(Bloomberg) -- Nevsky Capital’s $1.5 billion hedge fund is shutting down, part of a growing trend among money managers following weak returns in 2015. What’s unusual is the reason the managers gave for folding: navigating markets driven by computers and index funds.

“We have come regretfully to the conclusion that the current algorithmically driven market environment is one which is increasingly incompatible with our fundamental, research orientated, investment process," Martin Taylor, the firm’s chief investment officer, said in a statement. “The bear market in emerging market equities, which began in 2011, may eventually engulf developed markets too.”

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