SHAH CAPITAL MANAGEMENT
Q3 2023 Form 13-F
RALEIGH, NORTH CAROLINA
CIK 0001383838
· CRD 133941
· SEC-registered investment adviser
$422.7M 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
$422.7M
Quarter over quarter
+6.3%
Holdings
14
Top-10 concentration
96.4%
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
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
Loading 13F Metrics
Q3 2023 13F record
Q3 2023 13F filing summary
| Period of report | September 30, 2023 |
|---|---|
| Filed | October 11, 2023 |
| Form | 13F-HR |
| Reported value | $422.7M |
| Positions | 14 |
| Change in reported value | +7.4% |
| New positions | 0 |
| Exited positions | 1 |
| Position turnover | 6.7% |
| Top-10 concentration | 96.4% |
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 14 holdings · Q3 2023
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | EDU NEW ORIENTAL EDUCATIO-SP | $94.6M | 22.39% |
| 2 | VIP VEON LTD | $75.6M | 17.9% |
| 3 | SOL EMEREN GROUP LTD | $53.7M | 12.7% |
| 4 | NVAX NOVAVAX INC | $45.8M | 10.84% |
| 5 | CYD CHINA YUCHAI INTL LTD | $41.3M | 9.78% |
| 6 | GNW GENWORTH FINANCIAL INC | $27.7M | 6.55% |
| 7 | AM ANTERO MIDSTREAM CORP | $25.2M | 5.95% |
| 8 | VAL VALARIS PLC | $19.4M | 4.59% |
| 9 | VGSH VANGUARD SHORT TERM TREAS | $13.9M | 3.29% |
| 10 | AR ANTERO RESOURCES CORP | $10.2M | 2.4% |
| 11 | TDAY GANNET CO INC | $5.1M | 1.22% |
| 12 | CHR GLORY STAR NEW MEDIA GROUP | $4.4M | 1.03% |
| 13 | DOLE DOLE PLC | $3.6M | 0.84% |
| 14 | FXI ISHARES TRUST CHINA LG-CAP ETF | $2.2M | 0.51% |
Values as reported on the Q3 2023 Form 13F. Every position is in the holdings table below.