SHAH CAPITAL MANAGEMENT's Q3 2025 13F: 1 new position, 2 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 12, 2025 · 13 reported positions · accession 0001398344-25-020706
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | CHINA YUCHAI INTL LTD (CYD) | 15.1% | 12.4% | −2.8 pts | −1.58M sh | −49% |
| Exited | PARAMOUNT GLOBAL (PARA) | 2.0% | — | −2.0 pts | −790K sh | −100% |
| Exited | VALARIS LTD (VAL) | 1.0% | — | −1.0 pts | −121K sh | −100% |
| Reduced | VEON LTD (VEON) | 44.1% | 47.0% | +2.9 pts | −94,336 sh | −2% |
| Increased | NOVAVAX INC (NVAX) | 14.1% | 18.3% | +4.2 pts | +300K sh | +3% |
| Reduced | CANADIAN SOLAR INC (CSIQ) | 4.0% | 3.9% | −0.1 pts | −195K sh | −10% |
| New | TRONOX HOLDINGS PLC (TROX) | — | 0.3% | +0.3 pts | +400K sh | new |
| Reduced | VANGUARD SCOTTSDALE FDS (VGSH) | 4.3% | 3.8% | −0.5 pts | −17,460 sh | −5% |
| Increased | DOLE PLC (DOLE) | 0.7% | 0.7% | −0.1 pts | +4,165 sh | +2% |
| Increased | CHEER HLDG INC (CHR) | 0.6% | 0.3% | −0.3 pts | +47,500 sh | +2% |
| Reduced | NEW ORIENTAL ED & TECHNOLOGY (EDU) | 3.2% | 2.9% | −0.3 pts | −573 sh | 0% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 98.8% of the equity book
Changes in the top 10 this quarter: BIDU entered · PARA left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | VEON LTD (VEON) | 44.1% | 47.0% | |
| 2 | NOVAVAX INC (NVAX) | 14.1% | 18.3% | |
| 3 | CHINA YUCHAI INTL LTD (CYD) | 15.1% | 12.4% | |
| 4 | EMEREN GROUP LTD (SOL) | 6.8% | 6.4% | |
| 5 | CANADIAN SOLAR INC (CSIQ) | 4.0% | 3.9% | |
| 6 | VANGUARD SCOTTSDALE FDS (VGSH) | 4.3% | 3.8% | |
| 7 | NEW ORIENTAL ED & TECHNOLOGY (EDU) | 3.2% | 2.9% | |
| 8 | ANTERO MIDSTREAM CORP (AM) | 2.2% | 2.0% | |
| 9 | GANNETT CO INC (TDAY) | 1.3% | 1.3% | |
| 10 | BAIDU INC (BIDU) | 0.6% | 0.8% | Entered the top 10 |
| — | PARAMOUNT GLOBAL (PARA) | 2.0% | 0.0% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).