The South Korean hedge fund founded GameStop Corp. about a year ago. But a big bet was made, which is changing less rapidly on the US retailer’s stock, it appears that after the endless rally Wrong selling many legs.
Chief Asset Management CEO Kim Do-yong said the stock’s high volatility and ten times more surgeons than its The final interview with Bloomberg in March 2020 is indicative of his less attractive scene.
Seoul had a 4.7% stake in GameStop as of April 2020, according to a Seoul-based hedge fund that has won 602 billion ($ 546 million) in assets under management. Bloomberg data On a filing basis. This made the Korean Fund one of the largest investors in the Texas-based company Grapevine.
Kim declined to comment on the fund’s current holdings of US listed stocks, a favorite of retail investors who have become increasingly influential in markets during the epidemic. GameStop shares Ryan Cohen, activist investor and online pet retailer Chewy Inc. The co-founder, followed by a rush of short-covering and day trading. Joined its board on 11 January.
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“We became less fast and became more neutral on the gametop,” Kim said in an interview with Bloomberg on Monday. “This stock will be very volatile and unpredictable in the short term.”
Swimming against a recessionary tide of analyst views, Kim told Bloomberg in March last year that GameStop is the “only place” potential customers can personally try out companies’ games. He still believes in the company.
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“We’re still very positive about the new management at GameStop,” Kim said. “We believe Ryan Cohen and his team can replicate the success at Chewy.com.”
Kim said that he recently placed bets on another American company. The fund increased its stake in the US-list Kaleyra Inc. and now holds a 5.2% stake in the software firm.