Intrinsic Value Investors European fund’s managers have decided to shutter the fund due to their inability to find suitable investments that would give them decent returns over the next decade, according to an article in CityWireUSA.

In a letter to clients informing them of the closure, the managers said they expect the next 5-10 years to be a challenging investment environment, with higher inflation, higher interest rates, and lower equity prices.

The fund outperformed a steady average of 2% annually over its 15 years of existence, though it lagged the momentum of the last 18 months. Currently, the strategy is 26% in cash, and plans to be wound down by the end of October.

It’s not alone in shuttering: asset manager AJO closed up shop at the end of 2020, claiming that the drought in value was at the root of their challenges—just before the value factor enjoyed a strong rebound with the success of the Covid-19 vaccines.