Data as of Q4 2025 (Dec 31, 2025)

SHAH CAPITAL MANAGEMENT

•CIK: 1383838•Filing: Q4 2025

**SHAH CAPITAL MANAGEMENT** manages $519M across a focused portfolio of 12 positions. The fund exhibits significant concentration, with its top holding in VEON representing $257.3M, accounting for approximately 49.6% of disclosed assets. Further substantial allocations include NVV1 at $97.8M and NTRSO at $58.4M. This structure suggests a conviction-driven, concentrated approach to generating alpha.

Total AUM
$518.5M
QoQ Performance
-7.2%
Positions
12
Top 10 Concentration
99.0%
Latest Filing
Q4 2025

Top Holdings Allocation

VEON
NVV1
CHIN
VEON49.6%
NVV118.9%
CHINA11.3%
CSIQ4.4%
VGSH4.0%
N1UA3.2%
TROX2.4%
AM2.0%

📈 Biggest Buys

NVV1
NOVAVAX INC
+23.3%
18.9% of portfolio
TROX
TRONOX HOLDINGS PLC
+650.0%
2.4% of portfolio
VEON
VEON LTD
+1.5%
49.6% of portfolio
DOLE
DOLE PLC
+67.6%
1.3% of portfolio
WOLF
WOLFSPEED INC
NEW
0.1% of portfolio

📉 Biggest Sells

CSIQ
CANADIAN SOLAR INC
-42.5%
4.4% of portfolio
—
CHINA YUCHAI INTL LTD
-1.6%
11.3% of portfolio
VGSH
VANGUARD SCOTTSDALE FDS
-0.1%
4.0% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

—
EMEREN GROUP LTD
SOLD
$35.6M
—
CHEER HLDG INC
SOLD
$1.5M

Changes from Q3 2025

NEW1 new position
↑4 increased
↓3 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

VEON49.6%
VEON LTD
$257.3M
NVV118.9%
NOVAVAX INC
$97.8M
CSIQ4.4%
CANADIAN SOLAR INC
$23.1M
VGSH4.0%
VANGUARD SCOTTSDALE FDS
$20.9M
N1UA3.2%
NEW ORIENTAL ED & TECHNOLOGY
$16.8M

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