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Melvin Capital Administration, the hedge fund that acquired crushed on its guess in opposition to GameStop final 12 months, greater than doubled its stake in Amazon within the first quarter of 2022, whereas chopping positions in a number of treavel and leisure shares. The hedge fund, led by Gabe Plotkin, elevated its stake in Amazon by 1almost 168%, bringing its holding to $436.5 million. Melvin additionally raised its place in Microsoft by 18.4%, and now owns $365.1 million value of inventory. In the meantime, Melvin lowered positions in a number of journey and leisure shares, which account for a few of its greatest holdings, together with Stay Nation Leisure, Hilton Resorts, Marriott Worldwide and Expedia. Melvin did, nevertheless, open a stake in MGM Resorts Worldwide, which analysts have referred to as a beautiful alternative because the Las Vegas continues to recuperate and the conference enterprise bounces again. A brand new $331 million place in Visa put the funds firm in Melvin’s prime 10 holdings. It additionally opened a place in supplies firm Martin Marietta and added to a stake in actual property agency CoStar Group. Its CoStar place was value $147 million on the finish of the primary quarter. Plotkin has reportedly been contemplating unwinding the present fund to begin a brand new one , CNBC reported earlier this month. The fund was down 21% on the finish of the primary quarter.
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