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SHAH CAPITAL MANAGEMENT

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

Q3 2025 · Filed 2025-11-12
Market Value
$295M
+3.7%
Holdings
13
-2
New Purchases
1
Added To
2
Closed
2
Reduced
4
Top 10 Concentration
99.5%
Turnover
23.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NVAX 34.72% 25.51% +9.21% $102M
TROX 0.55% 0.00% +0.55% $2M
BIDU 1.52% 1.02% +0.49% $4M
TDAY 2.52% 2.27% +0.25% $7M
CSIQ 7.46% 7.30% +0.15% $22M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CYD 23.46% 27.38% -3.91% $69M
VIAC 0.00% 3.59% -3.59% $0
VAL 0.00% 1.78% -1.78% $0
VGSH 7.11% 7.73% -0.62% $21M
SOL 12.06% 12.38% -0.32% $36M
EDU 5.48% 5.79% -0.31% $16M
DOLE 1.26% 1.33% -0.08% $4M
AM 3.86% 3.91% -0.04% $11M

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 $37M 12.5%
Mid Cap 3 $85M 28.9%
Small Cap 6 $173M 58.6%

Portfolio Analytics

Avg Market Cap
$10.1B
Median Market Cap
$2.2B
Avg P/E
26.7
Median P/E
28.5
Avg Dividend Yield
0.01%
Avg Beta
1.01
# Stocks
12
# ETFs / Funds
1

Top Holdings (13 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVAX 34.72% 11,811,780 $102M $8.67 $30M +300,000 +2.6%
2 CYD 23.46% 1,672,697 $69M $41.37 -$9M -1,582,488 -48.6%
3 SOL 12.06% 18,818,236 $36M $1.89 $376K
4 CSIQ 7.46% 1,686,285 $22M $13.04 $1M -194,600 -10.3%
5 VGSH 7.11% 356,528 $21M $58.85 -$1M -17,460 -4.7%
6 EDU 5.48% 304,744 $16M $53.07 -$299K -573 -0.2%
7 AM 3.86% 586,000 $11M $19.44 $287K
8 TDAY 2.52% 1,800,000 $7M $4.13 $990K
9 BIDU 1.52% 33,935 $4M $131.77 $2M
10 DOLE 1.26% 275,397 $4M $13.44 -$93K +4,165 +1.5%
11 TROX 0.55% 400,000 $2M $4.02 +400,000 NEW
12 VAL —% -$5M -120,506 -100.0% SOLD
13 VIAC —% -$10M -790,173 -100.0% SOLD

New Positions

SymbolValue% Port
TROX $2M 0.55%

Sold Out Positions

SymbolValue% Port
VAL —%
VIAC —%
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