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NY hedge fund Hoplite Capital to shut down

New York-based hedge fund Hoplite Capital Management LP is closing down and returning money to outside clients in the wake of continued low returns, Reuters reported, citing an investor letter from Hoplite founder John Lykouretzos.

The firm was not able to generate adequate returns "to maintain the capital duration required to successfully implement our stock-picking strategy without distraction," Lykouretzos wrote.

Hoplite reportedly managed roughly $1 billion in client assets as of Dec. 31, 2018, and had returned 7.3% net of fees in the first seven months of 2019.