Melvin Capital Management, the once high-yielding hedge fund that lost billions of dollars when bearish bets were swept up in the Reddit rally, saw its first-quarter decline rise to 49%.

This time around, the decline is 7%, down 22% from the previous month, but 53% lower than in January.

The lender founded by Gabe Plotkin Melvin Capital became one of the biggest losers after retailers rallied to boost GameStop Corp.’s stock price. Plotkin grew the company so quickly that it later received $2.75 billion from Citadel, Point72 Asset Management and others.

In February, Plotkin was called before Congress to testify about that failure. He told lawmakers that his hedge fund’s trades would be adjusted to avoid the kind of market moves that caused his fund to lose money.

A spokeswoman for the agency declined to comment.

Mutual Fund Investment Strategy

Read more about Maplelane Capital gets 22% from GameStop craze.

Maplelane Capital, another organization in trouble with GameStop, is starting to recover from a 45% loss in January.

The fund lost 39.5 percent in the first quarter after rising 6.5 percent in February and 2.1 percent in March. The fund is one of the beneficiaries of the company’s quick, long-term investments in technology and consumer-related companies.

Maplelane has been profitable in 14 of the past 15 months, many note.

The $3 billion New York-based lender, led by Leon Shaulow and Rob Crespi, declined to comment.

Overall, hedge fund trading struggled to generate revenue last month amid increased market volatility. Funds were broadly flat in March and up 2.2% in the first quarter, according to Hedge Fund Analysis Inc. The S&P 500 rose 4.2% in March and 6.2% for the quarter after reinvesting dividends.

Lone Pine Capital, Tiger Global Management and Whale Rock Capital Management, which often bet on the technology sector, posted disappointing results in March.

Glenview Capital, meanwhile, finished 2020 at 9.5%, despite losing a lot of money a year ago. The firm’s flagship fund rose 25% in March thanks to favorable bets on health care-related stocks such as DXC Technology Inc. and Cigna Corp. AmerisourceBergen Corp. and McKesson Corp.

Here’s a familiar look at how various hedge funds performed in March and the first quarter. Representatives for these companies declined to comment.