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Livermore
Livermore
ZHEN

Shah Capital Management

SEC CIK
0001383838
Latest filing
Aug 14, 2026

The latest 13F from Shah Capital Management covers Q2 2026 (filed Aug 14, 2026): 9 long positions worth $526.2M. The top 10 holdings make up 100.0% of the portfolio, and the largest is VEON Ltd. (VEON) at 46.3%. Livermore has 24 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
0
Added
1
Est. +$2.29M
Reduced
8
Est. −$35.8M
Sold out
2
Est. −$11.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. VEONVEON Ltd.
    46.3%$243.7MHistory
  2. NVAXNovavax Inc
    25.4%$133.4MHistory
  3. CYDChina Yuchai International Ltd
    12.1%$63.6MHistory
  4. Vanguard Scottsdale FDS92206C102
    4.2%$22.3M
  5. TROXTronox Holdings plc
    3.1%$16.2MHistory

Share of portfolio

Top 5 holdings and the other 4 positions, by share of portfolio value

  1. VEON46.3%
  2. NVAX25.4%
  3. CYD12.1%
  4. Vanguard Scottsdale FDS4.2%
  5. TROX3.1%
  6. Other 4 positions8.9%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Scottsdale FDS92206C102
    +$2.29MAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Vanguard Scottsdale FDS92206C102
    +0.38 pp3.9% → 4.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. CYDChina Yuchai International Ltd
    −$13.2MReducedHistory
  2. VEONVEON Ltd.
    −$11.6MReducedHistory
  3. WOLFWolfspeed, Inc.
    −$8.31MSold outHistory
  4. NVAXNovavax Inc
    −$6.40MReducedHistory
  5. TDAYUSA TODAY Co., Inc.
    −$3.52MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. TROXTronox Holdings plc
    −2.53 pp5.6% → 3.1%History
  2. WOLFWolfspeed, Inc.
    −1.59 pp1.6% → 0.0%History
  3. EDUNew Oriental Education & Technology Group Inc.
    −0.73 pp3.3% → 2.6%History
  4. TDAYUSA TODAY Co., Inc.
    −0.68 pp0.7% → 0.0%History
  5. AMAntero Midstream Corp
    −0.16 pp2.6% → 2.4%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$526.2M
+$4.99M (+1.0%) vs. prior quarter
Positions
9
−2 vs. prior quarter
Top 10 concentration
100.0%
Top 10 as share of value
Turnover
0.4%
Q2 2026, one quarter
Average holding period
13.6 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $559.0M (Q3 2025)

Q1 2021: $362.9MQ2 2021: $353.9MQ3 2021: $369.7MQ4 2021: $374.9MQ1 2022: $386.9MQ2 2022: $385.7MQ3 2022: $349.9MQ4 2022: $420.9MQ1 2023: $343.7MQ2 2023: $393.5MQ3 2023: $422.7MQ4 2023: $390.4MQ1 2024: $357.4MQ2 2024: $462.3MQ3 2024: $513.0MQ4 2024: $495.9MQ1 2025: $489.6MQ2 2025: $514.0MQ3 2025: $559.0MQ4 2025: $518.5MQ1 2026: $521.2MQ2 2026: $526.2M
Q1 2021Q2 2026
13F filings of Shah Capital Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 20269$526.2MVEONNVAXCYDvs. Q1 2026SEC
Q1 2026Apr 24, 202611$521.2MVEONNVAXCYDvs. Q4 2025SEC
Q4 2025Jan 15, 202612$518.5MVEONNVAXCYDvs. Q3 2025SEC
Q3 2025Nov 12, 202513$559.0MVEONNVAXCYDvs. Q2 2025SEC
Q2 2025Jul 23, 202514$514.0MVEONCYDNVAXvs. Q1 2025SEC
Q1 2025May 14, 202517$489.6MVEONNVAXCYDvs. Q4 2024SEC
Q4 2024Jan 22, 202516$495.9MVEONNVAXCYDvs. Q3 2024SEC
Q3 2024Oct 15, 202419$513.0MVEONNVAXCYDvs. Q2 2024SEC
Q2 2024Aug 12, 202417$462.3MVEONNVAXCYDvs. Q1 2024SEC
Q1 2024May 15, 202417$357.4MVEONEDUNVAXvs. Q4 2023SEC
Q4 2023Feb 5, 202415$390.4MVEONEDUSOLvs. Q3 2023SEC
Q3 2023Oct 11, 202314$422.7MEDUVEONRenesola Ltd-Sponvs. Q2 2023SEC
Q2 2023Jul 13, 2023Amended15$393.5MEDUVEONRenesola Ltd-Sponvs. Q1 2023SEC
Q1 2023May 8, 202316$343.7MEDUVEONRenesola Ltd-Sponvs. Q4 2022SEC
Q4 2022Jan 13, 202315$420.9MEDURenesola Ltd-SponGNWvs. Q3 2022SEC
Q3 2022Oct 27, 202212$349.9MRenesola Ltd-SponEDUARvs. Q2 2022SEC
Q2 2022Jul 25, 202213$385.7MEDURenesola Ltd-SponVanguard Scottsdale FDSvs. Q1 2022SEC
Q1 2022Apr 19, 202212$386.9MARRenesola Ltd-SponGNWvs. Q4 2021SEC
Q4 2021Jan 19, 202210$374.9MARRenesola Ltd-SponCYDvs. Q3 2021SEC
Q3 2021Oct 8, 20219$369.7MARRenesola Ltd-SponCYDvs. Q2 2021SEC
Q2 2021Aug 10, 20218$353.9MRenesola Ltd-SponARCYDvs. Q1 2021SEC
Q1 2021May 4, 20217$362.9MRenesola Ltd-SponARCYD–SEC

13D and 13G filings

Companies where Shah Capital Management reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where Shah Capital Management owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
NVAXNovavax Inc13D/A9.03%14.8M shares−0.08 ppfrom 9.11%Apr 27, 20239 filingsMay 15, 2026SEC

Latest filings

35 filings on file made by Shah Capital Management or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Shah Capital Management
CompanyFiled (ET)FormStakeChangeEvent dateFiling
NVAXNovavax IncMay 15, 20268:15 AM ET13D/A9.03%14.8M shares−0.08 ppfrom 9.11%May 14, 2026SEC
NVAXNovavax IncApr 8, 20266:00 AM ET13D/A9.11%14.8M shares+0.81 ppfrom 8.30%Apr 8, 2026SEC
SOLEmeren Group LtdDec 16, 20258:47 AM ET13D/A0.00%0 shares−36.67 ppfrom 36.67%Below 5%Dec 12, 2025SEC
NVAXNovavax IncNov 12, 20254:17 PM ET13D/A8.30%13.5M shares+1.00 ppfrom 7.30%Nov 10, 2025SEC
CYDChina Yuchai International LtdNov 12, 20258:51 AM ET13G/A4.46%1.67M shares−4.40 ppfrom 8.86%Below 5%Sep 30, 2025SEC
NVAXNovavax IncOct 14, 20257:45 AM ET13D/A7.30%11.8M shares–Oct 13, 2025SEC
CHRCheer Holding, Inc.Oct 7, 20254:13 PM ET13G/A2.47%600.0K shares−15.66 ppfrom 18.13%Below 5%Oct 3, 2025SEC
SOLEmeren Group LtdSep 3, 20254:53 PM ET13D/A36.67%18.8M shares0.00 ppfrom 36.67%Sep 2, 2025SEC
CHRCheer Holding, Inc.Aug 6, 20253:09 PM ET13G/A18.13%2.11M shares+3.48 ppfrom 14.65%Jun 30, 2025SEC
SOLEmeren Group LtdJul 7, 20255:08 PM ET13D/A36.67%18.8M shares0.00 ppfrom 36.67%Jul 3, 2025SEC
SOLEmeren Group LtdJun 20, 202510:37 AM ET13D/A36.67%18.8M shares−0.01 ppfrom 36.68%Jun 20, 2025SEC
CYDChina Yuchai International LtdMay 6, 20255:20 PM ET13G/A8.86%3.32M shares–Mar 31, 2025SEC
CHRCheer Holding, Inc.May 6, 202510:56 AM ET13G/A14.65%1.71M shares−1.05 ppfrom 15.70%Mar 31, 2025SEC
SOLEmeren Group LtdMar 17, 202511:38 AM ET13D/A36.68%18.8M shares–Mar 17, 2025SEC
CHRCheer Holding, Inc.Jan 8, 20251:08 PM ET13G/A15.70%1.61M shares–Dec 31, 2024SEC
VEONVEON Ltd.Oct 21, 202413D/AOld format–––SEC
CYDChina Yuchai International LtdSep 3, 202413GOld format–––SEC
CHRCheer Holding, Inc.Jul 12, 202413G/AOld format–––SEC
NVAXNovavax IncMay 20, 202413D/AOld format–––SEC
NVAXNovavax IncMay 7, 202413D/AOld format–––SEC