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Steven I. Green
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Melvin Capital doubled up on Amazon in the first quarter
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Melvin Capital Management, the hedge fund that got crushed on its bet against GameStop last year, more than doubled its stake in Amazon in the first quarter of 2022, while cutting positions in several treavel and leisure stocks. The hedge fund, led by Gabe Plotkin, increased its stake in Amazon by 1almost 168%, bringing its holding to $436.5 million. Melvin also raised its position in Microsoft by 18.4%, and now owns $365.1 million worth of stock. Meanwhile, Melvin lowered positions in several travel and leisure stocks, which account for some of its biggest holdings, including Live Nation Entertainment, Hilton Hotels, Marriott International and Expedia. Melvin did, however, open a stake in MGM Resorts International, which analysts have called an attractive opportunity as the Las Vegas continues to recover and the convention business bounces back. A new $331 million position in Visa put the payments company in Melvin’s top 10 holdings. It also opened a position in materials company Martin Marietta and added to a stake in real estate firm CoStar Group. Its CoStar position was worth $147 million at the end of the first quarter. Plotkin has reportedly been considering unwinding the current fund to start a new one , CNBC reported earlier this month. The fund was down 21% at the end of the first quarter.
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