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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 by financial research firms among the world's top performing hedge funds.〔("Barron's Names Lemelson Fund as April's Top HF," Evestment, May 28, 2014 ), Retrieved June 6, 2014.〕〔("Lemelson Capital Ranks Among Top HFs with 17% Gain in April," by VW Staff, ValueWalk, May 27, 2014 ), Retrieved June 6, 2014.〕 The company has focused on deep value and special situation investments.〔(Articles by Emmanuel Lemelson, Seeking Alpha. ), Retrieved June 6, 2014.〕〔("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.〕 Its activist position in several publicly traded companies has proven influential in impacting share prices.〔〔("Kulicke & Soffa jumps; activist discloses stake, calls for buyback," Seeking Alpha, April 22, 2014 ), Retrieved June 6, 2014.〕 ==Investments and activism== Lemelson Capital Management attracted media attention following its March 17, 2014 short call on World Wrestling Entertainment (NYSE:WWE).〔〔("World Wrestling pummeled four out of five rounds this week," by Gary Strauss, ''USA Today'', April 11, 2014 ), Retrieved October 7, 2014.〕〔("Kulicke & Soffa shares surge after investor urges buyback," by Gary Strauss, ''USA Today'', April 22, 2014 ), Retrieved October 7, 2014.〕 In its short thesis〔("The Short Case for World Wrestling Entertainment," Lemelson Capital Management, March 17, 2014 ), Retrieved June 7, 2014.〕 and again on April 9, 2014,〔("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.〕 the firm criticized what it said were deficiencies in the company's management team and announced that it was short on its stock. The report placed fair value of WWE shares (which closed that day at $30.37) between $8.25 and $11.88.〔 Lemelson told SNL Kagan that it believed that the WWE Network would have a hard time growing its number of subscribers.〔James, Sarah Barry.("Part 1: WWE Network profitable or on the ropes?" ) SNL Kagan. April 15, 2014, Retrieved October 28, 2014.〕〔James, Sarah Barry. ("WWE/NBC rights deal: The red wedding." ) SNL Kagan. May 19, 2014, Retrieved October 28, 2014.〕 It also stated that the company stood to lose $45 to $52 million in fiscal year 2014.〔Kline, Daniel. ("Will the WWE Network Ever Make Money?" ) Motley Fool. May 20, 2014, Retrieved October 28, 2014.〕 Following release of the Lemelson Capital report, WWE's stock price fell by 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.〔 Lemelson Capital then called on WWE's Board of Directors to intervene and replace the company's executive management team, or pursue a sale of the company.〔("Should the McMahons Still Be Running WWE?" by Daniel Kline, The Motley Fool, June 7, 2014 ), Retrieved June 7, 2014.〕〔("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.〕〔("WWE stock in sleeper hold as subscriptions stall," by Richard Morgan, ''New York Post'', November 27, 2014 ), Retrieved December 3, 2014.〕 Several hours later, 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.〔("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.〕 Lemelson Capital simultaneously announced that it had covered its short position and taken a stake in the company at the substantially lower price.〔〔("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.〕〔("WWE's stock smackdown is a blow to Vince McMahon's credibility," "Breaking News," Seeking Alpha, May 17, 2014 ), Retrieved June 7, 2014.〕 Following announcement of the firm's long position, the stock subsequently appreciated substantially, trading as high as $15.38."〔("Lemelson takes down World Wrestling Entertainment, Inc. and brings it back up," by Joel Elconin, Benzinga, September 11, 2014 ), Retrieved October 7, 2014.〕 On March 30, 2015, ''USA Today'' reported that Lemelson Capital Management, in February 2015, had sold its stake in WWE at $16.50.〔("Smack down at World Wrestling Entertainment," by Gary Strauss, ''USA Today'', March 30, 2015 ), retrieved May 30, 2015.〕〔("Stocks climb 2% as NASDAQ tops 15-year record," by Vito J. Racenlli, ''Barron's'', April 25, 2014 ), retrieved May 30, 2015.〕 On April 22, 2014, Lemelson Capital 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 its shares, which Lemelson said were substantially undervalued.〔("Kulicke and Soffa Industries: Large Cash Pile and Activist Involvement," by Alex Gavrish, ValueWalk, April 29, 2014 ), Retrieved June 7, 2014.〕〔("Open Letter to Kulicke & Soffa's CEO," Seeking Alpha, April 22, 2014 ), Retrieved June 7, 2014.〕 The stock rose ten percent on the announcement of Lemelson Capital's involvement.〔〔Other sources: *"Kulicke & Soffa Industries soars on strong FQ3 guidance," Seeking Alpha, April 29, 2014, Retrieved June 7, 2014,(). *"Kulicke & Soffa higher on bullish b. Riley note," Seeking Alpha, June 4, 2014, Retrieved June 7, 2014,().〕 Four months later, on August 27, 2014, Kulicke & Soffa announced that its Board of Directors had authorized a share purchase of up to $100 million.〔("Kulicke & Soffa heeds activist's call, launches buyback," by Eric Jhonsa, Seeking Alpha, August 27, 2014 ), Retrieved September 2, 2014.〕〔("Kulicke & Soffa Announces Repurchase Program," ''The Wall Street Journal'', August 27, 2014 ), Retrieved September 2, 2014.〕〔("Lemelson commends Kulicke and Soffa on repurchase," ''The MetroWest Daily News''," August 29, 2014 ), Retrieved September 11, 2014.〕 On June 16, 2014, Lemelson released a 25-page research report on Ligand Ligand Pharmaceuticals, a publicly traded companythat concluded that severe competitive threats to Ligand's key royalty programs, going concern risks, and other challenges were so significant that the stock had no intrinsic value.〔("Bearish outlook for Ligand from Lemelson Capital," by Douglas W. House, Seeking Alpha, June 16, 2014 ), Retrieved September 11, 2014.〕 Over the ensuing six trading days, the stock dropped 16 percent on Lemelson's criticisms.〔("Money manager betting against biotech firm Ligand Pharmaceuticals," by Gary Strauss, ''USA Today'', June 16, 2014 ), Retrieved June 28, 2014.〕〔("Shares of Ligand Pharma tick lower following word from Lemelson Capital Fund has initiated short position in stock," by Hal Lindon, Benzinga, June 16, 2014 ), Retrieved June 28, 2014.〕〔("Lemelson Capital makes short case against Ligand Pharma," Street Insider, June 16, 2014 ), Retrieved June 28, 2014.〕 Three weeks later, on July 3, 2014, Lemelson announced that it had further increased its short position in Ligand and released an appended 12-page research report questioning the commercial viability of Ligand's products and reaffirming its position that downside risk for Ligand was "100%."〔("Lemelson Ups Ligand Pharmaceuticals (LGND) Short," by VW Staff, ValueWalk, July 3, 2014 ), Retrieved September 13, 2014.〕〔("Ligand Pharmaceuticals (NASDAQ: LGND): Appendix," Lemelson Capital Management ), Retrieved September 13, 2014.〕 On August 7, 2014, the financial media outlet Benzinga reported, "Shares have sold off more than 25 percent since Lemelson Capital published its bearish thesis on the stock in mid-June."〔("Exclusive: "Emmanuel Lemelson Talks Ligand Pharmaceuticals," by Luke Jacobi, Benzinga, August 7, 2014 ), Retrieved September 13, 2014.〕 On November 18, 2014, Yahoo Finance reported that the firm had covered its short position at an approximately 40 percent return.〔("Lemelson Capital Management CIO Discusses Ligand Pharmaceuticals Prior To Company Issuing Weak Guidance," by Jayson Derrick, Yahoo Finance, November 18, 2014 ), retrieved May 30, 2015.〕 On October 20, 2014, the financial media outlet Seeking Alpha reported that Lemelson Capital had taken a two percent stake in Geospace Technologies Corporation, a NASDAQ-traded company that develops products for seismic data acquisition in the oil and gas industry, sending the company's stock up 4.2 percent, citing the firm's earlier involvement in Kulicke & Soffa Industries' share repurchase program.〔("Geospace +4.2 % after activist discloses stake", Seeking Alpha, October 20, 2014 ), retrieved May 30, 2014.〕〔("Lemelson announces 2% stake in Geospace Technologies Corp," by VW Staff, ValueWalk, October 20, 2014 ), retrieved May 30, 2014.〕〔("Lemelson Capital Management announces stake in Geospace Technologies," by Jayson Derrick, Benzinga, October 21, 2014 ), retrieved May 30, 2014.〕 On September 25, 2015, the financial media outlet Benzinga reported that Lemelson Capital was short Skechers, an NYSE-traded footwear company, "at an average (adjusted for a 3:1 stock split) cost of $132" and that the firm would continue to short the stock. Lemelson Capital's chief investment officer Emmanuel Lemelson was quoted in the article as saying the stock was vulnerable to a "precipitous fall". On October 22, 2015, shares of the company plunged more than 30 percent following disappointing earnings.〔("Lemelson: Skechers still a short after losing a third of its share value," by Jayson Derrick, Benzinga, October 23, 2015 ), Retrieved October 26, 2015.〕〔("Meet the priest of Wall Street," Fox Business, November 5, 2015 ), Retrieved November 12, 2015.〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Lemelson Capital Management」の詳細全文を読む スポンサード リンク
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