Customers shop at a GameStop store.
Photographer: Patrick T. Fallon / Bloomberg
Photographer: Patrick T. Fallon / Bloomberg
Maplelane Capital, a $ 3.5 billion equity hedge fund, lost about 33% this month through Tuesday, in part because of a short position in GameStop Corp., according to investors.
The company has significantly changed its portfolio in recent weeks, adjusting the risk, said one of the people, asking not to be identified because the information is not public. These changes helped to protect against future losses, and the company has no liquidity or margin problems.
The New York-based company, headed by Leon Shaulov and Rob Crespi, declined to comment.
Maplelane had put options – or falling stock bets – on several companies at the end of the third quarter, including American Airlines Group Inc., GameStop, IRobot Corp. and National Beverage Corp., according to its latest regulatory body archiving. The company was founded in 2010.
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Melvin Capital, the $ 12.5 billion hedge fund managed by Gabe Plotkin, has fallen more than 30% so far this month on similar short bets. In the midst of the crisis, hedge fund titans Ken Griffin and Steve Cohen injected a total of $ 2.75 billion into the company. It also recently changed its portfolio.