SHAH CAPITAL MANAGEMENT
Q3 2025 Form 13-F
RALEIGH, NORTH CAROLINA
CIK 0001383838
· CRD 133941
· SEC-registered investment adviser
$559.0M Reported Value Total
SHAH CAPITAL MANAGEMENT reports 84 total accounts under management (AUM). There are 84 discretionary accounts valued at $639,263,299, 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
$559.0M
Quarter over quarter
+26.1%
Holdings
13
Top-10 concentration
98.8%
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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Q3 2025 13F record
Q3 2025 13F filing summary
| Period of report | September 30, 2025 |
|---|---|
| Filed | November 12, 2025 |
| Form | 13F-HR |
| Reported value | $559.0M |
| Positions | 13 |
| Change in reported value | +8.8% |
| New positions | 1 |
| Exited positions | 2 |
| Position turnover | 20.0% |
| Top-10 concentration | 98.8% |
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 13 holdings · Q3 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | VEON VEON LTD | $262.6M | 46.98% |
| 2 | NVAX NOVAVAX INC | $102.4M | 18.32% |
| 3 | CYD CHINA YUCHAI INTL LTD | $69.2M | 12.38% |
| 4 | SOL EMEREN GROUP LTD | $35.6M | 6.36% |
| 5 | CSIQ CANADIAN SOLAR INC | $22.0M | 3.93% |
| 6 | VGSH VANGUARD SCOTTSDALE FDS | $21.0M | 3.75% |
| 7 | EDU NEW ORIENTAL ED & TECHNOLOGY | $16.2M | 2.89% |
| 8 | AM ANTERO MIDSTREAM CORP | $11.4M | 2.04% |
| 9 | TDAY GANNETT CO INC | $7.4M | 1.33% |
| 10 | BIDU BAIDU INC | $4.5M | 0.8% |
| 11 | DOLE DOLE PLC | $3.7M | 0.66% |
| 12 | TROX TRONOX HOLDINGS PLC | $1.6M | 0.29% |
| 13 | CHR CHEER HLDG INC | $1.5M | 0.26% |
Values as reported on the Q3 2025 Form 13F. Every position is in the holdings table below.