SEC 13F Intelligence

Managers / Q2 2024 · view latest →

SHAH CAPITAL MANAGEMENT

CIK 0001383838 · 2301 SUGAR BUSH RD, SUITE 510, RALEIGH, NC, 27612 · 919 719 6360

Reported Value
$462M
Q2 2024
Positions
17
Filings on Record
32
2019–present window
Filed
Aug 12, 2024
original filing

Summary

Shah Capital Management reported $462M in U.S.-listed holdings across 17 positions for Q2 2024.

The portfolio is heavily concentrated: VEON alone accounts for 27.8% of reported value.

Compared with Q1 2024, the fund opened 1 new position and exited 1.

Portfolio Metrics

Turnover
+4.8%
vs prior filed quarter
Top-10 Concentration
+93.3%
share of reported value
Largest Position
+27.8%
Veon
New / Exited
1 / 1
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $170MQ4 ’18Q1 ’19: $192MQ2 ’19: $180MQ3 ’19: $185MQ4 ’19: $209MQ4 ’19Q1 ’20: $127MQ2 ’20: $166MQ3 ’20: $190MQ4 ’20: $322MQ4 ’20Q1 ’21: $363MQ2 ’21: $354MQ3 ’21: $370MQ4 ’21: $375MQ4 ’21Q1 ’22: $387MQ2 ’22: $386MQ3 ’22: $350MQ1 ’23: $343,668Q1 ’23Q2 ’23: $1MQ3 ’23: $422,660Q1 ’24: $357MQ2 ’24: $462MQ2 ’24Q3 ’24: $513MQ4 ’24: $496MQ1 ’25: $490MQ2 ’25: $514MQ2 ’25Q3 ’25: $559MQ4 ’25: $519MQ1 ’26: $521Mfilingsflow.com

Portfolio Composition

By security type
ADR: 45.3%Common Stock: 37.2%Other: 14.0%ETP: 3.5%
  • ADR · 45.3% · $210M
  • Common Stock · 37.2% · $172M
  • Other · 14.0% · $65M
  • ETP · 3.5% · $16M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BIDUNBAIDU INCNEW+165.0K165.0K+$14M$14M
PARAMOUNT GLOBALADDED+1.02M1.12M+$10M$12M
UNITED STS NAT GAS FD LPSOLD OUT−214.4K0−$3M$0
NVV1NOVAVAX INCADDED+1.54M9.66M+$84M$122M
TDAYGANNETT CO INCTRIMMED−300.0K1.80M+$3M$8M
NEW ORIENTAL ED & TECHNOLOGYTRIMMED−24.9K473.7K−$6M$37M
CHEER HLDG INCHELD+36.8K1.30M+$157,225$3M
BABAALIBABA GROUP HLDG LTDHELD−75429.0K−$64,994$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2024

17 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VEONVEON LTDhistory →SPONSORED ADS27.77%$128M4.95M
2NVV1NOVAVAX INChistory →COM NEW26.46%$122M9.66M
3CHINA YUCHAI INTL LTDCOM8.31%$38M4.22M
4NEW ORIENTAL ED & TECHNOLOGYSPON ADR7.96%$37M473.7K
5SOLCHFEMEREN GROUP LTDhistory →SPONSORED ADS6.04%$28M18.63M
6VALARIS LTDCL A4.15%$19M257.5K
7GNWGENWORTH FINL INChistory →COM SHS3.90%$18M2.99M
8BIDUNBAIDU INChistory →SPON ADR REP A3.09%$14M165.0K
9VGSHVANGUARD SCOTTSDALE FDShistory →SHORT TERM TREAS3.04%$14M242.4K
10AMANTERO MIDSTREAM CORPhistory →COM2.53%$12M795.0K
11PARAMOUNT GLOBALCLASS B COM2.52%$12M1.12M
12TDAYGANNETT CO INChistory →COM1.79%$8M1.80M
13DOLE PLCORD SHS0.80%$4M303.7K
14CHEER HLDG INCSHS NEW0.72%$3M1.30M
15BABAALIBABA GROUP HLDG LTDSPONSORED ADS0.45%$2M29.0K
16ISHARES TRCHINA LG-CAP ETF0.45%$2M79.7K
17YANDEX N VSHS CLASS A0.00%$017.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$521M11Apr 24, 202613F-HRchanges · EDGAR ↗
Q4 2025$519M12Jan 15, 202613F-HRchanges · EDGAR ↗
Q3 2025$559M13Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$514M14Jul 23, 202513F-HRchanges · EDGAR ↗
Q1 2025$490M17May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$496M16Jan 22, 202513F-HRchanges · EDGAR ↗
Q3 2024$513M19Oct 15, 202413F-HRchanges · EDGAR ↗
Q2 2024$462M17Aug 12, 202413F-HRchanges · EDGAR ↗
Q1 2024$357M17May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023under review15Feb 5, 202413F-HRchanges · EDGAR ↗
Q3 2023$422,66014Oct 11, 202313F-HRchanges · EDGAR ↗
Q2 2023REVEALED$1M45Jul 12, 202313F-HRchanges · EDGAR ↗
Q1 2023$343,66816May 8, 202313F-HRchanges · EDGAR ↗
Q4 2022under review15Jan 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$350M12Oct 27, 202213F-HRchanges · EDGAR ↗
Q2 2022$386M13Jul 25, 202213F-HRchanges · EDGAR ↗
Q1 2022$387M12Apr 19, 202213F-HRchanges · EDGAR ↗
Q4 2021$375M10Jan 19, 202213F-HRchanges · EDGAR ↗
Q3 2021$370M9Oct 8, 202113F-HRchanges · EDGAR ↗
Q2 2021$354M8Aug 10, 202113F-HRchanges · EDGAR ↗
Q1 2021$363M7May 4, 202113F-HRchanges · EDGAR ↗
Q4 2020$322M7Jan 28, 202113F-HRchanges · EDGAR ↗
Q3 2020$190M8Nov 3, 202013F-HRchanges · EDGAR ↗
Q2 2020$166M11Jul 9, 202013F-HRchanges · EDGAR ↗
Q1 2020$127M16Apr 8, 202013F-HRchanges · EDGAR ↗
Q4 2019$209M16Jan 21, 202013F-HRchanges · EDGAR ↗
Q3 2019$185M17Oct 22, 201913F-HRchanges · EDGAR ↗
Q2 2019$180M17Jul 29, 201913F-HRchanges · EDGAR ↗
Q1 2019$192M14May 3, 201913F-HRchanges · EDGAR ↗
Q4 2018$170M15Jan 10, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.