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SHAH CAPITAL MANAGEMENT

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

Q4 2025 · Filed 2026-01-15
Market Value
$261M
-11.4%
Holdings
12
-1
New Purchases
1
Added To
3
Closed
1
Reduced
3
Top 10 Concentration
99.8%
Turnover
16.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TROX 4.79% 0.55% +4.24% $13M
NVAX 37.46% 34.72% +2.74% $98M
DOLE 2.65% 1.26% +1.39% $7M
CSIQ 8.83% 7.46% +1.37% $23M
TDAY 3.55% 2.52% +1.03% $9M
EDU 6.42% 5.48% +0.94% $17M
VGSH 8.01% 7.11% +0.90% $21M
WOLF 0.22% 0.00% +0.22% $583K
BIDU 1.70% 1.52% +0.18% $4M
AM 3.99% 3.86% +0.13% $10M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SOL 0.00% 12.06% -12.06% $0
CYD 22.38% 23.46% -1.08% $58M

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 3 $36M 13.7%
Mid Cap 3 $76M 29.0%
Small Cap 6 $150M 57.3%

Portfolio Analytics

Avg Market Cap
$9.0B
Median Market Cap
$1.8B
Avg P/E
30.6
Median P/E
31.4
Avg Dividend Yield
0.01%
Avg Beta
1.42
# Stocks
11
# ETFs / Funds
1

Top Holdings (12 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVAX 37.46% 14,558,780 $98M $6.72 -$5M +2,747,000 +23.3%
2 CYD 22.38% 1,646,397 $58M $35.50 -$11M -26,300 -1.6%
3 CSIQ 8.83% 970,000 $23M $23.77 $1M -716,285 -42.5%
4 VGSH 8.01% 356,178 $21M $58.73 -$63K -350 -0.1%
5 EDU 6.42% 304,744 $17M $55.03 $597K
6 TROX 4.79% 3,000,000 $13M $4.17 $11M +2,600,000 +650.0%
7 AM 3.99% 586,000 $10M $17.79 -$967K
8 TDAY 3.55% 1,800,000 $9M $5.15 $2M
9 DOLE 2.65% 461,521 $7M $14.99 $3M +186,124 +67.6%
10 BIDU 1.70% 33,935 $4M $130.66 -$38K
11 WOLF 0.22% 33,494 $583K $17.41 +33,494 NEW
12 SOL —% -$36M -18,818,236 -100.0% SOLD

New Positions

SymbolValue% Port
WOLF $583K 0.22%

Sold Out Positions

SymbolValue% Port
SOL —%
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