Soroban Capital Partners is the latest in a “string of managers to return some client money as stock markets have rallied.” This according to a recent article in The Wall Street Journal.

While the firm says it remains optimistic about the market environment, its plan to return some client money from its oldest fund will allow for the “continued flexibility to compound capital over the long run.” The article cites comments by Greg Dowling of Fund Evaluation Group: “The market’s pretty fully valued, so people expect increased volatility later this year. Managers want to be able to be smaller and more nimble to take advantage” of that volatility.

Recently, the article points out, hedge funds have “come under pressure after consistently underperforming the market. Several prominent firms have closed and other onetime stars have cut fees, laid off employees and shifted strategies.” David Tepper’s Appaloosa Management LP and Seth Klarman’s Baupost Group LLC, it adds, have “given back billions in recent years.”