The meme stock rally hurt Melvin and Maplelane. It hasn’t gotten any easier since then.

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Hedge funds, boosted by the meteoric surge in stocks like GameStop Corp. and AMC Entertainment Holdings Inc. were looted in January are still struggling to get out of those losses.

Melvin Capital Management, which lost more than $ 6 billion in January, is down 46% for the year through June, the fund recently told investors. Maplelane Capital is down 39% over the period. Some other funds, which took smaller losses when Meme stocks rose in January, do better. Steven A. Cohen’s $ 22 billion Point72 Asset Management and $ 20 billion D1 Capital Partners were up about 1% and 3.8%, respectively, in the first half, said people familiar with the funds’ performance .

Still, those returns lag behind the broader market, as the S&P 500 is up 15.3% over the period, including dividends.

The January market vortex, which gripped a small but prominent group of funds, was as shocking as it was rapid. Back then, an army of bullish retailers on platforms like Reddit pushed each other to amass stocks and sometimes band together to compound losses among professional traders betting against these so-called meme stocks. Money managers protested that hordes manipulated stock prices on social media.

The rally caused huge losses to Wall Street’s star investors, turned some individual investors into folk heroes, sparked a congressional hearing, and drew the attention of the Securities and Exchange Commission. Almost half a year later, the effects of these market events are still unfolding.

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