Photographer: Alex Flynn / Bloomberg
Photographer: Alex Flynn / Bloomberg
Melvin Capital Management, the highly-losing hedge fund that lost billions of dollars after its bearish betting was caught in a Reddit-driven rally, saw its first-quarter decline extend to 49 %.
The fund fell 7% last month, investing a gain of nearly 22% the previous month, according to people who are aware of it. In January, the fund fell 53%.
The company, founded by Gabe Plotkin, was one of those that suffered heavy losses after retailers came together to push for action, including GameStop Corp. at new heights. Plotkin, who had been a short-term partner for the company, took a $ 2.75 million investment from Citadel, Point72 Asset Management and others in January.
A spokesman for the firm declined to comment.
Read more: Melvin Capital wastes GameStop Fiasco with a 22% profit
Another company caught in the crosshairs of the GameStop saga, Maplelane Capital, which lost 45% in January, is starting to recover.
The fund rose 6.5% in February and 2.1% in March, according to connoisseurs of the issue, and ended the first quarter with a loss of 39.5%. One person said the fund benefited from its long and short bets on technology-focused and consumer-focused companies.
Maplelane has made money in 14 of the last 15 months, said one person.
The $ 3 billion New York-based company, led by Leon Shaulov and Rob Crespi, declined to comment.
Overall, the hedge fund industry struggled to make money last month amid increased equity market volatility. According to Hedge Fund Research Inc., the average fund was almost flat in March and rose 2.2% in the first quarter, according to the S&P 500 index of 4.2% in March and 6.2% in the quarter. with dividend reinvestments.
Lone Pine Capital, Tiger Global Management i Whale Rock Capital Management, which often focuses on technology betting, posted some sad returns in March.
In the meantime, Glenview Capital, which ended 2020 with a 9.5% gain, despite heavy losses earlier this year, rose 25% in its flagship fund through March thanks to successful bets on health stocks, including the DXC Technology Co., Cigna Corp., AmerisourceBergen Corp. i McKesson Corp.
According to well-known people, it was how other hedge funds worked in March and the first quarter. Company representatives declined to comment.
| Fund | Strategy | March | P1 |
|---|---|---|---|
| Glenview Offshore | Net worth | 7.8% | 25.4% |
| Hudson Bay International | Net worth | -0.2 | 9 |
| Ciutadella | Multistrategy | 0.3 | 6 |
| DE Shaw Composite | Multistrategy | 1.4 | 5 |
| Master of sculptors | Multistrategy | -0.2 | 3.5 |
| Millennium | Multistrategy | 0.2 | 3 |
| Improved Atlas Balyasny | Multistrategy | -0.4 | 1.8 |
| PER Shaw Oculus | Multistrategy | 1 | 1.5 |
| ExodusPoint | Multistrategy | 0.3 | 1 |
| Tiger Global | Net worth | -5.3 | 0.8 |
| Renaissance RIDA | Net worth | 5 | -1 |
| RIDGE renaissance | Net worth | 3.6 | -3.4 |
| CRED renaissance | Net worth | 3.7 | -4.7 |
| More solitary | Net worth | -7 | -10 |
| Whale Rock | Net worth | -6 | -14 |
| Maplelane Capital | Net worth | 2.1 | -39.5 |
| Melvin Capital | Net worth | -7 | -49 |
(Add a return graph to the end of the story.)