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Manish Chopra

Tiger Veda Management is a global long/short equity fund launched in 2005 by Manish Chopra, a former employee of Julian Robertson’s Tiger Management. The value of the fund’s equity portfolio stands at $230.22 million, as of the end of March and it is mainly focused on consumer discretionary and transport sectors. The fund has a total of 15 long positions and in this article we will take a look at Manish Chopra’s small-cap holdings, which are represented by: Visteon Corp (NYSE:VC), Air Lease Corp (NYSE:AL) and Fair Isaac Corporation (NYSE:FICO).

Visteon Corp

At Insider Monkey, we track hedge funds’ moves in order to identify actionable patterns and profit from them. Our research has shown that hedge funds’ large-cap stock picks historically underperformed the S&P 500 Total Return Index by an average of seven basis points per month between 1999 and 2012. On the other hand, the 15 most popular small-cap stocks among hedge funds outperformed the S&P 500 Index by an average of 95 basis points per month (read the details here). Since the official launch of our small-cap strategy in August 2012, it has performed just as predicted, returning over 142% and beating the market by more than 84 percentage points. We believe the data is clear: investors will be better off by focusing on small-cap stocks utilizing hedge fund expertise (while avoiding their high fees at the same time) rather than large-cap stocks.

Manish Chopra
Manish Chopra
Tiger Veda

The biggest position in Manish Chopra’s portfolio as of the end of first quarter is represented by Visteon Corp (NYSE:VC), a global supplier of products for vehicle manufacturers. In Visteon Corp (NYSE:VC) Tiger Veda Management disclosed a $50.83 million position that contains 527,300 shares, which represents more than 22% of his portfolio. The $4.9 billion company’s stock gained more than 13% over the last 52 weeks. Visteon Corp’s net income for the first quarter of 2015 totalled $50 million, or $1.10 in diluted EPS, versus $19 million, or $0.38 diluted EPS, reported a year earlier. Christopher Pucillo’s Solus Alternative Asset Management and Steve Cohen’s Point72 Asset Management own more than 2.0 million shares of Visteon Corp each, according to their latest 13F filings, which makes them the largest shareholders among the funds in our database.

Air Lease Corp (NYSE:AL) is another one of Tiger Veda Management’s small-cap in which it holds 722,762 shares more by 3.49% compared the same period of 2014, valued at $27.28 million. Recently, the $3.7 billion company has announced that it ordered one Airbus A350-900, one A321ceo and three A320ceo aircrafts. For the first quarter of the year, the company reported a net income of $19.33  on revenue of $278 million, versus $61 million in net income and $246 million in revenue a year earlier. Other large investors in Air Lease Corp (NYSE: AL) include Peter Adam Hochfelder’s Brahman Capital and John Osterweis’ Osterweis Capital Management with 4.56 million shares and 3.14 million shares, respectively.

In addition, Manish Chopra’s fund took a new position in Fair Isaac Corporation (NYSE:FICO) with 67,000 shares valued at $5.94 million, which represents 2.58% of his portfolio. Fair Isaac Corporation is a small-cap leading analytics software company, whose stock gained more than 20% year-to-date and is up by 50% over the past calendar year. The company reported a slight decrease in its net income for the January – March period to $18.9 million from $20.8 million in the prior year period. Chuck Royce’s Royce & Associates and John W. Rogers’s Ariel Investments own significant positions in Fair Isaac Corporation (NYSE:FICO) as of the end of March, which contain 1.66 million shares and 1.01 million shares respectively.

Disclosure: none

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