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+The hedge fund badly bruised by betting against GameStop is still struggling after ending the first half with a 46% loss, report says
+=====================================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+| [Shalini Nagarajan](https://markets.businessinsider.com/author/shalini-nagarajan) | [markets.businessinsider.com](https://markets.businessinsider.com/news/stocks/melvin-capital-gabe-plotkin-gamestop-short-squeeze-1h-46-loss-2021-7) | 
+
+---
+
+ Jul. 9, 2021, 07:54 AM
+
+![Gabe Plotkin](https://images2.markets.businessinsider.com/60e7fa846164f3001853b68a?format=jpeg)
+
+Alex Flynn/Getty Images/Bloomberg
+
+Gabe Plotkin's Melvin Capital Management, targeted by the Reddit army of traders for its bearish [GameStop](https://markets.businessinsider.com/stocks/gme-stock?utm_source=markets&utm_medium=ingest) bets, ended the first half of the year with a 46% loss, [Bloomberg reported](https://www.bloomberg.com/news/articles/2021-07-08/melvin-can-t-shake-reddit-attack-with-46-loss-in-first-half?utm_source=twitter&utm_campaign=socialflow-organic&utm_content=business&utm_medium=social&cmpid=socialflow-twitter-businesstwitter-business).
+
+The New York-based hedge fund, which suffered a stunning [53% loss in January](https://markets.businessinsider.com/news/stocks/melvin-capital-gabe-plotkin-took-home-846-million-in-2020-2021-2?utm_source=markets&utm_medium=ingest) from the Reddit-trader short squeeze, gained 1% in June. But it is still struggling to recover, Bloomberg said in the Thursday report, citing sources familiar with the matter.
+
+Melvin Capital, founded by star portfolio manager Plotkin, did manage to stage something of a comeback with a 22% gain in February. But its overall [first-quarter loss stood at 49%](https://www.businessinsider.com/gabe-plotkin-melvin-capital-performance-march-2021-4?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest), Insider understands.
+
+The hedge fund [got torched by the Reddit army](https://markets.businessinsider.com/news/stocks/hedge-funds-torched-wall-street-bets-gamestop-short-squeeze-reddit-2021-1?utm_source=markets&utm_medium=ingest) alongside other high-profile firms that had big bets against GameStop when traders banded together to send shares of the gaming retailer skyrocketing. When the price of a stock rises, short sellers [must typically cover their positions](https://www.businessinsider.com/how-short-selling-works-why-it-didnt-work-on-gamestop-2021-1?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest) by buying shares at that higher price.
+
+Melvin Capital lost a chunk of its assets in the trading frenzy, ending January with $8 billion in assets, [down from $12.5 billion](https://www.reuters.com/article/us-retail-trading-melvin-idUSKBN2A00KW) at the start of the year. Its assets [had risen to $11 billion](https://markets.businessinsider.com/news/stocks/gamestop-short-squeeze-melvin-capital-light-street-losses-meme-stocks-2021-6?utm_source=markets&utm_medium=ingest) as of June 1, the Financial Times and Bloomberg reported.
+
+After the January hit, the fund has somewhat recovered. It is up 18% for the five months between February and June, Insider understands. It gained 5.4% in the second quarter.
+
+The hedge fund is understood to be taking smaller-sized positions to limit its exposure to single companies. It [exited its public short positions](https://markets.businessinsider.com/news/stocks/melvin-capital-closes-out-public-short-positions-after-gamestop-losses-2021-5?utm_source=markets&utm_medium=ingest) against GameStop, AMC and other stocks in the first quarter, but may have still held non-public, more traditional short positions.
+
+Founder Gabe Plotkin has also asked a team of data scientists to comb through social media and day-trader forums for stock names of interest to retail traders, Bloomberg reported.
+
+A spokesperson for Melvin Capital declined to comment.