SHAH CAPITAL MANAGEMENT

Q3 2025 13F-HR Holdings

Location
Raleigh, NC
Holdings as of
9/30/2025
Date filed
11/12/2025
Form type
13F-HR
Num holdings
13
Total value ($000)
$558,979
Net value change ($000)
+45,004 (8.8%)
New positions
1
Sold out positions
2
Turnover %
3.0%
Sector allocation + QoQ delta (equities-only)
Prev filing: 7/23/2025 Next filing: 1/15/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
VEON 35,986 15.9%
NVAX 29,884 41.2%
TROX 1,608 NEW
BIDU 1,562 53.7%
CSIQ 1,224 5.9%
TDAY 990 15.4%
SOL 376 1.1%
AM 287 2.6%
Top Reduces (Value $000, Stocks/ETFs)
PARAV -10,193 -100.0%
CYD -8,632 -11.1%
VAL -5,075 -100.0%
CHR -1,619 -52.5%
VGSH -1,001 -4.6%
EDU -299 -1.8%
DOLE -94 -2.5%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type