The firm shuts down after a solid 12-year run.

White Elm Capital is shutting down its hedge fund operations. Founder Matthew Iorio wrote a letter to investors Friday announcing the decision.

The news comes at a time that the hedge fund has performed strongly. According to Reuters, the fund has returned about 30% this year. Iorio said that it’s time to go out on top.

The hedge fund launched in 2007 and averaged 15% each year. At its peak, it managed more than $1 billion. At the end of 2018, AUM totaled $328 million, according to SEC filings. Its recent regulatory filings state that the firm owned states of Visa, Mastercard, Autodesk, and TransDigm Group in September 2018.

White Elm Capital Letter to Investor

Iorio called the decision to shutter his fund “very difficult.” However, he said that he was happy to walk away and “returning capital when we are performing at the top of our game.”

Iorio plans to convert White Elm Capital into a family office. The fund will return capital to investors in January.

Finally, the decision comes at a time that many funds are shuttering. In November, Louis Bacon announced plans to shutter Moore Capital Management after 30 years. Meanwhile, prominent fund manager David Tepper announced also plans to return capital to investors in January. Appaloosa Capital will also convert to a family office in 2020.

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