Nehal Chopra找到了Alpha的秘诀：A-Plus CEO

对于尼哈科拉，投资是关于人们的。作为一个活动推动的长短股权经理，寻找经历重大变化的公司，Chopra非常专注于企业管理的质量 - 特别是CEO。她想知道他们是谁，为什么他们处于职位以及他们如何获得报酬。

“我的妈妈很早就在那些人的重要性上讲了我，”在孟买长大的34岁的Chopra，1998年来参加宾夕法尼亚大学的沃顿省的沃顿省的沃顿省。“我们只投资A-Plus管理人员和A-Plus CEO。”

这条配方对于CHOPRA工作良好，因为2009年5月推出了虎兰丹资本基金，从传奇对冲基金经理Julian Robertson JR中的2500万美元。现在 - 7.5亿美元的基金提供了超过20％的年度净返回，并且was up 46.8 percent in 2013. Chopra recently moved Ratan Capital Management to new digs one block away from the Park Avenue offices of Robertson’s Tiger Management Corp., which she called home for Ratan’s first five years.

像许多对冲基金经理，他们在老虎的指导下开始的，而且Chopra非常竞争。作为一名少年，她是印度的一流网球运动员。在沃顿，她被接受进入精英子储蓄计划，并同时开始为她的MBA进行课程，同时在经济学中完成她的BS。她在纽约担任瑞士州的投资银行分析师，在瑞银，在雷曼兄弟持有人，然后在2005年加入替代资产经理Ramius的替代资产经理Ramius担任分析师之前，在雷曼兄弟持有人。她试图找到合并的目标和分拆，可以让公司快速20％到30％的回报。

“If the event happened, we would generally sell the security, and I would then watch the spun-off entity go up a lot more,” she says. “And I would wonder, Why are we working so hard to make 20 to 30 percent with a short-term view when we can make 200 to 300 percent with a long-term view?”

Chopra有机会在2007年在2007年跳到Multstrategy对冲基金公司Balyasny资产管理时管理她的第一个投资组合。她在那里提炼了她识别正在进行重大变化的伟大公司的策略，但在实际投资之前等待发生变化。“企业变革创造了混乱，困惑创造了价格错位，”Chopra解释道。“我们希望利用这些错误分子在很长一段时间内生成回报。因此，我们寻找自拆斯，从破产，转型合并和新首席执行官情况中出现的公司。“

乔什 Birnbaum. 奈良 Chopra Deepak Gulati Greg Lippmann Jeffrey 史密斯

During her year at Balyasny, Chopra gained confidence in her investment approach even as the financial crisis swirled around her. In late 2008 she reached out to Robertson, whom she had met at a charity event, asking him to partner with her as she launched her own fund. After giving Chopra a battery of tests to assess her psychological makeup, intelligence and ability to work with others, the Tiger founder was impressed. “Nehal is a damn good manager,” he says. “We tested her, she was strong, and we decided to back her.”

Working out of Tiger’s Park Avenue offices with just a single analyst to assist her, Chopra began constructing her portfolio. One of her first investments was a small specialty drug company called Valeant Pharmaceuticals International, which had hired former McKinsey & Co. executive J. Michael Pearson as CEO in 2008. When Chopra learned that Pearson had grown the consulting firm’s global pharmaceuticals practice tenfold over ten years and that his former colleagues at McKinsey were buying stock in Valeant, she was intrigued. After more analysis she realized that the drugmaker had a good business but had been mismanaged and had huge potential for cost-cutting.

“当我们遇到首席执行官时，他说：'我要修复遗留缬草。一旦我修复缬草，我要去那里购买更多的公司，就像缬草 - 管理和严重运行 - 并修复它们。“”Chopra召回。“我在想，如果你只是修理缬草，那将是一项伟大的投资。”

皮尔逊固定缬草。他削减了研发支出，而是专注于购买小型制药商，这些产品已经在市场上的市场上的产品，如皮肤科，不会竞争大型制药。2010年6月，Valeant宣布它与加拿大最大的药店的Biovail Corp.合并，在Chopra呼吁转型协议。当Tiger Ratan于2009年开始购买缬草时，该公司的年收入8.3亿美元和20亿美元的市场上限。如今，基于魁北克的缬草在年度收入和420亿美元的市场上限中达到60亿美元。

对于老虎率，Chopra经营着浓缩的产品组合，20至25个核心长位置，20至35个短路。她寻找像缬草这样的公司，具有强大的自由现金流，并避免循环或与经济实力有关的行业。“如果您购买商品业务，铜价从2美元到1美元，所以CEO是多么伟大，”Chopra解释道。“我们希望在首席执行官可能产生大量影响的情况下找到企业。”毫不奇怪，老虎率倾向于拥有医疗保健，消费钉和服务公司。

因为Chopra关注catalyst-driven investments that can take three years or more to deliver their full potential and runs a concentrated portfolio, she doesn’t need a big team. Ratan Capital has just six people, split evenly between investing and operations. “We’ll always have a lean investment team,” Chopra says. “I tend to be very involved in every idea, and that is never going to change. If we get too big, I’ll end up becoming the bottleneck.”