10 Hedge Funds that Profited from Reddit's Meme Stock Craze
Hedge funds have been reeling from meme stock rallies over the past few months that are orchestrated by retail investors using internet platforms like Reddit to coordinate.
Established in Q3 of 2013, Shellback Capital is a Massachusetts-based hedge fund manager employing a long/short equity strategy. The firm was founded by Douglas Gordon, Jonathan Hilsabeck, and Donald Jabro, all formerly of Vinik Asset Management.
Douglas Gordon, a co-founder of Shellback Capital, brings experience from his previous roles at Vinik Asset Management, Banc of America/Montgomery, and Hollywood Entertainment. He earned a BBS in Finance from the University of Wisconsin-Madison, where he studied from 1985 to 1989.
As of March 2024, Shellback Capital manages three clients' discretionary assets totaling $1.66 billion. Their Q1 2024 13F filing reported $1.49 billion in managed securities, with a top 10 holdings concentration of 27.23%. Shellback Capital's largest holding is Hilton Worldwide Holdings Inc., with 230,000 shares.
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