Founder closing Impala Asset Management – Bloomberg

Bob Bishop, the founder of Impala Asset Management LLC, has decided to close the hedge fund and turn it into a family office after posting strong returns over the past two years, Bloomberg News reported, citing a letter Bishop wrote to investors.

The Palm Beach, Fla.-based firm, which manages about $2.5 billion, made money from a recent price surge in stocks in the energy, industrials and materials sectors. It also profited from shorting technology stocks this year, according to the report.

Bishop told investors in the letter that Impala recorded an 11% gain in its main hedge fund in 2022, and 64% since the start of 2020. The fund has generated an annualized 11.7% return since its inception in April 2004, surpassing the S&P 500 by more than 2 percentage points, according to the report.

A smaller fund focused on natural resources, which launched in August 2016, it has returned about 22% annualized, compared with 13.7% for the S&P benchmark, the report said.

Bishop was the chief investment officer of Soros Fund Management LLC before he started Impala.