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Commodity hedge fund Higgs Capital Management will wind down and return money to investors, its founders said in a note on Monday.

The fund managed some $250 million and invested across energy, metals and agriculture markets, Neal Shear, one of the founders, told Reuters.

Shear and co-founder Jean Bourlot, both former executives at Morgan Stanley MS.N and UBS, said in the note that they would return capital and wind down the fund in an "orderly fashion."

"Over the life of the fund we made money," Shear told Reuters. "Our closing is largely a factor of redemptions that are happening in the commodity market and lack of stability of our capital."