Q1 Letter: Activist Firm Legion Believes There’s Value In Retail

Legion Partners, the Los Angeles-based hedge fund, generated a net return of 15.6% during the first quarter of 2021. According to a copy of the firm’s first-quarter letter, which ValueWalk has been able to review, the fund’s flagship fund owned 12 positions across six sectors at the end of March. Legion’s assets under management totaled $543 million at the end of March, with $511 million allocated to its flagship Commingled fund. Managed by Chris Kiper and Ted White, Legion is an activist manager focused on the US small-cap market. The Commingled fund has returned 10.9% annualized since inception, compared to…