SHAH CAPITAL MANAGEMENT

Shah Capital Management's $521M Q1 2026 13F is a deeply concentrated turnaround portfolio with 43% of the book in VEON, the emerging-market telecom operator, and 23% in Novavax, the COVID vaccine developer seeking a new commercial chapter. The manager added $23M to NVAX and built a fresh $8.3M position in Wolfspeed, the silicon-carbide semiconductor play, while cutting Tronox in shares and reducing exposure to Canadian Solar and USA Today. Baidu was sold outright. The eight positions that make up the rest of the book — China Yuchai, New Oriental, Dole, Antero Midstream, and others — are all deep-value or restructuring candidates with binary outcomes. The whaleScore of 75 reflects the $521M absolute scale of a high-conviction, single-thesis fund, not portfolio quality.