Summary List Placement Gabe Plotkin's Melvin Capital extended its first-quarter losses to 49%, Bloomberg reported, citing sources. Melvin declined 53% in January, reversed some of that loss with a 22% gain in February, but slid 7% again in March. Reddit traders hammered the hedge fund's short positions against GameStop earlier this year. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Melvin Capital, the hedge fund that dug itself into a hole during the GameStop saga, extended its first-quarter losses to 49%, according to a Bloomberg report.