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Lemelson Capital Management

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Lemelson Capital Management
Company typeLimited Liability Company
IndustryHedge Fund
Founded2012
HeadquartersMarlborough, Massachusetts, U.S.
Area servedWorldwide
Key peopleEmmanuel Lemelson, Chief Investment Officer
ProductsThe Amvona Fund, LP
Websitehttp://lemelsoncapital.com/

Lemelson Capital Management is a United States-based global investment management firm. The firm is the general partner of the Amvona Fund, LP, a hedge fund that has been ranked repeatedly by Barron's among the world’s top performing hedge funds. The company has typically focused on deep value and special situation investments. Its activist position in several publicly traded companies has proven influential in impacting share prices.

Investments and activism

Lemelson Capital Management attracted significant global media attention in early 2014 following its March 17, 2014 short call on World Wrestling Entertainment (NYSE:WWE). In its short thesis and again on April 8, 2014, the firm criticized what it said were deficiencies in the company’s executive management team and announced that it was short WWE stock. The report placed fair value of WWE shares (which closed that day at $30.37) between $8.25 and $11.88. Following release of the Lemelson Capital report, WWE’s stock price plummeted 63.1 percent over eight weeks, closing at $11.27 on May 16, 2014, representing a $1.4 billion loss in the company's market capitalization.

On May 16, 2014, following the correction, Lemelson Capital called on WWE’s Board of Directors to intervene and replace the company’s executive management team, or pursue a sale of the company. This followed what Lemelson Capital Management said was "a period of ongoing losses, execution failures and material misstatements."

Several hours after the firm's announcement, former Louisiana Attorney General Charles Foti announced that his law firm would begin an investigation into whether WWE had violated state or federal securities law. The firm simultaneously announced that it had covered its short position and taken a stake in the company at the substantially lower price.

On April 22, 2014, Lemelson Capital again attracted global media attention when it announced that it had been acquiring the stock of Kulicke & Soffa Industries (NASDAQ:KLIC) and issued an open letter to the company’s Chief Executive Officer calling on the company to initiate a tender offer for the shares, which Lemelson Capital said were substantially undervalued. The stock surged ten percent on the announcement of Lemelson Capital’s involvement.

Fund performance

Throughout 2013 and early 2014, The Amvona Fund was cited three times as one of the world’s top performing hedge funds by Barron’s. In July 2013 and October 2013, Barron’s named the Amvona Fund the best performing hedge fund in the world. In April 2014, Barron’s listed The Amvona Fund as the world’s second best performing hedge fund. From its September 2012 inception through May 2014, the fund has returned a compounded annual gain of 85.15 percent and an overall gain of 193.65 percent.

Management

Since its inception, Lemelson Capital has been managed by its Chief Investment Officer, Father Emmanuel Lemelson, a Greek Orthodox priest, philanthropist and activist. The firm is based in Marlborough, Massachusetts.

References

  1. ^ "Barron's Names Lemelson Fund as April's Top HF," Evestment, May 28, 2014, Retrieved June 6, 2014. Cite error: The named reference "Evestment" was defined multiple times with different content (see the help page).
  2. ^ "Lemelson Capital Ranks Among Top HFs with 17% Gain in April," by VW Staff, ValueWalk, May 27, 2014, Retrieved June 6, 2014.
  3. ^ "Barron's Ranks the World's Top Performing Hedge Funds for April 2014," HFG, Retrieved June 6, 2014.
  4. ^ "Lemelson Capital Management Again Ranks Among World's Top Performing Hedge Funds," HedgeCo.net, March 28, 2014, Retrieved June 6, 2014 Cite error: The named reference "Hedge" was defined multiple times with different content (see the help page).
  5. ^ “SA author ranks first among hedge funds, again,” Seeking Alpha, November 25, 2013., Retrieved June 7, 2014.
  6. Articles by Emmanuel Lemelson, Seeking Alpha., Retrieved June 6, 2014.
  7. ^ ”David Sims in Washington, Amvona Gets in Right on WWE, Steven Reiman on SA’s Power,” by Colin Lokey, Seeking Alpha, April 12, 2014., Retrieved June 6, 2014.
  8. ^ ”World Wrestling pummeled four out of five rounds this week,” by Gary Strauss, USA Today, April 11, 2014., Retrieved June 6, 2014.
  9. ^ "Kulicke & Soffa shares surge after investor urges buyback," by Gary Strauss, USA Today, April 22, 2014., Retrieved June 7, 2014.
  10. Other sources:
    • "Hedge Fund: Best-Worst-Biggest,” Barron’s, April 14, 2014, .
    • ”WWE Has Monster Run, But Could It Soon Be Slammed?” by Joel Elconin, Benzinga, April 4, 2014, .
    • “WWE profitable or on the ropes,” by Sarah Barry James, SNL Kagan, April 15, 2014], http://www.snl.com/InteractiveX/Article.aspx?cdid=A-27730687-11817].
    • "Kulicke & Soffa jumps; activist discloses stake, calls for buyback," Seeking Alpha, April 22, 2014, .
  11. ^ "Kulicke & Soffa jumps; activist discloses stake, calls for buyback," Seeking Alpha, April 22, 2014, Retrieved June 6, 2014.
  12. ^ "Kulicke & Soffa jumps; activist discloses stake, calls for buyback," Seeking Alpha, April 22, 2014, Retrieved June 11, 2014.
  13. Other sources:
    • ”World Wrestling pummeled four out of five rounds this week,” by Gary Strauss, USA Today, April 11, 2014..
    • "Amvona Short Call Sends WWE Tumbling,” by Clayton Browne, ValueWalk, April 7, 2014,.
    • ”WWE can’t pull out of slide,” Seeking Alpha, April 11, 2014, .
  14. ^ ”The Short Case for World Wrestling Entertainment,” Lemelson Capital Management, March 17, 2014., Retrieved June 7, 2014.
  15. ”Lemelson Capital Reaffirms Short Call on World Wrestling Entertainment (WWE): Shares Fairly Priced Between $8.25 and $11.88,” Lemelson Capital Management, April 9, 2014., Retrieved June 7, 2014.
  16. Other sources:
    • ”WWE can’t pull out of slide,” Seeking Alpha, April 11, 2014 .
    • "World Wrestling Entertainment: Why Investors Should Stay Away," by David Tristan Liu, Seeking Alpha, June 3, 2014 .
    • "World Wrestling Entertainment, Inc.: Yum, I Love Eating Crow (WWE), by Michael Ranalli, Seeking Alpha, May 28, 2014 .
    • "Amvona Short Call Sends Amvona Tumbling," by Clayton Browne, ValueWalk, April 7, 2014 .
  17. "Should the McMahons Still Be Running WWE?" by Daniel Kline, The Motley Fool, June 7, 2014, Retrieved June 7, 2014.
  18. ^ "Lemelson Capital Management announces stake in World Wrestling Entertainment and calls on board to pursue new management or ownership," Seeking Alpha, May 16, 2014, Retrieved June 7, 2014.
  19. ^ "WWE's stock smackdown is a blow to Vince McMahon's credibility," "Breaking News," Seeking Alpha, May 17, 2014, Retrieved June 7, 2014.
  20. "Investment firm attempting hostile takeover of WWE?" Augusta Free Press, May 17, 2014, Retrieval May 18, 2014.
  21. "Lemelson goes long World Wrestling Entertainment, Inc.," by VW Staff, Value Walk, May 16, 2016, Retrieved May 18, 2014.
  22. "Firm buys stake in WWE, wants new executive management team," TWNP Wrestling News, May 16, 2014, Retrieved May 18, 2014.
  23. "WWE investigation initiated by former Louisiana Attorney General: Kahn, Swick & Foti, LLC investigates World Wrestling Entertainment following disclosure of disappointing distribution agreement," Business Wire, May 16, 2014, Retrieved May 18, 2014.
  24. "WWE News: Vince McMahon loses $350 million in one day, could be forced out as CEO," Inquisitr, Retrieved May 22, 2014.
  25. "Will the WWE Network ever make money," by Daniel Kline, The Motley Fool, May 20, 2014, Retrieved May 22, 2014.
  26. "WWE/NBC rights deal: The red wedding," by Sarah Barry James, SNL Financial, May 19, 2014, Retrieved May 22, 2014.
  27. Other sources:
    • "Is Vince McMahon still the right man to lead WWE?" by Sam Moore, Yahoo, May 19, 2014,.
    • "Vince McMahon to be removed from the WWE," by Michael Panter, GiveMeSport, May 19, 2014 .
    • "WWE stands to lose $45-$52 million in 2014: Investors to question Vince McMahon health on Monday?" by Jack Jorgensen, Fansided, Sports Illustrated, May 19, 2014 .
    • "Biggest takeaways from WWE's May 19 business outlook investor call," by Chris Mueller, Bleacher Report, May 19, 2014 .
  28. "Kulicke and Soffa Industries: Large Cash Pile and Activist Involvement," by Alex Gavrish, ValueWalk, April 29, 2014., Retrieved June 7, 2014
  29. "Open Letter to Kulicke & Soffa's CEO," Seeking Alpha, April 22, 2014., Retrieved June 7, 2014.
  30. "Kulicke & Soffa Industries soars on strong FQ3 guidance," Seeking Alpha, April 29, 2014., Retrieved June 7, 2014.
  31. "Kulicke & Soffa higher on bullish b. Riley note," Seeking Alpha, June 4, 2014., Retrieved June 7, 2014.
  32. "Hedge Fund: Best-Worst-Biggest,” Barron’s, April 14, 2014, Retrieved June 11, 2014.
  33. Other sources:
    • "Lemelson Capital Management Again Ranks Among World's Top Performing Hedge Funds," HedgeCo.net, March 28, 2014 .
    • "The Amvona Fund Up 22% in May After 17% Gain in April," by VW Staff, ValueWalk, June 5, 2014 .
    • "WWE wrestling fans should get to know Rev. Fr. Emmanuel Lemelson," by Dan Marsiglia, Rant Sports, May 21, 2014 .
  34. The Lantern Foundation official website, “Leadership.”, Retrieved June 7, 2014.
  35. ”Amvona Pledges Award to Charity,” Seeking Alpha, February 22, 2013., Retrieved June 7, 2014.
  36. ”Amvona Announces Donation to Charity,” by Lana Bandoim, Yahoo, March 11, 2013., Retrieved June 7, 2014.
  37. "Implications of The Bevilacqua Ruling," by Emmanuel Lemelson, Seeking Alpha, October 25, 2011., Retrieved April 24, 2014.
  38. “Greg Lemelson makes the case that a little-noticed Massachusetts Supreme Court decision this...,” Seeking Alpha, October 20, 2011., Retrieved April 24, 2014.
  39. Lemelson Capital Management official website, Retrieved June 7, 2014.
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