Maplelane Capital, a $ 3.5 billion equity hedge fund, lost around 33% this month to Tuesday in part due to a short position in GameStop Corp., according to investors.
The company has significantly altered its portfolio in recent weeks, adjusting the risk, one of the people said, asking not to be identified because the information is not public. These changes have helped guard against further losses, and the company has no liquidity or margin issues.
The New York-based company, run by Leon Shaulov and Rob Crespi, declined to comment.
Maplelane had puts – or bets on falling stocks – 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 regulation deposit. The firm 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. Amid the distress, hedge fund titans Ken Griffin and Steve Cohen pumped a total of $ 2.75 billion into the company. He also recently changed his portfolio.