1y return+37.7%S&P 500 +20.9%
3y return+93.3%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2022: $208 against $195 in the S&P 500.2
Shah Capital ManagementS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| VEONVeon Ltd | $243.7M | 46.3% | −4.6% |
| NVAXNovavax Inc | $133.4M | 25.4% | −4.6% |
| China Yuchai Intl LtdCUSIP G21082105 | $63.6M | 12.1% | −17.1% |
| VGSHVanguard Scottsdale Fds | $22.3M | 4.2% | +11.5% |
| Tronox Holdings PLCCUSIP G9087Q102 | $16.2M | 3.1% | −14.1% |
| CSIQCanadian Solar Inc | $14.8M | 2.8% | −4.2% |
| EDUNew Oriental Ed & Technology | $13.5M | 2.6% | −3.0% |
| AMAntero Midstream Corp | $12.7M | 2.4% | −5.0% |
| Dole PLCCUSIP G27907107 | $6.0M | 1.1% | −3.9% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| AMAntero Midstream Corp | June 30, 2020 | +346.1% | $12.7M |
| China Yuchai Intl LtdCUSIP G21082105 | June 30, 2020 | +229.8% | $63.6M |
| VEONVeon Ltd | December 31, 2023 | +165.0% | $243.7M |
| Dole PLCCUSIP G27907107 | September 30, 2022 | +87.9% | $6.0M |
| Tronox Holdings PLCCUSIP G9087Q102 | September 30, 2025 | +56.7% | $16.2M |
| VGSHVanguard Scottsdale Fds | June 30, 2022 | −1.1% | $22.3M |
| CSIQCanadian Solar Inc | September 30, 2024 | −4.4% | $14.8M |
| NVAXNovavax Inc | December 31, 2022 | −8.4% | $133.4M |
| EDUNew Oriental Ed & Technology | December 31, 2023 | −37.3% | $13.5M |
Sold off last quarter
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +12.9% | +14.8% |
| March 31, 2026 | +1.5% | −4.6% |
| December 31, 2025 | −4.2% | +2.4% |
| September 30, 2025 | +25.3% | +7.8% |
| June 30, 2025 | +10.5% | +10.5% |
| March 31, 2025 | +2.9% | −4.6% |
| December 31, 2024 | −7.0% | +2.1% |
| September 30, 2024 | +14.0% | +5.4% |
| June 30, 2024 | +19.0% | +4.0% |
| March 31, 2024 | +6.0% | +10.0% |
| December 31, 2023 | −10.5% | +11.2% |
| September 30, 2023 | +3.2% | −3.6% |
| June 30, 2023 | +10.4% | +8.3% |
| March 31, 2023 | −2.7% | +7.0% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Shah Capital Management Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1383838&type=13F-HR&dateb=&owner=include&count=40CIK 1383838
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1383838/000139834426014600/Filed August 14, 2026 · accession 0001398344-26-014600