Inside One of Wall Street’s Hottest Hedge Funds—and the 2 Trades Driving the Surge

Nehal Chopra over at Ratan Capital Management has been crushing the markets and most other hedge funds in recent years. While the latest market slide may have lowered the tides on most boats across the hedge fund waters, Chopra’s fund is more than worth keeping close tabs on. The results really do speak for themselves, even though Ratan Capital Management is still a relatively small fund with assets under management just north of $360 million as of the end of the last quarter.

And while only time will tell if the next three years of performance will be half as good as the last three years (in my view, it’s doubtful given heightened valuations, added geopolitical risks and expectations for lower prospective returns), I still think it’s worth checking out some of the major holdings within the fund to see what’s been driving one of the fastest-moving ships in the smart money world forward of late.

Let’s have a closer look at the two stocks that have given Ratan that market-beating boost and determine whether there’s still outperformance to be had in the names:

Nvidia

No surprises here. Nvidia (NASDAQ:NVDA | NVDA Price Prediction) has been a large holding in Chopra’s fund in recent years. Over the past three years, shares have gained more than 560%. It was a fantastic pick, which remains Ratan’s largest holding (just under 11% of holdings), at least as of the end of Q4. With Chopra adding to the position last quarter, it certainly feels like Nvidia stock is more of a bargain as it flatlines for a few quarters, rather than a name that’s to be avoided over fears of what a peak in AI chips could mean. Are semiconductors prone to big cyclical swings?

Most definitely. But timing them in the face of one of the biggest technological revolutions might not be the best idea. Either way, Chopra isn’t the only Nvidia bull, as plenty of hedge funds stepped up to bat in the last quarter. With shares sinking in the first few months of 2026, perhaps there’s more opportunity to double down in a name that’s been one of the biggest wealth creators in recent memory. At the end of the day, Nvidia is the ultimate “toll booth” for firms looking to play in the AI arena.

With Nvidia shares down more than 4% on Thursday, perhaps there’s no better time to start buying, as the valuation looks to reach depths not seen in some number of years. Today, the stock goes for just shy of 21.0 times forward price-to-earnings (P/E). Not a bad price to pay for a 65% grower with 75% gross margins.

Meta Platforms

Meta Platforms (NASDAQ:META) is another big-time winner that Chopra seemed to have timed with perfection. The stock has gained close to 200% in the past three years, but, more recently, shares have begun to sag lower, with the stock plummeting around 8% last Thursday, primarily over fears following the loss in court over social media addiction. Undoubtedly, the legal matter just adds to the plethora of other headwinds weighing on the stock.

With a heavy CapEx budget and broader pessimism across tech driving Meta stock down more than 30%, I do think there’s an opportunity to snag one of the biggest AI beneficiaries at a steep discount at close to 18.0 times forward price-to-earnings (P/E). Of course, the brutal bear market might be working against Ratan in a big way this year, but my guess is that the selling has opened up a buying opportunity.

And if Chopra wasn’t fearful the last time Meta stock sank rapidly, my guess is that things won’t be all too different this time around. Perhaps it’s Chopra’s ability to buy while others are fearful that helps her fund get such a big market-crushing edge.