Most investors keep their eyes locked on the biggest names in the hedge fund world. Tracking the latest 13-F filings from household names has its value, but there is a strong case for looking beyond that short list. Consistently beating the S&P 500 over multiple years is genuinely difficult, and the managers who pull it off deserve attention even when they fly under the radar.
Whenever a fund strings together years of outsized gains, it pays to look under the hood. The formula may not repeat itself, but understanding how the returns were generated can still sharpen an investor’s thinking. With that framing in mind, here is a closer look at one of the most compelling, and least discussed, track records in the hedge fund business right now.
Of course, a past history of outsized gains is no guarantee of future alpha, so a strong recent track record should never be treated as a signal of things to come. That said, keeping up with new names that are quietly outperforming the crowd can be genuinely rewarding over time.
Enter Nehal Chopra of Ratan Capital Management
The fund in question belongs to Nehal Chopra, Founder and Chief Investment Officer of Ratan Capital Management. Originally from Mumbai, India, Chopra attended Fort Convent and Sydenham College before coming to the United States for her higher education, earning an MBA from the Wharton School at the University of Pennsylvania in 2002 through an elite sub-matriculation program and a BS in Economics from Wharton, Summa Cum Laude, in 2001. She began her career as an investment banking analyst at Lehman Brothers and UBS AG before moving into portfolio management roles at Balyasny Asset Management and Ramius.
At the time of its founding in 2009, her fund was actually named Tiger Ratan Capital Management, as it was supported with a $25 million investment by hedge fund legend Julian Robertson of Tiger Management, through his Tiger Accelerator fund. Nehal Chopra was recognized as a Rising Star of Hedge Funds by Institutional Investor in 2013. The firm has since grown considerably, and by the end of 2025 the 13-F portfolio carried a value of roughly $364 million.
Chopra has helped her fund achieve a 278% return over the past three years, which translates to an annualized gain of more than 55%. That is not just a high bar to sustain; it is a pace that puts Ratan ahead of just about every comparable fund on Wall Street. Whatever she has been doing right through this extended bull run, it has produced results that are difficult to dismiss.
What’s at the core of the Ratan portfolio?
As of the portfolio date of December 31, 2025, the top five holdings in the fund are NVIDIA, Amazon, Meta Platforms, AppLovin, and Microsoft. NVIDIA accounts for roughly 10.8% of the portfolio, with Amazon at 9.3% and Meta at 7.9%. That concentration in the leading AI and digital-advertising names reflects a deliberate bet on the companies most directly tied to the current technology cycle.
As of the fourth quarter of 2025, Chopra and her team were bullish on several tech positions, adding to stakes in NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) and Microsoft (NASDAQ:MSFT), the latter of which had been under pressure. Among the biggest additions in the quarter were increases in MSFT, AppLovin, NVDA, Amazon, and Meta, reinforcing that Chopra is treating any pullback in growth names as a buying opportunity rather than a reason to reduce exposure.
The portfolio is not purely an AI megacap play. Power and energy company Vistra (NYSE:VST) represents 6.6% of the Q4 2025 portfolio, making it a meaningful position in a fund that has otherwise leaned heavily into software and semiconductors. Vistra’s growing role in supplying electricity to data centers gives it a logical connection to the AI infrastructure theme. Boeing (NYSE:BA) was a notable holding in prior quarters, with Chopra making a substantial bet on the aerospace giant’s long-term turnaround story, though its weight in the most recent filing has fallen outside the top positions.
Ratan Capital focuses on identifying mispricings in securities resulting from corporate and structural changes, including spin-offs, transformative mergers, management changes, and bankruptcies. That event-driven lens helps explain why the portfolio sometimes holds names that seem out of step with a pure tech growth mandate. The common thread is Chopra’s conviction that the market has mispriced a catalyst, whether that catalyst is an AI chip cycle, a power infrastructure buildout, or an industrial turnaround.
The bottom line
The near-term outlook for growth-heavy hedge funds remains uncertain, particularly as the market digests rotation pressure and some of the biggest tech winners face elevated valuations. Even so, the logic behind the Ratan portfolio is coherent: buy the companies most exposed to AI-driven demand when the market offers a discount, and hold with conviction.
For everyday investors, the lesson here is not to copy Chopra’s moves directly. Her aggressive style and concentrated positioning in high-conviction names can accelerate gains in a favorable tape, but concentration cuts both ways. The more useful takeaway is the underlying framework: understand why a company is mispriced, size the position to your own risk tolerance, and do not let short-term volatility shake a well-reasoned thesis.
Editor’s note: This pass corrected the misspelling of Nehal Chopra’s first name (previously rendered as “Nehan” in two places), updated the Q4 2025 portfolio composition to reflect the latest 13-F filing showing NVIDIA, Amazon, Meta Platforms, AppLovin, and Microsoft as the five largest holdings with the portfolio valued at roughly $364 million, and added context on Ratan Capital’s founding by Julian Robertson and Chopra’s Institutional Investor Rising Star recognition in 2013.
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