13F Season: Tiger Cub Manish Chopra Seems Fond Of Consumer Discretionary Stocks

Tiger Cub Manish Chopra founded Tiger Veda Management in 2005, after leaving Julian Robertson's Tiger Management. On Friday, the fund filed its latest 13F with the SEC, disclosing its long equity positions as of March 31, worth about $230 million in the market.

In the first quarter of 2015, the fund made 5 new stock purchases, increased its exposure to 7 of its preexisting stakes, trimmed its participation in 3 more, and sold out of 4 positions. More than half the equity portfolio was allocated to consumer discretionary stocks.

Below are some of the most interesting moves.

Increased Exposure

The fund’s largest bet in the first quarter was placed on Visteon Corp VC, which saw it increase its participation by 2 percent, to 527,326 shares of Common Stock, worth about $50 million. This position accounts for roughly 22 percent of the total equity portfolio.

Related Link: Barry Rosenstein, Jana Partners' Latest Moves Include Qualcomm, United Rentals And Yum Brands

Another company that witnessed a boost in Tiger Veda’s exposure is Diana Shipping Inc. DSX. After adding 34 percent to its holdings, the fund disclosed ownership of 2,585,994 shares Common Stock, valued at approximately $15.8 million.

New Positions

Amongst the newcomers, two stocks look particularly interesting: Charter Communications, Inc. CHTR and Sunedison Inc SUNE. Over the first quarter, Chopra’s firm acquired almost $16 million in stock (82,837 shares) from the former, and $7 million in stock (274,505 shares) from the latter.

Closed Out Stakes

Methanex Corporation (USA) MEOH, which occupied the sixth place in Tiger Veda’s list by the end of 2014 (the fund held 418,324 shares, worth about $19.1 million), felt the fund’s bearishness over the first quarter, as Veda sold out all of its stock.

Reduced Bets

Pilgrim's Pride Corporation PPC also felt Tiger Veda’s (and the market’s) bearishness. Between January 2 and March 31, inclusive, the stock price fell 31.11 percent, and the fund got rid of 55 percent of its stake. Chopra last disclosed ownership of 73,295 shares, worth $1.65 million. Pilgrim's Pride is now the firm’s smallest equity position, in terms of market value.