Melvin Capital and Light Street Capital, two US hedge funds hard hit by a rally in stocks popular with retail investors in January, have suffered further losses in May.
Melvin, the highest-profile casualty of January’s meme stock rally, lost another 4 per cent last month, say people familiar with their performance.
That takes the fund’s losses this year to about 44.7 per cent, the people said. The S&P 500 index of US stocks rose 0.6 per cent last month and is up almost 12 per cent in the first five months of the year.
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