SHAH CAPITAL MANAGEMENT

RALEIGH, NC · CIK 1383838 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2005 · corporation

Assets managed$768.0m
Staff4 · 2 in investment roles
Main clients (by assets)Private funds 88%, High net worth individuals 8%, Individuals 2%
Private funds1 (1 hedge) · $674.5m gross assets
Form ADV · 2026-02-23SEC adviser record

Legal entityShah Capital Management (US)

$526.2m reported value +1.0% vs Q1 2026

9positions

100.0%in top 10

0 new 1 added 8 reduced 2 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VEON LTD SPONSORED ADS VEON	VEON	4,667,578	$243.7m46.31%	46.31%	Reduced -222.9k	-222,919 -4.6%
2	NOVAVAX INC COM NEW NVAX	NVAX	14,165,577	$133.4m25.36%	25.36%	Reduced -679.5k	-679,520 -4.6%
3	CHINA YUCHAI INTL LTD COM CYD	CYD	1,341,057	$63.6m12.08%	12.08%	Reduced -277.4k	-277,384 -17.1%
4	VANGUARD SCOTTSDALE FDS SHORT TERM TREAS VGSH	VGSH	382,324	$22.3m4.23%	4.23%	Added +39.3k	+39,334 11.5%
5	TRONOX HOLDINGS PLC SHS TROX	TROX	2,570,814	$16.2m3.08%	3.08%	Reduced -423.3k	-423,340 -14.1%
6	CANADIAN SOLAR INC COM CSIQ	CSIQ	923,716	$14.8m2.81%	2.81%	Reduced -40.8k	-40,841 -4.2%
7	NEW ORIENTAL ED & TECHNOLOGY SPON ADR EDU	EDU	294,866	$13.5m2.57%	2.57%	Reduced -9.1k	-9,087 -3.0%
8	ANTERO MIDSTREAM CORP COM AM	AM	556,830	$12.7m2.41%	2.41%	Reduced -29.2k	-29,170 -5.0%
9	DOLE PLC ORD SHS DOLE	DOLE	440,826	$6.0m1.15%	1.15%	Reduced -17.7k	-17,696 -3.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
WOLFSPEED INC WOLF	WOLF	508,948	$8.3m508.9k shares
GANNETT CO INC TDAY	TDAY	500,000	$3.5m500.0k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
VEON LTD VEON · 13G · filed 2026-10-16	VEON	6.7%	no change	13G	2026-10-16
NOVAVAX INC NVAX · 13G · filed 2026-10-16	NVAX	6.5%≈ $100.4m	no change	13G	2026-10-16