This female run hedge fund’s stocks are winning from Coronavirus stay-at-home orders

SoMa Equity Partners was down 1.8% for the first quarter, compared to the NASDAQ's 14% decline and the S&P 500's 20% decline. The fund's average net exposure was 70% during the quarter. Its long book return on invested capital was -4%, while its short book return on invested capital was 21%. That marks the biggest quarterly spread in the fund's four-year history.

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Big winners and losers

In his first-quarter letter to investors, which was reviewed by ValueWalk, Chief Investment Officer Gil Simon said many of their positions benefited from states' stay-at-home orders. Most of them are digital-first companies that serve consumers,...