Double-Digit Losses. : A London-based hedge fund that bet against GameStop during the first “meme stock” rally in January is shutting down after facing double-digit percentage losses, the Financial Times first reported Tuesday. White Square Capital said in a recent letter to investors it would shut down its main fund and return capital following a review of its business model, according to people familiar with the matter. The hedge fund had managed about $440 million in assets during its peak but suffered huge losses betting against GameStop early this year, the Financial Times reported.