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SHAH CAPITAL MANAGEMENT

2301 SUGAR BUSH RD SUITE 510, RALEIGH, NC 27612 • 919 719 6360

Q2 2025 · Filed 2025-07-23
Market Value
$284M
+4.6%
Holdings
15
-1
New Purchases
0
Added To
2
Closed
3
Reduced
5
Top 10 Concentration
97.6%
Turnover
20.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CYD 27.38% 20.78% +6.60% $78M
SOL 12.38% 10.87% +1.51% $35M
CSIQ 7.30% 6.07% +1.24% $21M
BIDU 1.02% 0.47% +0.55% $3M
EDU 5.79% 5.39% +0.41% $16M
TDAY 2.27% 1.91% +0.35% $6M
VAL 1.78% 1.74% +0.04% $5M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GNW 0.00% 2.85% -2.85% $0
0I4Q.L 0.00% 2.42% -2.42% $0
VIAC 3.59% 5.90% -2.31% $10M
AM 3.91% 5.07% -1.16% $11M
NVAX 25.51% 26.26% -0.75% $73M
XRX 0.00% 0.74% -0.74% $0
VGSH 7.73% 8.08% -0.34% $22M
DOLE 1.33% 1.44% -0.11% $4M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Healthcare 41.0%
Industrials 21.1%
Basic Materials 9.9%
Energy 9.1%
Consumer Defensive 8.1%

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 4 $46M 16.2%
Mid Cap 4 $99M 35.0%
Small Cap 6 $139M 48.8%
Micro Cap 1 $0 0.0%

Portfolio Analytics

Avg Market Cap
$8.9B
Median Market Cap
$2.2B
Avg P/E
25.2
Median P/E
25.6
Avg Dividend Yield
0.01%
Avg Beta
1.13
# Stocks
14
# ETFs / Funds
1

Top Holdings (15 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 CYD 27.38% 3,255,185 $78M $23.91 $21M -68,837 -2.1%
2 NVAX 25.51% 11,511,780 $73M $6.30 $1M +379,934 +3.4%
3 SOL 12.38% 18,818,236 $35M $1.87 $6M
4 VGSH 7.73% 373,988 $22M $58.78 $34K
5 CSIQ 7.30% 1,880,885 $21M $11.04 $4M -25,400 -1.3%
6 EDU 5.79% 305,317 $16M $53.95 $2M -933 -0.3%
7 AM 3.91% 586,000 $11M $18.95 -$3M -179,565 -23.5%
8 VIAC 3.59% 790,173 $10M $12.90 -$6M -550,000 -41.0%
9 TDAY 2.27% 1,800,000 $6M $3.58 $1M
10 VAL 1.78% 120,506 $5M $42.11 $343K
11 DOLE 1.33% 271,232 $4M $13.99 -$125K
12 BIDU 1.02% 33,935 $3M $85.76 $2M +20,000 +143.5%
13 GNW —% -$8M -1,090,743 -100.0% SOLD
14 XRX —% -$2M -418,794 -100.0% SOLD
15 0I4Q.L —% -$7M -2,152,225 -100.0% SOLD

Sold Out Positions

SymbolValue% Port
GNW —%
XRX —%
0I4Q.L —%
View SEC EDGAR Filings for SHAH CAPITAL MANAGEMENT →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms