Shah Capital Management
Shah Capital Management reported 11 US-listed holdings worth $605.3 million in its 13F for the quarter ended 30 September 2026, filed 9 October 2026. Its largest: Veon Ltd (56.8%), Novavax Inc. (21.7%) and China Yuchai Intl Ltd (6.8%). Against the quarter before, it opened 2 positions, added to 2, trimmed 7 and sold out of 0.
The 11 largest of its 11 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +69.1% over the 8 quarters to 30 September 2026, against +32.9% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 30 June 2026; a change under 0.1% of a position counts as held
Opened 2
- Elicio Therapeutics Inc. ELTX$2.3 million
- Real Remax Group Inc. Com New REAX$350,039
Added to 2
- Vanguard Short Term Government VGSH+179,207 shares · +47%
- Tronox Holdings PLC TROX+344,993 shares · +13%
Trimmed 7
- Novavax Inc. NVAX-2.0 million shares · -14%
- Veon Ltd VEON-18,406 shares · -0%
- Antero Midstream Corp. AM-35,117 shares · -6%
- China Yuchai Intl Ltd CYD-20,999 shares · -2%
- New Oriental Ed & Technology EDU-3,362 shares · -1%
- Dole PLC DOLE-13,542 shares · -3%
- Canadian Solar Inc. CSIQ-14,145 shares · -2%
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Veon Ltd VEON | 4.6M | $343.7 million | 56.78% | -18.4K |
| Novavax Inc. NVAX | 12.2M | $131.6 million | 21.74% | -2.0M |
| China Yuchai Intl Ltd CYD | 1.3M | $41.0 million | 6.77% | -21.0K |
| Vanguard Short Term Government VGSH | 561.5K | $32.3 million | 5.34% | +179.2K |
| New Oriental Ed & Technology EDU | 291.5K | $16.2 million | 2.67% | -3.4K |
| Tronox Holdings PLC TROX | 2.9M | $11.5 million | 1.90% | +345.0K |
| Antero Midstream Corp. AM | 521.7K | $10.5 million | 1.74% | -35.1K |
| Canadian Solar Inc. CSIQ | 909.6K | $10.5 million | 1.73% | -14.1K |
| Dole PLC DOLE | 427.3K | $5.4 million | 0.90% | -13.5K |
| Elicio Therapeutics Inc. ELTX | 1.2M | $2.3 million | 0.38% | new |
| Real Remax Group Inc. Com New REAX | 21.4K | $350,039 | 0.06% | new |