Shah Capital Management Remains Bullish On China Heading into Third Quarter

Moving on to Shah Capital’s second-largest holding, UTStarcom Holdings Corp (NASDAQ:UTSI). The fund sold 53,943 shares of the company during the second quarter, and cut the stake to 10.65 million shares valued at $21.19 million. Himanshu H. Shah is not only one of the largest shareholder of UTStarcom Holdings Corp (NASDAQ:UTSI), but has also been a director on its board since November 2013 and became the Chairman of the board in June, 2014. At the end of the first quarter, Chuck Royce’s Royce & Associates, with 1.36 million shares, was the second largest shareholder of UTStarcom Holdings Corp (NASDAQ:UTSI) after Shah Capital among the hedge funds we cover.

Coeur Mining Inc (NYSE:CDE) represented Shah Capital’s third largest position at the end of June, which was trimmed to 1.45 million shares, worth $8.32 million. The stock of the silver mining company has dropped by 47% year-to-date, mostly on the decline of the silver prices. On August 5, the company reported its financial results for the second quarter, which included a loss of $0.11 per share (adjusted for one-time gains and costs), which was better than the loss of $0.22 per share estimated by analysts. However, the revenue of $166.3 million for the quarter was slightly below the $166.7 million consensus estimate. On August 6, Roth Capital reiterated its ‘Buy’ rating on the stock, and increased its price target to $6.25 from $6. Jim Simons‘ Renaissance Technologies boosted its stake in Coeur Mining Inc (NYSE:CDE) by 458% to almost 847,000 shares during the January-March period.

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