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Criterion Capital Management to shut down

San Francisco-based hedge fund Criterion Capital Management LLC is shutting down after 16 years of operations, The Wall Street Journal reported.

The fund, which focused on the technology, media and telecommunications sectors, was not satisfied with its performance, according to a letter reviewed by the news outlet.

In the letter, Criterion hinted that it may establish a new investment firm in the future, noting strength in long-term investment strategies.