SHAH CAPITAL MANAGEMENT
Long book
$521.2M
Q1 2026
Positions
11
Top-10 weight
99%
concentration
Last quarter
+11.4%
SPY +14.8%
Turnover
8%
of book per quarter
Strategy in plain words
auto-generated from filingsSHAH CAPITAL MANAGEMENT is a concentrated fundamental stock-picker, running a $521.2M US long book across 11 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: VEON LTD, NOVAVAX INC, CHINA YUCHAI INTL LTD, TRONOX HOLDINGS PLC, VANGUARD SHORT-TERM TREASURY.
Over the last 9 quarters its long book ran on average 4.6pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+23.9%
Q2 2024
+10.6%
Q3 2024
-5.0%
Q4 2024
+4.9%
Q1 2025
+10.5%
Q2 2025
+28.0%
Q3 2025
-4.4%
Q4 2025
+1.6%
Q1 2026
+11.4%
Sector allocation
Healthcare 47%
Industrials 24%
Materials 11%
Technology 8%
Utilities 5%
Consumer staples 3%
Other 1%
Long book by quarter
What does SHAH CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVAX NOVAVAX INC | Healthcare | 14.8M | $120.8M | 23.2% | +2.0% |
| CYD CHINA YUCHAI INTL LTD | Industrials | 1.6M | $62.3M | 12.0% | -1.7% |
| TROX TRONOX HOLDINGS PLC | Materials | 3.0M | $29.3M | 5.6% | -0.2% |
| AM ANTERO MIDSTREAM CORP | Utilities | 586.0K | $13.4M | 2.6% | Held |
| CSIQ CANADIAN SOLAR INC | Technology | 964.6K | $13.4M | 2.6% | -0.6% |
| WOLF WOLFSPEED INC | Technology | 508.9K | $8.3M | 1.6% | +1419.5% |
| DOLE DOLE PLC | Consumer staples | 458.5K | $6.6M | 1.3% | -0.6% |
| TDAY USA TODAY CO INC | Other | 500.0K | $3.5M | 0.7% | -72.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 24, 2026 | 11 | $521.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 15, 2026 | 12 | $518.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 13 | $559.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 23, 2025 | 14 | $514.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 17 | $489.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 22, 2025 | 16 | $495.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 15, 2024 | 19 | $513.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 17 | $462.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 17 | $357.4M | canonical | SEC ↗ |
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