Q3 2026 13F · SEC CIK 1383838
Shah Capital Management
Hedge fundFiled 2026-10-09 for Q3 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $605.3M
- Reported positions
- 11
- Top holdings a year, 3 yrs
- +31.0%
- Assets under management
- $768.0M
Shah Capital Management is a hedge fund that reported 11 positions worth $605.3M in its Q3 2026 13F, filed 2026-10-09. Its largest holdings were Veon Ltd (VEON, 56.8%), Novavax Inc (NVAX, 21.7%), China Yuchai Intl Ltd (CYD, 6.8%). A portfolio copying its top holdings returned 31.0% a year over the last 3 years, against 18.8% for the S&P 500.
Shah Capital Management holdings all 11 positions.
Weights are shares of the filer's total reported 13F value, compared with Q2 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.
| Stock | % of 13F value | Share change | Reported value |
|---|---|---|---|
| VEONVeon Ltd | 56.8% | -0.4% | $343.7M |
| NVAXNovavax Inc | 21.7% | -14.1% | $131.6M |
| CYDChina Yuchai Intl Ltd | 6.8% | -1.6% | $41.0M |
| VGSHVanguard Scottsdale Fds | 5.3% | +46.9% | $32.3M |
| EDUNew Oriental Education & Technology Grou | 2.7% | -1.1% | $16.2M |
| TROXTronox Holdings PLC | 1.9% | +13.4% | $11.5M |
| AMAntero Midstream Corp | 1.7% | -6.3% | $10.5M |
| CSIQCanadian Solar Inc | 1.7% | -1.5% | $10.5M |
| DOLEDole PLC Ord Shs | 0.9% | -3.1% | $5.4M |
| ELTXElicio Therapeutics Inc | 0.4% | — | $2.3M |
| REAXReal Remax Group Inc | 0.1% | — | $350K |
What Shah Capital Management bought and sold in Q3 2026, against Q2 2026.
New positions
- ELTX Elicio Therapeutics Inc0.4% of 13F
- REAX Real Remax Group Inc0.1% of 13F
Added to
- VGSH Vanguard Scottsdale Fds+46.9% shares
- TROX Tronox Holdings PLC+13.4% shares
Reduced
- NVAX Novavax Inc-14.1% shares
- AM Antero Midstream Corp-6.3% shares
Sold out
Nothing sold out.
Share counts compared with the Q2 2026 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- +11.5% /yr
- S&P 500 +20.1%
- 3 years
- +31.0% /yr
- S&P 500 +18.8%
- 5 years
- +34.7% /yr
- S&P 500 +9.3%
A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Reported 13F value by quarter.
| Quarter | 13F value | Positions |
|---|---|---|
| Q3 2026 | $605.3M | 11 |
| Q2 2026 | $526.2M | 9 |
| Q1 2026 | $521.2M | 11 |
| Q4 2025 | $518.5M | 12 |
| Q3 2025 | $559.0M | 13 |
| Q2 2025 | $514.0M | 14 |
| Q1 2025 | $489.6M | 17 |
| Q4 2024 | $495.9M | 16 |
| Q3 2024 | $513.0M | 18 |
| Q2 2024 | $462.3M | 16 |
| Q1 2024 | $357.4M | 16 |
| Q4 2023 | $390.4M | 14 |
Questions about Shah Capital Management's portfolio
What stocks does Shah Capital Management own?
Shah Capital Management's latest 13F, for Q3 2026 and filed Oct 9, 2026, lists 11 positions worth $605.3M. The largest are Veon Ltd (VEON) at 56.8%, Novavax Inc (NVAX) at 21.7%, China Yuchai Intl Ltd (CYD) at 6.8%, Vanguard Scottsdale Fds (VGSH) at 5.3% and New Oriental Education & Technology Grou (EDU) at 2.7%.
What did Shah Capital Management buy last quarter?
In Q3 2026, Shah Capital Management added a new position in Elicio Therapeutics Inc (ELTX), a new position in Real Remax Group Inc (REAX), Vanguard Scottsdale Fds (VGSH) (+46.9% shares) and Tronox Holdings PLC (TROX) (+13.4% shares), compared with its Q2 2026 filing.
What did Shah Capital Management sell last quarter?
In Q3 2026, Shah Capital Management Novavax Inc (NVAX) (-14.1% shares) and Antero Midstream Corp (AM) (-6.3% shares), compared with its Q2 2026 filing.
How has Shah Capital Management's portfolio performed?
A portfolio copying Shah Capital Management's 20 largest 13F holdings each quarter, from the day each filing was public, returned +31.0% a year over the last 3 years, against +18.8% for the S&P 500. Over 1 year: +11.5% against +20.1%. Over 5 years: +34.7% a year against +9.3%.
When is Shah Capital Management's next 13F filing due?
13F filings are due 45 days after each quarter ends. Shah Capital Management's filing for the quarter ending Dec 31, 2026 is due by Feb 14, 2027; this page updates the day after it is published.
How much money does Shah Capital Management manage?
Shah Capital Management reported $768.0M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $605.3M.