Lemelson Capital Management Announces 1H, 2019 Financial Results for The Amvona Fund, LP
Short position in Ligand pharmaceuticals, long position in Geospace Technologies, contribute to 70.27[1] percent net return in 1H, 2019
SHELBURNE, Vt., July 16, 2019 /PRNewswire/ -- Lemelson Capital Management, LLC (LCM), a private investment management firm, today announced performance results for its flagship Amvona Fund, LP. (The Fund). For 1H 2019, The Amvona Fund returned 70.27 percent net of all fees and expenses, beating by 51.73 percent the benchmark S&P 500 Total Return Index,[2] which returned 18.54 percent during the same period.
The Fund's short position in Ligand Pharmaceuticals (NASDAQ: LGND) and Long position in Geospace Technologies (NASDAQ: GEOS) contributed to the returns. During the period, The Fund continued to expand its investor base.[3]
"Our short position in Ligand and long position in Geospace Technologies are playing out as predicted, with the share price of Ligand continuing to crumble in the first half of 2019 and recently trading near a two-year low, while Geospace Technologies approaches a two-year high," said Lemelson Capital's Chief Investment Officer Fr. Emmanuel Lemelson.
Through various research reports and media interviews, LCM has made nearly 1000 factually accurate allegations concerning Ligand, including claims of business, accounting and securities fraud, most borne out by subsequent events to an extraordinary degree, including Lemelson's public commentary in July 2018, that Ligand's shares were set to "collapse." Ligand's stock, consistent with LCM's analysis, has plummeted as much as 63 percent since late September 2018 and traded near a two-year low of $98.56 per share as recently as January 16, 2019.
"We believe Ligand is a zero, and after covering our highly successful short positions in the company in both 2014 and 2015, we intend to continue to ride the current profitable short position all the way down," Lemelson added.
Separately, Lemelson today also announced new or expanded commitments in:
Bed Bath and Beyond (NASDAQ: BBBY)
Buckle Inc. (NYSE: BKE)
Dicks Sporting Goods (NYSE: DKS)
Kraft Heinz (NASDAQ: KHC)
Please read the important notice and disclaimer regarding The Fund's performance and this release here
Disclosure: Lemelson Capital is currently short shares of LGND and long shares of GEOS, BBBY, BKE, DKS, and KHC for its clients.
About Lemelson Capital Management
Lemelson Capital Management, LLC is a private investment management firm focused on deep value and special situation investments. For more information, visit: http://www.lemelsoncapital.com or follow on Twitter @LemelsonCapital
About Rev. Fr. Emmanuel Lemelson:
Rev. Fr. Emmanuel Lemelson is the Chief Investment Officer of Lemelson Capital Management, LLC, follow his work at www.amvona.com or on Twitter @Lemelson
For further information, please contact:
Lemelson Capital Management, LLC
Investor and Media Relations
Telephone: 802-332-3833
[1] Based on unaudited results.
[2] The S&P 500 Total Return Index includes the reinvestment of dividends
[3] Since inception, and apart from death, The Fund has never lost an investor.
SOURCE Lemelson Capital Management, LLC
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