Chopra Hedge Fund Said to Tumble 19% in 2015 on Valeant Loss

  • Tiger Ratan Capital hedge fund was up about 30% at one point
  • Drug stock was among top holdings as of the end of September

Nehal Chopra has fallen back to Earth.

Her Tiger Ratan Capital Fund lost 19 percent last year, erasing gains of about 30 percent, according to a person with knowledge of the performance. The fund declined 5 percent in December.

Chopra is among a number of high-profile managers who lost money in 2015. David Einhorn’s Greenlight Capital lost 20 percent, its first annual decline since 2008. Bill Ackman’s Pershing Square Holdings Ltd. slumped 20.5 percent last year, and hedge funds run by Fortress Investment Group LLC, Bain Capital, BlackRock Inc. and others have shut down.

Tiger Ratan’s returns slow down a strong run for Chopra. Her Ratan Capital Management, which won the backing of Tiger Management’s billionaire co-founder Julian Robertson, was slow to build assets even though its returns had bested many of its peers from 2009 through earlier in 2015.

The firm declined to comment.

Chopra’s portfolio was dragged down in part by a bet on Valeant Pharmaceuticals Inc., which comprised almost 13 percent of the firm’s disclosed stock holdings at the end of the third quarter. The once high-flying stock has fallen more than 60 percent from its August peak after the company came under scrutiny for its drug-pricing policies.

Another of the firm’s best-performing stocks early in 2015, Amsterdam-based cable company Altice NV, lost its luster during the second half of the year. Shares of the company, up as much as 103 percent year-to-date in June, reversed gains to end the year down 19 percent.

Ratan’s reported holdings of U.S. stocks fell by more than half during the third quarter, from $1 billion on June 30 to $448 million on Sept. 30.

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