Shah Capital Management Portfolio Concentration Analysis - June 2026

As of June 30, 2026, the portfolio managed by Shah Capital Management, valued at approximately $52.6 million, demonstrates notable concentration in specific sectors and individual holdings.

Examining the largest positions reveals that VEON LTD (VEON) stands as a dominant holding, accounting for 46.31% of the portfolio's value. This substantial allocation underscores a significant focus on the Communication Services sector.

The second-largest position is held in NOVAVAX INC (NVAX), contributing 25.36% to the portfolio, which aligns with its classification under Healthcare. These two stocks alone represent a considerable portion of Shah Capital Management's assets.

Further analysis shows that CHINA YUCHAI INTL LTD (CYD), another major holding, makes up 12.08% of the portfolio despite its sector being unspecified in the data provided.

The overall sector allocation highlights that Communication Services is heavily represented at 46.31%, followed by Healthcare with a significant 25.36%. A considerable portion, totaling 20.54%, remains allocated to stocks whose sectors are not clearly defined or classified in the available information.

Additionally, smaller but still notable positions include TRONOX HOLDINGS PLC (G9087Q102), CANADIAN SOLAR INC (CSIQ) in Technology, and VANGUARD SCOTTSDALE FDS (VGSH). The portfolio consists of nine holdings.

The concentration is evident not only through the top three positions but also across other sectors. Healthcare allocation stands at 25.36%, while Technology and Consumer Defensive allocations are relatively small, around 2.81% and 2.57% respectively. Energy holds a further 2.41%. This indicates that while there is diversification within certain sectors, the portfolio remains heavily weighted towards specific industries.