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Bailey McCann, Opalesque New York:

Jason Karp's Tourbillon Capital Partners is winding down. In a letter to investors first reported on in the Wall Street Journal and reviewed by Opalesque, Karp said he wouldn't be able to keep the flagship strategy going without a significant change in mandate. By the end of the year, the fund hopes to have all investments returned.

In the letter, Karp said the investment methodology behind his flagship fund was working, but not as well as it could be. "Our portfolio construction succeeded in minimizing the noise of the investment climate, but it also muted the signal arising from our best ideas - a signal we should have been isolating and amplifying." The letter said.

Tourbillon's team plans to remain together and will continue investing in equities but the new strategy won't be open to outside investors just yet. Karp said in his letter that he plans to focus heavily on investments in public and private health and wellness companies.

One company he called out was SunOpta. SunOpta provides white label organic brands and is a supplier to Amazon/Whole Foods. As Opalesque previously reported, Tourbillon has amassed an activist stake in the company in 2015. Oaktree Capital also got involved as ......................

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