SHAH CAPITAL MANAGEMENT
Q1 2023 Form 13-F
RALEIGH, NORTH CAROLINA
CIK 0001383838
· CRD 133941
· SEC-registered investment adviser
$343.7M Reported Value Total
SHAH CAPITAL MANAGEMENT reports 94 total accounts under management (AUM). There are 94 discretionary accounts valued at $545,879,221, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
1 fund
· $674.5M gross asset value
Hedge Fund: $674.5M
Source: Form ADV filed 2026-02-23
Reported value
$343.7M
Quarter over quarter
-7.6%
Holdings
16
Top-10 concentration
94.0%
Key People
Form ADV owners & control persons
Himanshu Harshad Shah
PRESIDENT AND CHIEF INVESTMENT OFFICER
Chaya Nmn Rao
DIRECTOR, COMPLIANCE & RISK MANAGEMENT, CHIEF COMPLIANCE OFFICER
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Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
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Q1 2023 13F record
Q1 2023 13F filing summary
| Period of report | March 31, 2023 |
|---|---|
| Filed | May 08, 2023 |
| Form | 13F-HR |
| Reported value | $343.7M |
| Positions | 16 |
| Change in reported value | -18.4% |
| New positions | 2 |
| Exited positions | 1 |
| Position turnover | 17.7% |
| Top-10 concentration | 94.0% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q3 2026 13F
Filed Oct 9, 2026
|
11 | $605.3M |
|
Q2 2026 13F
Filed Aug 14, 2026
|
9 | $526.2M |
|
Q1 2026 13F
Filed Apr 24, 2026
|
11 | $521.2M |
|
Q4 2025 13F
Filed Jan 15, 2026
|
12 | $518.5M |
|
Q3 2025 13F
Filed Nov 12, 2025
|
13 | $559.0M |
|
Q2 2025 13F
Filed Jul 23, 2025
|
14 | $514.0M |
|
Q1 2025 13F
Filed May 14, 2025
|
17 | $489.6M |
|
Q4 2024 13F
Filed Jan 22, 2025
|
16 | $495.9M |
|
Q3 2024 13F
Filed Oct 15, 2024
|
18 | $513.0M |
|
Q2 2024 13F
Filed Aug 12, 2024
|
16 | $462.3M |
|
Q1 2024 13F
Filed May 15, 2024
|
16 | $357.4M |
|
Q4 2023 13F
Filed Feb 5, 2024
|
14 | $390.4M |
|
Q3 2023 13F
Filed Oct 11, 2023
|
14 | $422.7M |
|
Q2 2023 13F
Filed Jul 12, 2023
|
15 | $393.5M |
|
Q1 2023 13F
Filed May 8, 2023
|
16 | $343.7M |
|
Q4 2022 13F
Filed Jan 13, 2023
|
15 | $420.9M |
|
Q3 2022 13F
Filed Oct 27, 2022
|
12 | $349.9M |
|
Q2 2022 13F
Filed Jul 25, 2022
|
13 | $385.7M |
|
Q1 2022 13F
Filed Apr 19, 2022
|
12 | $386.9M |
|
Q4 2021 13F
Filed Jan 19, 2022
|
10 | $374.9M |
34 earlier quarters on file — choose one from the quarter menu above.
Top 16 holdings · Q1 2023
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | EDU NEW ORIENTAL EDUCATIO-SP | $71.1M | 20.7% |
| 2 | VIP VEON LTD | $62.1M | 18.08% |
| 3 | SOL EMEREN GROUP LTD | $41.4M | 12.06% |
| 4 | CYD CHINA YUCHAI INTL LTD | $32.4M | 9.44% |
| 5 | NVAX NOVAVAX INC | $29.5M | 8.57% |
| 6 | GNW GENWORTH FINANCIAL INC | $25.7M | 7.48% |
| 7 | AM ANTERO MIDSTREAM CORP | $22.0M | 6.41% |
| 8 | VAL VALARIS PLC | $16.8M | 4.9% |
| 9 | VGSH VANGUARD SHORT TERM TREAS | $12.1M | 3.51% |
| 10 | UNG US NATURAL GAS FUND LP | $9.8M | 2.84% |
| 11 | AR ANTERO RESOURCES CORP | $9.2M | 2.69% |
| 12 | DOLE DOLE PLC | $4.5M | 1.32% |
| 13 | TDAY GANNET CO INC | $2.9M | 0.84% |
| 14 | FXI ISHARES TRUST CHINA LG-CAP ETF | $2.4M | 0.7% |
| 15 | LFMD LIFEMD INC | $950.0K | 0.28% |
| 16 | TUP TUPPERWARE BRANDS CORP | $636.0K | 0.19% |
Values as reported on the Q1 2023 Form 13F. Every position is in the holdings table below.