Summary List PlacementIn March, Gabe Plotkin's Melvin Capital took a step back from digging itself out of its GameStop hole. The $8 billion equity hedge fund lost 7% last month, finishing the first quarter down almost 49%, sources told Insider. The average hedge fund, Hedge Fund Research found, made 1% last month and earned just over 6% over the first quarter. Melvin declined to comment. The firm was the focus of a retail-trading frenzy, coordinated on Reddit messaging boards, of GameStop, a video-game retailer that Melvin shorted.