Shah Capital Management Q3 2026 Portfolio Review: Major Shifts in Holdings

Shah Capital Management's portfolio, as of September 30, 2026, has undergone several changes during the third quarter. The fund manager has adjusted their holdings, focusing on certain sectors while reducing exposure in others.

Key Portfolio Changes

The most significant change this quarter was the reduction in Novavax (NVAX) holdings. The fund sold over 1.4 million shares, representing a 14.06% decrease in the stock's position within the portfolio. This adjustment occurred within the Healthcare sector.

Conversely, Shah Capital Management significantly increased their stake in Elicio Therapeutics (ELTX). The fund acquired an additional 1.25 million shares, doubling the position and contributing to a notable shift in the Healthcare allocation.

Elsewhere, the fund showed mixed activity. In the Energy sector, Antero Midstream (AM) saw a small reduction, while in Consumer Cyclical, China Yuchai Intl (CYD) experienced a minor decrease. However, in Basic Materials, Tronox Holdings (TROX) received a substantial increase, and in Technology, Canadian Solar (CSIQ) was slightly trimmed.

Breakdown by Sector

The Healthcare sector remains the largest allocation in the portfolio at 21.74%. This quarter, the sector saw a net change due to the contrasting actions on NVAX and ELTX. NVAX, a previously large holding, was reduced, while ELTX, a smaller company, was significantly added.

The Communication Services sector, primarily held in VEON LTD, saw a minimal reduction of just 0.39% in allocation. Similarly, the Consumer Defensive sector, split between DOLE and EDU, experienced very small decreases.

The Energy sector allocation saw a slight dip, mainly due to the reduction in Antero Midstream (AM). The Technology sector also saw a minor decrease, attributed to the trimming of Canadian Solar (CSIQ).

The Basic Materials sector gained modestly from the increase in Tronox Holdings (TROX). The Unknown sector allocation increased slightly, driven by the significant rise in Vanguard Scottsdale FDS ETF (VGSH) shares.

Overall Portfolio Indicators

Shah Capital Management maintains a diversified portfolio with 10 holdings. The top five stocks account for 93.3% of the total value, indicating a concentrated approach. The fund has demonstrated buying activity, notably with ELTX, while avoiding large-scale selling this quarter.

For more detailed information on Shah Capital Management's holdings and performance, please visit their profile here. You can explore individual stock positions, including VEON LTD, NOVAVAX INC, ELICIO THERAPEUTICS INC, and others, by clicking on their names.