One of Reddit traders' hedge-fund targets — $3 billion Maplelane Capital — took a step back in May as it tries to dig out of its GameStop-caused hole.
The fund, run by former Galleon Group portfolio manager Leon Shaulov, lost 2.7% last month and is down roughly 39% for the year, sources tell Insider. The manager lost 45% in January thanks to a short position against GameStop, which had its stock inflated by legions of Reddit-connected retail traders who were targeting to short squeeze another hedge fund, Melvin Capital.
Maplelane, similar to Melvin, had begun to claw back some of its losses brought on by the WallStreetBets crowd with a decent end to the first quarter. Bloomberg reported that the fund made 6.5% and 2.1% in February and March, respectively, to finish the first quarter down 39.5%, but two months later, the firm is still stuck at that figure.
Melvin Capital also sustained losses in May as it tries to claw its way back from a 53% loss from GameStop short positions, among other shorts. The Financial Times recently reported that Gabe Plotkin's manager lost 4% last month to bring its year-to-date losses to just under 45%.
Despite the poor performance this year, Melvin has raised its assets under management up to $11 billion, the FT reports.
Maplelane did not respond to requests for comment.
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