Hedge fund Citadel LLC has amassed the largest position in AMC Entertainment Holdings, Inc. of any hedge fund.

For investors in AMC, Citadel and its CEO, Ken Griffin, have often served as archvillains.

And not without reason. A pending lawsuit in Florida alleges that Citadel Securities LLC may have pressured Robinhood Markets, Inc. into limiting trades in AMC, GameStop Corp., and other meme stocks.

This sent their prices down and may have benefited Citadel LLC’s portfolio.

Now, Griffin and Citadel seem to have decided that if you can’t beat them, join them:

When looking at the institutional investors followed by Insider Monkey, Citadel Investment Group, managed by Ken Griffin, holds the most valuable position in AMC Entertainment Holdings Inc (NYSE:AMC). Citadel Investment Group has a $338.1 million call position in the stock, comprising 0.1% of its 13F portfolio.

With AMC’s stock up more than 17-fold for the year, Griffin seems to have realized that fighting hordes of retail traders is a losing battle.

He’s in good company. Jim Simons, legendary founder of Renaissance Technologies LLC, has been loading up on AMC shares since at least August.

Other top funds, including D.E. Shaw (former employer of Jeff Bezos), have also thrown their hats in the ring.

One of the most common sayings in markets is “The trend is your friend.” Griffin will find few friends in the meme stock community, but the trend may be on his side.

More on markets:

Jim Simons Buys AMC, Bets on Retail Trend

How Did High Dividend Stocks Perform In the Last Crash?

AMC May Issue Its Own Cryptocurrency, Per CEO

Photo: “Ken Griffin” by DanGPhotos1 is licensed under CC BY 2.0

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