“This is obviously not what we were aiming for and I just don't think my strategy makes a lot of sense in this market environment so I just decided to give everybody their money back and regroup.”

Falling energy prices claimed another victim on Monday.

Chicago hedge fund Achievement Asset Management announced plans to close down and return $875 million in assets to investors.

It’s not just the size of the fund that is surprising but its length of independence as well. Founded in 2012 by Joe Scoby, the fund split away from Peak6 Investments last September and managed $2 billion at its peak.

The Wall Street Journal cites “a dramatic pullback for energy bonds,” as a reason why its strategy failed to perform.

To his credit, Scoby’s statements indicate maturity and a willingness to cut losses at a time that the fund was down 7% year-to-date. Scoby said he preferred to return the remaining cash to his investors instead of running “a laboratory with investors’ money.”

We all know he could have doubled down – like say Bill Ackman did on Valeant stock – only to see more money disappear.

That said, Achievement isn’t the only fund that announced it’s closing down in 24 hours though.

After a 9.4% loss this year, BlackRock is shuttering its global macro hedge fund.