(Bloomberg) — Bob Bishop is closing his Impala Asset Management and turning it into a family office, after posting strong returns over the past two years.

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“I recently turned 65, and have spent 36 years in the investment industry, half of them with Impala,” Bishop wrote in a letter to investors Wednesday explaining his decision.

Impala — a value investor focused on energy, industrials and materials, among others — made money from a recent jump in shares of companies in those sectors. It also profited by shorting technology stocks this year.

Bishop’s Palm Beach, Florida-based firm, which manages about $2.5 billion, posted an 11% gain in its main hedge fund this year, and 64% since the start of 2020, according to the letter. The fund has generated an annualized 11.7% since its April 2004 inception, beating the S&P 500 by more than 2 percentage points.

A smaller fund focused on natural resources, which debuted in August 2016, has returned about 22% annualized, compared with 13.7% for the S&P benchmark.

Spotlight Q&A: Impala Asset Management CEO Bishop Picks Stocks

“There have been periods that have been quite difficult, where we have underperformed,” Bishop wrote. “But we always caught inflection points for the sectors we specialized in, which helped get us back on track.”

Before starting Impala, Bishop worked as chief investment officer of George Soros’s Soros Fund Management, and also had stints at Lee Ainslie’s Maverick Capital, Kingdon Capital Management and Julian Robertson’s Tiger Management, where he met Ainslie. His first job was at Salomon Brothers.

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