""Over the last few years, it has become increasingly difficult to apply our rigorous bottom-up investment process to rapidly shifting market conditions and an evolving market structure.""
""We believe that in recent years we have fallen short of our very high standard and your expectations.""
""I am tremendously proud of the Eminence team for the business and culture we built and the quality of our investor base.""
Ricky Sandler is shutting down Eminence Capital after 27 years, citing difficulties in applying a rigorous investment process amid changing market conditions. The firm has struggled with disappointing returns and high operational costs. Sandler expressed pride in the team and the culture built over the years. Eminence has suspended redemptions to ensure an orderly wind down, with plans to distribute at least 75% of each fund's net asset value by mid-to-late June. The firm manages approximately $7 billion.
Read at Fortune
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