Manish Chopra: Tiger Veda Management
Manish Chopra is the man behind Tiger Veda Management. He founded Tiger Veda during 2006, after leaving Tiger Management to manage his own fund. Tiger Veda Management now operates as a subsidiary of Tiger Management Corp. and is is based in New York.
Julian Robertson educated and taught Manish Chopra how to trade and provided him with around $100 million to help start his fund.
Chopra learned a lot from his mentor, including that sort of calculated moves that have continually resulted in “Tiger Cubs” outperforming the market. Tiger Veda invests in the public equity markets of across the globe. It also makes direct investments. The firm employs long/short strategy to make its investments.
Tiger Veda Management: Holding history
Manish Chopra uses a long/short strategy inspired by Julian Robertson. The fund invests around the world where it can find opportunities. Here are some examples as picked out from Tiger Veda’s Q3 2013 letter to investors.
- Osram Licht in Germany, a spin-off from Siemens which we purchased on its first day of trading, up 52% in the quarter and more thereafter, as management executed on their restructuring plan.
- Tribune Company, the newspapers to broadcast television restructuring story, was up 11% during the quarter on the back of its acquisition of LocalTV’s broadcast stations and the announcement of its intention to spin-off its publishing business into a separately listed company.
- GNC, the vitamin retailer, up 23% in the quarter, on beating same-store-sales expectations and raising their performance outlook for the year.
- Shanghai International Port, up 53% in the quarter, on their dormant but valuable land being rezoned as part of the anticipated creation of the Shanghai Free-Trade zone.
- A short position in a Japanese online gaming company, which dropped approximately 50%, where we covered the bulk of the position. It has subsequently rallied.
Manish Chopra positions added:
- EADS in France, the manufacturer of Airbus aircraft and various defense businesses, that we expect will grow earnings materially over the next 5 years, due to losses from old products going away, well executed high incremental margin product introductions hitting the tarmac, and a restructuring of the defense businesses post ridding the company (Board) of government supervisors (Directors), as they sold down their equity stakes to undergo an attempt at a transformation towards the profit margins of Boeing,
- KAR Auctions Services, an off and online wholesale used car auctioneer that should benefit from the cyclical increase in lagging volumes, as auto sales increased post the financial crisis.
- A short position in a high cost metallic ore producer, of whose industry will experience a material increase in low cost supply over the next 3 years, and thus will be impacted by lower commodity prices and earnings.
Tiger Veda Management: Top Holdings
As of 31/12/2014:
- VISTEON CORP
- AERCAP HOLDINGS NV
- ROYAL CARIBBEAN CRUISES LTD
- AIR LEASE CORP
- AVIS BUDGET GROUP
- METHANEX CORP
- GENCORP INC
Tiger Veda Management: Articles
- Outlook Business | It’s The Same Old Story
- Tiger Returns With Co-Seeding Fund
- Tiger Veda Starts EADS, Osram Licht Stakes: Q3 Letter
- Tiger Management – Best Seeding Platform