of holdings: 11

SHAH CAPITAL MANAGEMENT disclosed 11 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $521.2M and a quarterly turnover rate of 20.5%.

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Personality snowflake

Concentration: 100
Portfolio Stability: 20.53
Momentum/Contrarian: 100
Sector conviction: 0
Diversification: 22
Sizing Uniformity: 85.52

Sector classification currently covers about 29% 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.

Recent moves

Trim VEON
-0.1%　-$30.9M
Add NVAX
+2.0%　$23.0M
Add TROX
-0.2%　$16.7M
Trim CSIQ
-0.6%　-$9.7M
Add WOLF
+1419.5%　$7.7M
Trim TDAY
-72.2%　-$5.7M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	VEON	Veon LTD	Stock-Other	43.44%	-6.19%	-0.10%
2	NVAX	Novavax INC	Stock-Healthcare	23.18%	+4.31%	+1.97%
3	CYD	China Yuchai International Limited	Stock-Other	11.95%	+0.68%	-1.70%
4	TROX	Tronox Holdings plc	Stock-Other	5.61%	+3.20%	-0.19%
5	VGSH	Vanguard Short-term Treasury	ETF-Gov Bonds	3.85%	-0.18%	-3.70%
6	EDU	New Oriental Educatio-sp Adr	Stock-Consumer Staples	3.30%	+0.07%	-0.26%
7	AM	Antero Midstream CORP	Stock-Energy	2.56%	+0.55%	—
8	CSIQ	Canadian Solar INC	Stock-Other	2.56%	-1.89%	-0.56%
9	WOLF	Wolfspeed INC	Stock-Other	1.59%	+1.48%	+1419.52%
10	DOLE	Dole plc	Stock-Other	1.26%	-0.07%	-0.65%
11	TDAY	USA Today Co INC	Stock-Other	0.68%	-1.11%	-72.22%

Portfolio Performance

Performance for Q3 2026

+3.1%

Performance Last 4 Quarters

+3.5%

Based on 76% of reported portfolio value with available pricing

Stdev: +38.3%
Beta: +1.3
Alpha: +5.1%
Max Drawdown: -16.8%
Annualized Perf: +24.2%
Batting Avg vs S&P: +48.3%
Sortino: +1.66
Stutzer: +0.23
Treynor: +0.22
Sterling: +1.02
Calmar: +1.44
Information Ratio: +0.3
Tracking Error: +35%
Stdev Down: +17%
Winning Months %: +51.7%
Losing Months %: +48.3%
Best 12 Months: +49.3%
Worst 12 Months: +3.5%
Efficiency Ratio: +0.31
Sharpe: +0.74
Stdev Sectors: +32.9%
Skewness: +1.53
Kurtosis: +4.02
Upside Potential: +3.55

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	11	$521.2M	21	1VEON 2NVAX 3CYD Top holdings2026-03-31 1.VEON 2.NVAX 3.CYD 4.TROX 5.VGSH 6.EDU 7.AM 8.CSIQ 9.WOLF 10.DOLE
2025-12-31	12	$518.5M	14	1VEON 2NVAX 3CYD Top holdings2025-12-31 1.VEON 2.NVAX 3.CYD 4.CSIQ 5.VGSH 6.EDU 7.TROX 8.AM 9.TDAY 10.DOLE
2025-09-30	13	$559.0M	28	1VEON 2NVAX 3CYD Top holdings2025-09-30 1.VEON 2.NVAX 3.CYD 4.VQKA 5.CSIQ 6.VGSH 7.EDU 8.AM 9.TDAY 10.BIDU
2025-06-30	14	$514.0M	0	1VEON 2CYD 3NVAX Top holdings2025-06-30 1.VEON 2.CYD 3.NVAX 4.VQKA 5.VGSH 6.CSIQ 7.EDU 8.AM 9.0VVB 10.TDAY
2025-03-31	17	$489.6M	100	1VEON 2NVAX 3CYD Top holdings2025-03-31 1.VEON 2.NVAX 3.CYD 4.VQKA 5.VGSH 6.CSIQ 7.0VVB 8.EDU 9.AM 10.GNW
2024-12-31	16	$495.9M	0	1VEON 2NVAX 3CYD Top holdings2024-12-31 1.VEON 2.NVAX 3.CYD 4.VQKA 5.EDU 6.CSIQ 7.BIDU 8.VGSH 9.GNW 10.AM
2024-09-30	19	$513.0M	0	1VEON 2NVAX 3CYD Top holdings2024-09-30 1.VEON 2.NVAX 3.CYD 4.VQKA 5.EDU 6.GNW 7.BIDU 8.VGSH 9.AM 10.0VVB
2024-06-30	17	$462.3M	0	1VEON 2NVAX 3CYD Top holdings2024-06-30 1.VEON 2.NVAX 3.CYD 4.EDU 5.VQKA 6.VAL 7.GNW 8.BIDU 9.VGSH 10.AM
2024-03-31	17	$357.4M	0	1VEON 2EDU 3NVAX Top holdings2024-03-31 1.VEON 2.EDU 3.NVAX 4.VQKA 5.CYD 6.VAL 7.GNW 8.VGSH 9.AM 10.TDAY
2023-12-31	15	$390.4M	0	1VEON 2EDU 3VQKA Top holdings2023-12-31 1.VEON 2.EDU 3.VQKA 4.NVAX 5.CYD 6.GNW 7.AM 8.VAL 9.VGSH 10.AR
2023-09-30	14	$422.7M	0	1EDU292719A375971T Top holdings2023-09-30 1.EDU 2.92719A 3.75971T 4.NVAX 5.CYD 6.GNW 7.AM 8.VAL 9.VGSH 10.AR
2023-06-30	15	$393.5M	0	1EDU292719A375971T Top holdings2023-06-30 1.EDU 2.92719A 3.75971T 4.CYD 5.NVAX 6.AM 7.GNW 8.VAL 9.VGSH 10.AR
2023-03-31	16	$343.7M	0	1EDU292719A375971T Top holdings2023-03-31 1.EDU 2.92719A 3.75971T 4.CYD 5.NVAX 6.GNW 7.AM 8.VAL 9.VGSH 10.UNGUSD
2022-12-31	15	$420.9M	0	1EDU275971T3GNW Top holdings2022-12-31 1.EDU 2.75971T 3.GNW 4.92719A 5.VAL 6.AR 7.CYD 8.AM 9.225401 10.VGSH
2022-09-30	12	$349.9M	0	175971T2EDU 3AR Top holdings2022-09-30 1.75971T 2.EDU 3.AR 4.GNW 5.CYD 6.92719A 7.VAL 8.TRQEUR 9.AM 10.VGSH
2022-06-30	13	$385.7M	0	1EDU275971T3VGSH Top holdings2022-06-30 1.EDU 2.75971T 3.VGSH 4.AR 5.GNW 6.92719A 7.CYD 8.TRQEUR 9.VAL 10.AM
2022-03-31	12	$386.9M	0	1AR275971T3GNW Top holdings2022-03-31 1.AR 2.75971T 3.GNW 4.CYD 5.92719A 6.VAL 7.TRQEUR 8.EDU 9.AM 10.G39973
2021-12-31	10	$374.9M	0	1AR275971T3CYD Top holdings2021-12-31 1.AR 2.75971T 3.CYD 4.GNW 5.92719A 6.AM 7.VAL 8.TRQEUR 9.EDU 10.G39973
2021-09-30	9	$369.7M	0	1AR275971T3CYD Top holdings2021-09-30 1.AR 2.75971T 3.CYD 4.GNW 5.92719A 6.AM 7.VAL 8.TRQEUR 9.EDU
2021-06-30	8	$353.9M	100	175971T2AR 3CYD Top holdings2021-06-30 1.75971T 2.AR 3.CYD 4.GNW 5.92719A 6.AM 7.VAL 8.TRQEUR
2021-03-31	7	$362.9M	16	175971T2AR 3CYD Top holdings2021-03-31 1.75971T 2.AR 3.CYD 4.GNW 5.92719A 6.AM 7.TRQEUR
2020-12-31	7	$321.8M	61	175971T2CYD 3AR Top holdings2020-12-31 1.75971T 2.CYD 3.AR 4.GNW 5.AM 6.92719A 7.TRQEUR
2020-09-30	8	$190.5M	31	1CYD 2GNW375971T Top holdings2020-09-30 1.CYD 2.GNW 3.75971T 4.AR 5.92719A 6.AM 7.TRQEUR 8.GPOR1EUR
2020-06-30	11	$166.2M	48	1CYD 2AR 3GNW Top holdings2020-06-30 1.CYD 2.AR 3.GNW 4.75971T 5.GPOR1EUR 6.AM 7.92719A 8.TRQEUR 9.G65422 10.VAL
2020-03-31	16	$126.7M	61	1CYD 2GNW375971T Top holdings2020-03-31 1.CYD 2.GNW 3.75971T 4.AR 5.92719A 6.RRC 7.GPOR1EUR 8.G3788M 9.AM 10.TRQEUR
2019-12-31	16	$208.8M	41	1CYD 2GNW375971T Top holdings2019-12-31 1.CYD 2.GNW 3.75971T 4.29358Q 5.AVPUSD 6.GPOR1EUR 7.G3788M 8.RRC 9.G65422 10.92719A
2019-09-30	17	$185.4M	52	1CYD 2GNW 3VSIUSD Top holdings2019-09-30 1.CYD 2.GNW 3.VSIUSD 4.AVPUSD 5.29358Q 6.GPOR1EUR 7.92719A 8.G3788M 9.RRC 10.GNCIQ
2019-06-30	17	$180.0M	30	1CYD29180763GNW Top holdings2019-06-30 1.CYD 2.918076 3.GNW 4.VSIUSD 5.AVPUSD 6.92719A 7.VAL 8.75971T 9.G65422 10.GNCIQ
2019-03-31	14	$192.3M	38	1CYD29180763VSIUSD Top holdings2019-03-31 1.CYD 2.918076 3.VSIUSD 4.GNW 5.AVPUSD 6.92719A 7.75971T 8.G65422 9.16950W 10.DB
2018-12-31	15	$169.6M	46	1CYD 2GNW3918076 Top holdings2018-12-31 1.CYD 2.GNW 3.918076 4.VSIUSD 5.AVPUSD 6.DB 7.845467 8.92719A 9.75971T 10.G65422
2018-09-30	12	$223.4M	22	1CYD 2VSIUSD3918076 Top holdings2018-09-30 1.CYD 2.VSIUSD 3.918076 4.GNW 5.AVPUSD 6.92719A 7.G65422 8.Y0017S 9.845467 10.75971T
2018-06-30	12	$224.4M	23	1CYD29180763GNW Top holdings2018-06-30 1.CYD 2.918076 3.GNW 4.VSIUSD 5.AVPUSD 6.G65422 7.845467 8.92719A 9.75971T 10.16950W
2018-03-31	12	$215.1M	22	1CYD29180763AVPUSD Top holdings2018-03-31 1.CYD 2.918076 3.AVPUSD 4.GNW 5.VSIUSD 6.845467 7.G65422 8.92719A 9.75971T 10.16950W
2017-12-31	13	$217.1M	32	1CYD29180763GNW Top holdings2017-12-31 1.CYD 2.918076 3.GNW 4.AVPUSD 5.VSIUSD 6.92719A 7.G65422 8.75971T 9.16950W 10.Y0017S
2017-09-30	13	$198.7M	26	1CYD 2GNW3918076 Top holdings2017-09-30 1.CYD 2.GNW 3.918076 4.AVPUSD 5.92719A 6.G65422 7.DB 8.225401 9.VSIUSD 10.75971T
2017-06-30	15	$188.7M	22	1CYD 2GNW3918076 Top holdings2017-06-30 1.CYD 2.GNW 3.918076 4.AVPUSD 5.92719A 6.DB 7.GNCIQ 8.G65422 9.466090 10.225401
2017-03-31	15	$188.8M	32	1CYD 2GNW3918076 Top holdings2017-03-31 1.CYD 2.GNW 3.918076 4.AVPUSD 5.92719A 6.DB 7.466090 8.SDRL 9.CCJ 10.225401
2016-12-31	18	$187.0M	42	1CYD 2GNW 3AVPUSD Top holdings2016-12-31 1.CYD 2.GNW 3.AVPUSD 4.918076 5.CDE 6.92719A 7.DB 8.SDRL 9.CCJ 10.225401
2016-09-30	18	$179.9M	31	1CYD 2GNW 3CDE Top holdings2016-09-30 1.CYD 2.GNW 3.CDE 4.543031 5.918076 6.DB 7.92719A 8.SDRL 9.PBR 10.225401
2016-06-30	17	$142.5M	34	1CYD 2CDE 3GNW Top holdings2016-06-30 1.CYD 2.CDE 3.GNW 4.918076 5.543031 6.DB 7.75971T 8.SDRL 9.PBR 10.225401
2016-03-31	13	$119.3M	27	1CYD 2CDE3543031 Top holdings2016-03-31 1.CYD 2.CDE 3.543031 4.GNW 5.918076 6.75971T 7.594603 8.SDRL 9.PBR 10.92719A
2015-12-31	12	$107.4M	44	1CYD29180763543031 Top holdings2015-12-31 1.CYD 2.918076 3.543031 4.GNW 5.CDE 6.75971T 7.594603 8.16950W 9.PBR 10.92719A
2015-09-30	9	$97.0M	38	1CYD29180763543031 Top holdings2015-09-30 1.CYD 2.918076 3.543031 4.PBR 5.CDE 6.75971T 7.16950W 8.92719A 9.MBTGBP
2015-06-30	11	$107.7M	22	1CYD29180763CDE Top holdings2015-06-30 1.CYD 2.918076 3.CDE 4.PBR 5.92719A 6.BTU 7.75971T 8.8962E8 9.16950W 10.543031
2015-03-31	10	$114.6M	13	1CYD29180763CDE Top holdings2015-03-31 1.CYD 2.918076 3.CDE 4.92719A 5.PBR 6.75971T 7.8962E8 8.16950W 9.543031 10.MBTGBP
2014-12-31	16	$116.0M	24	1CYD29180763CDE Top holdings2014-12-31 1.CYD 2.918076 3.CDE 4.92719A 5.PBR 6.8962E8 7.75971T 8.16950W 9.MCP 5.5 03-01-14 A 10.MBTGBP
2014-09-30	13	$107.1M	30	1CYD291807638962E8 Top holdings2014-09-30 1.CYD 2.918076 3.8962E8 4.CDE 5.75971T 6.MCP 5.5 03-01-14 A 7.16950W 8.218868 9.PBR 10.MT
2014-06-30	15	$134.9M	25	1CYD29180763170032 Top holdings2014-06-30 1.CYD 2.918076 3.170032 4.CDE 5.CSIQ 6.8962E8 7.75971T 8.16950W 9.218868 10.PBR
2014-03-31	14	$124.7M	21	1CYD29180763170032 Top holdings2014-03-31 1.CYD 2.918076 3.170032 4.218868 5.CSIQ 6.8962E8 7.16950W 8.MCP 5.5 03-01-14 A 9.CDE 10.PBR
2013-12-31	16	$133.0M	24	1CYD29180763170032 Top holdings2013-12-31 1.CYD 2.918076 3.170032 4.CSIQ 5.8962E8 6.218868 7.16950W 8.393801 9.MCP 5.5 03-01-14 A 10.98584B
2013-09-30	17	$131.9M	25	1CYD29180763170032 Top holdings2013-09-30 1.CYD 2.918076 3.170032 4.CSIQ 5.8962E8 6.98584B 7.16950W 8.792410 9.218868 10.ESINQ
2013-06-30	14	$103.6M	0	1CYD29180763170032 Top holdings2013-06-30 1.CYD 2.918076 3.170032 4.CSIQ 5.16950W 6.8962E8 7.98584B 8.218868 9.792410 10.03937E

Holding changes this quarter

Shah Capital Management's most significant position changes for 2026-03-31: Sold out: Baidu INC - Spon Adr (BIDU); Trim: Veon LTD (VEON) — shares -0.10%; Add: Novavax INC (NVAX) — shares +1.97%; Trim: Tronox Holdings plc (TROX) — shares -0.19%; Trim: Canadian Solar INC (CSIQ) — shares -0.56%.

Position changes disclosed by Shah Capital Management for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	NVAX	Novavax INC	+4.3%	+1.97%	Add
2	TROX	Tronox Holdings plc	+3.2%	-0.19%	Trim
3	WOLF	Wolfspeed INC	+1.5%	+1419.52%	Add
4	CYD	China Yuchai International Limited	+0.7%	-1.70%	Trim
5	AM	Antero Midstream CORP	+0.6%	—	Unchanged
6	EDU	New Oriental Educatio-sp Adr	+0.1%	-0.26%	Trim
7	DOLE	Dole plc	-0.1%	-0.65%	Trim
8	VGSH	Vanguard Short-term Treasury	-0.2%	-3.70%	Trim
9	TDAY	USA Today Co INC	-1.1%	-72.22%	Trim
10	CSIQ	Canadian Solar INC	-1.9%	-0.56%	Trim
11	VEON	Veon LTD	-6.2%	-0.10%	Trim
12	BIDU	Baidu INC - Spon Adr	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-04-24	13F-HR	View on EDGAR
2025-12-31	2026-01-15	13F-HR	View on EDGAR
2025-09-30	2025-11-12	13F-HR	View on EDGAR
2025-06-30	2025-07-23	13F-HR	View on EDGAR
2025-03-31	2025-05-14	13F-HR	View on EDGAR
2024-12-31	2025-01-22	13F-HR	View on EDGAR
2024-09-30	2024-10-15	13F-HR	View on EDGAR
2024-06-30	2024-08-12	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-05	13F-HR	View on EDGAR
2023-09-30	2023-10-11	13F-HR	View on EDGAR
2023-06-30	2023-07-13	Amendment	View on EDGAR
2023-06-30	2023-07-12	Amendment	View on EDGAR
2023-06-30	2023-07-12	13F-HR	View on EDGAR
2023-03-31	2023-05-08	13F-HR	View on EDGAR
2022-12-31	2023-01-13	13F-HR	View on EDGAR
2022-09-30	2022-10-27	13F-HR	View on EDGAR
2022-06-30	2022-07-25	13F-HR	View on EDGAR
2022-03-31	2022-04-19	13F-HR	View on EDGAR
2021-12-31	2022-01-19	13F-HR	View on EDGAR
2021-09-30	2021-10-08	13F-HR	View on EDGAR
2021-06-30	2021-08-10	13F-HR	View on EDGAR
2021-03-31	2021-05-04	13F-HR	View on EDGAR
2020-12-31	2021-01-28	13F-HR	View on EDGAR
2020-09-30	2020-11-03	13F-HR	View on EDGAR
2020-06-30	2020-07-09	13F-HR	View on EDGAR
2020-03-31	2020-04-08	13F-HR	View on EDGAR
2019-12-31	2020-01-21	13F-HR	View on EDGAR
2019-09-30	2019-10-22	13F-HR	View on EDGAR
2019-06-30	2019-07-29	13F-HR	View on EDGAR
2019-03-31	2019-05-03	13F-HR	View on EDGAR
2018-12-31	2019-01-10	13F-HR	View on EDGAR
2018-09-30	2018-10-29	13F-HR	View on EDGAR
2018-06-30	2018-07-24	13F-HR	View on EDGAR
2018-03-31	2018-04-18	13F-HR	View on EDGAR
2017-12-31	2018-01-23	13F-HR	View on EDGAR
2017-09-30	2017-10-13	13F-HR	View on EDGAR
2017-06-30	2017-07-14	13F-HR	View on EDGAR
2017-03-31	2017-04-20	13F-HR	View on EDGAR
2016-12-31	2017-01-25	13F-HR	View on EDGAR
2016-12-31	2017-01-25	Amendment	View on EDGAR
2016-09-30	2016-10-25	Amendment	View on EDGAR
2016-09-30	2016-10-14	Amendment	View on EDGAR
2016-09-30	2016-10-13	13F-HR	View on EDGAR
2016-06-30	2016-07-15	Amendment	View on EDGAR
2016-06-30	2016-07-15	Amendment	View on EDGAR
2016-06-30	2016-07-14	13F-HR	View on EDGAR
2016-03-31	2016-04-28	13F-HR	View on EDGAR
2015-12-31	2016-01-25	13F-HR	View on EDGAR
2015-09-30	2015-10-08	13F-HR	View on EDGAR
2015-06-30	2015-08-05	13F-HR	View on EDGAR
2015-03-31	2015-04-01	13F-HR	View on EDGAR
2014-12-31	2015-01-06	13F-HR	View on EDGAR
2014-09-30	2014-10-07	Amendment	View on EDGAR
2014-09-30	2014-10-06	13F-HR	View on EDGAR
2014-06-30	2014-07-07	13F-HR	View on EDGAR
2014-03-31	2014-04-14	13F-HR	View on EDGAR
2013-12-31	2014-02-06	13F-HR	View on EDGAR
2013-09-30	2013-10-30	13F-HR	View on EDGAR
2013-06-30	2013-08-12	13F-HR	View on EDGAR

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 (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $521.2M, 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) — $226.4M (43.4%) 2. Novavax INC (NVAX) — $120.8M (23.2%) 3. China Yuchai International Limited (CYD) — $62.3M (11.9%) 4. Tronox Holdings plc (TROX) — $29.3M (5.6%) 5. Vanguard Short-term Treasury (VGSH) — $20.1M (3.9%)

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: 0 new positions were initiated, 2 existing holdings were added to, 8 positions were partially reduced, and 1 were completely exited. The largest of these moves: Sold out: Baidu INC - Spon Adr (BIDU); Trim: Veon LTD (VEON) — shares -0.10%; Add: Novavax INC (NVAX) — shares +1.97%; Trim: Tronox Holdings plc (TROX) — shares -0.19%; Trim: Canadian Solar INC (CSIQ) — shares -0.56%

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: 79.8% • Consumer Staples: 11.4% • Energy: 8.8%

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$103.6M

21 stks

2025-09-30

Stale — no recent filing

Concentration37.3

Portfolio Stability46.4

Sector conviction0.0

1 of the top 5 holdings overlap, including Vanguard Short-term Treasury

View detail

Shah Capital Management — Quarterly 13F Portfolio Report

CIK: 0001383838

Concentrated strategyMomentum followerQuality / disciplined sizing

Total reported value

$521.2M

Reporting period: 2026-03-31 · Number of holdings: 11

SHAH CAPITAL MANAGEMENT disclosed 11 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $521.2M and a quarterly turnover rate of 20.5%.

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Personality snowflake

Concentration: 100
Portfolio Stability: 20.53
Momentum/Contrarian: 100
Sector conviction: 0
Diversification: 22
Sizing Uniformity: 85.52

Recent moves

Trim VEON
-0.1%　-$30.9M
Add NVAX
+2.0%　$23.0M
Add TROX
-0.2%　$16.7M
Trim CSIQ
-0.6%　-$9.7M
Add WOLF
+1419.5%　$7.7M
Trim TDAY
-72.2%　-$5.7M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	VEON	Veon LTD	Stock-Other	43.44%	-6.19%	-0.10%
2	NVAX	Novavax INC	Stock-Healthcare	23.18%	+4.31%	+1.97%
3	CYD	China Yuchai International Limited	Stock-Other	11.95%	+0.68%	-1.70%
4	TROX	Tronox Holdings plc	Stock-Other	5.61%	+3.20%	-0.19%
5	VGSH	Vanguard Short-term Treasury	ETF-Gov Bonds	3.85%	-0.18%	-3.70%
6	EDU	New Oriental Educatio-sp Adr	Stock-Consumer Staples	3.30%	+0.07%	-0.26%
7	AM	Antero Midstream CORP	Stock-Energy	2.56%	+0.55%	—
8	CSIQ	Canadian Solar INC	Stock-Other	2.56%	-1.89%	-0.56%
9	WOLF	Wolfspeed INC	Stock-Other	1.59%	+1.48%	+1419.52%
10	DOLE	Dole plc	Stock-Other	1.26%	-0.07%	-0.65%
11	TDAY	USA Today Co INC	Stock-Other	0.68%	-1.11%	-72.22%

Portfolio Performance

Performance for Q3 2026

+3.1%

Performance Last 4 Quarters

+3.5%

Based on 76% of reported portfolio value with available pricing

Stdev: +38.3%
Beta: +1.3
Alpha: +5.1%
Max Drawdown: -16.8%
Annualized Perf: +24.2%
Batting Avg vs S&P: +48.3%
Sortino: +1.66
Stutzer: +0.23
Treynor: +0.22
Sterling: +1.02
Calmar: +1.44
Information Ratio: +0.3
Tracking Error: +35%
Stdev Down: +17%
Winning Months %: +51.7%
Losing Months %: +48.3%
Best 12 Months: +49.3%
Worst 12 Months: +3.5%
Efficiency Ratio: +0.31
Sharpe: +0.74
Stdev Sectors: +32.9%
Skewness: +1.53
Kurtosis: +4.02
Upside Potential: +3.55

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	11	$521.2M	21	1VEON 2NVAX 3CYD Top holdings2026-03-31 1.VEON 2.NVAX 3.CYD 4.TROX 5.VGSH 6.EDU 7.AM 8.CSIQ 9.WOLF 10.DOLE
2025-12-31	12	$518.5M	14	1VEON 2NVAX 3CYD Top holdings2025-12-31 1.VEON 2.NVAX 3.CYD 4.CSIQ 5.VGSH 6.EDU 7.TROX 8.AM 9.TDAY 10.DOLE
2025-09-30	13	$559.0M	28	1VEON 2NVAX 3CYD Top holdings2025-09-30 1.VEON 2.NVAX 3.CYD 4.VQKA 5.CSIQ 6.VGSH 7.EDU 8.AM 9.TDAY 10.BIDU
2025-06-30	14	$514.0M	0	1VEON 2CYD 3NVAX Top holdings2025-06-30 1.VEON 2.CYD 3.NVAX 4.VQKA 5.VGSH 6.CSIQ 7.EDU 8.AM 9.0VVB 10.TDAY
2025-03-31	17	$489.6M	100	1VEON 2NVAX 3CYD Top holdings2025-03-31 1.VEON 2.NVAX 3.CYD 4.VQKA 5.VGSH 6.CSIQ 7.0VVB 8.EDU 9.AM 10.GNW
2024-12-31	16	$495.9M	0	1VEON 2NVAX 3CYD Top holdings2024-12-31 1.VEON 2.NVAX 3.CYD 4.VQKA 5.EDU 6.CSIQ 7.BIDU 8.VGSH 9.GNW 10.AM
2024-09-30	19	$513.0M	0	1VEON 2NVAX 3CYD Top holdings2024-09-30 1.VEON 2.NVAX 3.CYD 4.VQKA 5.EDU 6.GNW 7.BIDU 8.VGSH 9.AM 10.0VVB
2024-06-30	17	$462.3M	0	1VEON 2NVAX 3CYD Top holdings2024-06-30 1.VEON 2.NVAX 3.CYD 4.EDU 5.VQKA 6.VAL 7.GNW 8.BIDU 9.VGSH 10.AM
2024-03-31	17	$357.4M	0	1VEON 2EDU 3NVAX Top holdings2024-03-31 1.VEON 2.EDU 3.NVAX 4.VQKA 5.CYD 6.VAL 7.GNW 8.VGSH 9.AM 10.TDAY
2023-12-31	15	$390.4M	0	1VEON 2EDU 3VQKA Top holdings2023-12-31 1.VEON 2.EDU 3.VQKA 4.NVAX 5.CYD 6.GNW 7.AM 8.VAL 9.VGSH 10.AR
2023-09-30	14	$422.7M	0	1EDU292719A375971T Top holdings2023-09-30 1.EDU 2.92719A 3.75971T 4.NVAX 5.CYD 6.GNW 7.AM 8.VAL 9.VGSH 10.AR
2023-06-30	15	$393.5M	0	1EDU292719A375971T Top holdings2023-06-30 1.EDU 2.92719A 3.75971T 4.CYD 5.NVAX 6.AM 7.GNW 8.VAL 9.VGSH 10.AR
2023-03-31	16	$343.7M	0	1EDU292719A375971T Top holdings2023-03-31 1.EDU 2.92719A 3.75971T 4.CYD 5.NVAX 6.GNW 7.AM 8.VAL 9.VGSH 10.UNGUSD
2022-12-31	15	$420.9M	0	1EDU275971T3GNW Top holdings2022-12-31 1.EDU 2.75971T 3.GNW 4.92719A 5.VAL 6.AR 7.CYD 8.AM 9.225401 10.VGSH
2022-09-30	12	$349.9M	0	175971T2EDU 3AR Top holdings2022-09-30 1.75971T 2.EDU 3.AR 4.GNW 5.CYD 6.92719A 7.VAL 8.TRQEUR 9.AM 10.VGSH
2022-06-30	13	$385.7M	0	1EDU275971T3VGSH Top holdings2022-06-30 1.EDU 2.75971T 3.VGSH 4.AR 5.GNW 6.92719A 7.CYD 8.TRQEUR 9.VAL 10.AM
2022-03-31	12	$386.9M	0	1AR275971T3GNW Top holdings2022-03-31 1.AR 2.75971T 3.GNW 4.CYD 5.92719A 6.VAL 7.TRQEUR 8.EDU 9.AM 10.G39973
2021-12-31	10	$374.9M	0	1AR275971T3CYD Top holdings2021-12-31 1.AR 2.75971T 3.CYD 4.GNW 5.92719A 6.AM 7.VAL 8.TRQEUR 9.EDU 10.G39973
2021-09-30	9	$369.7M	0	1AR275971T3CYD Top holdings2021-09-30 1.AR 2.75971T 3.CYD 4.GNW 5.92719A 6.AM 7.VAL 8.TRQEUR 9.EDU
2021-06-30	8	$353.9M	100	175971T2AR 3CYD Top holdings2021-06-30 1.75971T 2.AR 3.CYD 4.GNW 5.92719A 6.AM 7.VAL 8.TRQEUR
2021-03-31	7	$362.9M	16	175971T2AR 3CYD Top holdings2021-03-31 1.75971T 2.AR 3.CYD 4.GNW 5.92719A 6.AM 7.TRQEUR
2020-12-31	7	$321.8M	61	175971T2CYD 3AR Top holdings2020-12-31 1.75971T 2.CYD 3.AR 4.GNW 5.AM 6.92719A 7.TRQEUR
2020-09-30	8	$190.5M	31	1CYD 2GNW375971T Top holdings2020-09-30 1.CYD 2.GNW 3.75971T 4.AR 5.92719A 6.AM 7.TRQEUR 8.GPOR1EUR
2020-06-30	11	$166.2M	48	1CYD 2AR 3GNW Top holdings2020-06-30 1.CYD 2.AR 3.GNW 4.75971T 5.GPOR1EUR 6.AM 7.92719A 8.TRQEUR 9.G65422 10.VAL
2020-03-31	16	$126.7M	61	1CYD 2GNW375971T Top holdings2020-03-31 1.CYD 2.GNW 3.75971T 4.AR 5.92719A 6.RRC 7.GPOR1EUR 8.G3788M 9.AM 10.TRQEUR
2019-12-31	16	$208.8M	41	1CYD 2GNW375971T Top holdings2019-12-31 1.CYD 2.GNW 3.75971T 4.29358Q 5.AVPUSD 6.GPOR1EUR 7.G3788M 8.RRC 9.G65422 10.92719A
2019-09-30	17	$185.4M	52	1CYD 2GNW 3VSIUSD Top holdings2019-09-30 1.CYD 2.GNW 3.VSIUSD 4.AVPUSD 5.29358Q 6.GPOR1EUR 7.92719A 8.G3788M 9.RRC 10.GNCIQ
2019-06-30	17	$180.0M	30	1CYD29180763GNW Top holdings2019-06-30 1.CYD 2.918076 3.GNW 4.VSIUSD 5.AVPUSD 6.92719A 7.VAL 8.75971T 9.G65422 10.GNCIQ
2019-03-31	14	$192.3M	38	1CYD29180763VSIUSD Top holdings2019-03-31 1.CYD 2.918076 3.VSIUSD 4.GNW 5.AVPUSD 6.92719A 7.75971T 8.G65422 9.16950W 10.DB
2018-12-31	15	$169.6M	46	1CYD 2GNW3918076 Top holdings2018-12-31 1.CYD 2.GNW 3.918076 4.VSIUSD 5.AVPUSD 6.DB 7.845467 8.92719A 9.75971T 10.G65422
2018-09-30	12	$223.4M	22	1CYD 2VSIUSD3918076 Top holdings2018-09-30 1.CYD 2.VSIUSD 3.918076 4.GNW 5.AVPUSD 6.92719A 7.G65422 8.Y0017S 9.845467 10.75971T
2018-06-30	12	$224.4M	23	1CYD29180763GNW Top holdings2018-06-30 1.CYD 2.918076 3.GNW 4.VSIUSD 5.AVPUSD 6.G65422 7.845467 8.92719A 9.75971T 10.16950W
2018-03-31	12	$215.1M	22	1CYD29180763AVPUSD Top holdings2018-03-31 1.CYD 2.918076 3.AVPUSD 4.GNW 5.VSIUSD 6.845467 7.G65422 8.92719A 9.75971T 10.16950W
2017-12-31	13	$217.1M	32	1CYD29180763GNW Top holdings2017-12-31 1.CYD 2.918076 3.GNW 4.AVPUSD 5.VSIUSD 6.92719A 7.G65422 8.75971T 9.16950W 10.Y0017S
2017-09-30	13	$198.7M	26	1CYD 2GNW3918076 Top holdings2017-09-30 1.CYD 2.GNW 3.918076 4.AVPUSD 5.92719A 6.G65422 7.DB 8.225401 9.VSIUSD 10.75971T
2017-06-30	15	$188.7M	22	1CYD 2GNW3918076 Top holdings2017-06-30 1.CYD 2.GNW 3.918076 4.AVPUSD 5.92719A 6.DB 7.GNCIQ 8.G65422 9.466090 10.225401
2017-03-31	15	$188.8M	32	1CYD 2GNW3918076 Top holdings2017-03-31 1.CYD 2.GNW 3.918076 4.AVPUSD 5.92719A 6.DB 7.466090 8.SDRL 9.CCJ 10.225401
2016-12-31	18	$187.0M	42	1CYD 2GNW 3AVPUSD Top holdings2016-12-31 1.CYD 2.GNW 3.AVPUSD 4.918076 5.CDE 6.92719A 7.DB 8.SDRL 9.CCJ 10.225401
2016-09-30	18	$179.9M	31	1CYD 2GNW 3CDE Top holdings2016-09-30 1.CYD 2.GNW 3.CDE 4.543031 5.918076 6.DB 7.92719A 8.SDRL 9.PBR 10.225401
2016-06-30	17	$142.5M	34	1CYD 2CDE 3GNW Top holdings2016-06-30 1.CYD 2.CDE 3.GNW 4.918076 5.543031 6.DB 7.75971T 8.SDRL 9.PBR 10.225401
2016-03-31	13	$119.3M	27	1CYD 2CDE3543031 Top holdings2016-03-31 1.CYD 2.CDE 3.543031 4.GNW 5.918076 6.75971T 7.594603 8.SDRL 9.PBR 10.92719A
2015-12-31	12	$107.4M	44	1CYD29180763543031 Top holdings2015-12-31 1.CYD 2.918076 3.543031 4.GNW 5.CDE 6.75971T 7.594603 8.16950W 9.PBR 10.92719A
2015-09-30	9	$97.0M	38	1CYD29180763543031 Top holdings2015-09-30 1.CYD 2.918076 3.543031 4.PBR 5.CDE 6.75971T 7.16950W 8.92719A 9.MBTGBP
2015-06-30	11	$107.7M	22	1CYD29180763CDE Top holdings2015-06-30 1.CYD 2.918076 3.CDE 4.PBR 5.92719A 6.BTU 7.75971T 8.8962E8 9.16950W 10.543031
2015-03-31	10	$114.6M	13	1CYD29180763CDE Top holdings2015-03-31 1.CYD 2.918076 3.CDE 4.92719A 5.PBR 6.75971T 7.8962E8 8.16950W 9.543031 10.MBTGBP
2014-12-31	16	$116.0M	24	1CYD29180763CDE Top holdings2014-12-31 1.CYD 2.918076 3.CDE 4.92719A 5.PBR 6.8962E8 7.75971T 8.16950W 9.MCP 5.5 03-01-14 A 10.MBTGBP
2014-09-30	13	$107.1M	30	1CYD291807638962E8 Top holdings2014-09-30 1.CYD 2.918076 3.8962E8 4.CDE 5.75971T 6.MCP 5.5 03-01-14 A 7.16950W 8.218868 9.PBR 10.MT
2014-06-30	15	$134.9M	25	1CYD29180763170032 Top holdings2014-06-30 1.CYD 2.918076 3.170032 4.CDE 5.CSIQ 6.8962E8 7.75971T 8.16950W 9.218868 10.PBR
2014-03-31	14	$124.7M	21	1CYD29180763170032 Top holdings2014-03-31 1.CYD 2.918076 3.170032 4.218868 5.CSIQ 6.8962E8 7.16950W 8.MCP 5.5 03-01-14 A 9.CDE 10.PBR
2013-12-31	16	$133.0M	24	1CYD29180763170032 Top holdings2013-12-31 1.CYD 2.918076 3.170032 4.CSIQ 5.8962E8 6.218868 7.16950W 8.393801 9.MCP 5.5 03-01-14 A 10.98584B
2013-09-30	17	$131.9M	25	1CYD29180763170032 Top holdings2013-09-30 1.CYD 2.918076 3.170032 4.CSIQ 5.8962E8 6.98584B 7.16950W 8.792410 9.218868 10.ESINQ
2013-06-30	14	$103.6M	0	1CYD29180763170032 Top holdings2013-06-30 1.CYD 2.918076 3.170032 4.CSIQ 5.16950W 6.8962E8 7.98584B 8.218868 9.792410 10.03937E

Holding changes this quarter

Position changes disclosed by Shah Capital Management for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	NVAX	Novavax INC	+4.3%	+1.97%	Add
2	TROX	Tronox Holdings plc	+3.2%	-0.19%	Trim
3	WOLF	Wolfspeed INC	+1.5%	+1419.52%	Add
4	CYD	China Yuchai International Limited	+0.7%	-1.70%	Trim
5	AM	Antero Midstream CORP	+0.6%	—	Unchanged
6	EDU	New Oriental Educatio-sp Adr	+0.1%	-0.26%	Trim
7	DOLE	Dole plc	-0.1%	-0.65%	Trim
8	VGSH	Vanguard Short-term Treasury	-0.2%	-3.70%	Trim
9	TDAY	USA Today Co INC	-1.1%	-72.22%	Trim
10	CSIQ	Canadian Solar INC	-1.9%	-0.56%	Trim
11	VEON	Veon LTD	-6.2%	-0.10%	Trim
12	BIDU	Baidu INC - Spon Adr	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-04-24	13F-HR	View on EDGAR
2025-12-31	2026-01-15	13F-HR	View on EDGAR
2025-09-30	2025-11-12	13F-HR	View on EDGAR
2025-06-30	2025-07-23	13F-HR	View on EDGAR
2025-03-31	2025-05-14	13F-HR	View on EDGAR
2024-12-31	2025-01-22	13F-HR	View on EDGAR
2024-09-30	2024-10-15	13F-HR	View on EDGAR
2024-06-30	2024-08-12	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-05	13F-HR	View on EDGAR
2023-09-30	2023-10-11	13F-HR	View on EDGAR
2023-06-30	2023-07-13	Amendment	View on EDGAR
2023-06-30	2023-07-12	Amendment	View on EDGAR
2023-06-30	2023-07-12	13F-HR	View on EDGAR
2023-03-31	2023-05-08	13F-HR	View on EDGAR
2022-12-31	2023-01-13	13F-HR	View on EDGAR
2022-09-30	2022-10-27	13F-HR	View on EDGAR
2022-06-30	2022-07-25	13F-HR	View on EDGAR
2022-03-31	2022-04-19	13F-HR	View on EDGAR
2021-12-31	2022-01-19	13F-HR	View on EDGAR
2021-09-30	2021-10-08	13F-HR	View on EDGAR
2021-06-30	2021-08-10	13F-HR	View on EDGAR
2021-03-31	2021-05-04	13F-HR	View on EDGAR
2020-12-31	2021-01-28	13F-HR	View on EDGAR
2020-09-30	2020-11-03	13F-HR	View on EDGAR
2020-06-30	2020-07-09	13F-HR	View on EDGAR
2020-03-31	2020-04-08	13F-HR	View on EDGAR
2019-12-31	2020-01-21	13F-HR	View on EDGAR
2019-09-30	2019-10-22	13F-HR	View on EDGAR
2019-06-30	2019-07-29	13F-HR	View on EDGAR
2019-03-31	2019-05-03	13F-HR	View on EDGAR
2018-12-31	2019-01-10	13F-HR	View on EDGAR
2018-09-30	2018-10-29	13F-HR	View on EDGAR
2018-06-30	2018-07-24	13F-HR	View on EDGAR
2018-03-31	2018-04-18	13F-HR	View on EDGAR
2017-12-31	2018-01-23	13F-HR	View on EDGAR
2017-09-30	2017-10-13	13F-HR	View on EDGAR
2017-06-30	2017-07-14	13F-HR	View on EDGAR
2017-03-31	2017-04-20	13F-HR	View on EDGAR
2016-12-31	2017-01-25	13F-HR	View on EDGAR
2016-12-31	2017-01-25	Amendment	View on EDGAR
2016-09-30	2016-10-25	Amendment	View on EDGAR
2016-09-30	2016-10-14	Amendment	View on EDGAR
2016-09-30	2016-10-13	13F-HR	View on EDGAR
2016-06-30	2016-07-15	Amendment	View on EDGAR
2016-06-30	2016-07-15	Amendment	View on EDGAR
2016-06-30	2016-07-14	13F-HR	View on EDGAR
2016-03-31	2016-04-28	13F-HR	View on EDGAR
2015-12-31	2016-01-25	13F-HR	View on EDGAR
2015-09-30	2015-10-08	13F-HR	View on EDGAR
2015-06-30	2015-08-05	13F-HR	View on EDGAR
2015-03-31	2015-04-01	13F-HR	View on EDGAR
2014-12-31	2015-01-06	13F-HR	View on EDGAR
2014-09-30	2014-10-07	Amendment	View on EDGAR
2014-09-30	2014-10-06	13F-HR	View on EDGAR
2014-06-30	2014-07-07	13F-HR	View on EDGAR
2014-03-31	2014-04-14	13F-HR	View on EDGAR
2013-12-31	2014-02-06	13F-HR	View on EDGAR
2013-09-30	2013-10-30	13F-HR	View on EDGAR
2013-06-30	2013-08-12	13F-HR	View on EDGAR

FAQ

What is Shah Capital Management and what type of investor is it?

What are Shah Capital Management's largest equity positions?

What changes did Shah Capital Management make in its most recent portfolio filing?

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: 79.8% • Consumer Staples: 11.4% • Energy: 8.8%