Pelham's small cap hedge fund has upped its stake in land-based salmon farmer Atlantic Sapphire to just over 10 per cent, according to a report by IntraFish.

Hedge fund firm Pelham's small cap hedge fund has upped its stake in land-based salmon farmer Atlantic Sapphire to just over 10%, according to a report by IntraFish.

The Pelham Long/Short Small Cap Master Fund, which lost millions of dollars earlier this year during the tech stock wipeout, losses which at one point equated to a 28% YTD decline, has acquired 7.2 million shares in a private placement at a price per share of NOK 20.50 (€2.04/$2.07).

As a result the fund now owns 14 million shares, which represents 10.02% of shares and voting rights in the Miami-based business. Pelham Capital controls over 15.4 million shares outstanding, with a voting right of 11.03% of the company.