Blackstone is liquidating its Blackstone Diversified Multi-Strategy fund, which exposed investors to trading tactics after assets plunged over 90% in four years.

The fund, which makes up 0.5% of its hedge fund division, saw a 2% return drop from 2020 to last month.

Since appointing new leadership in 2021, the fund has returned 4.5% to investors, compared to a 4.6% loss on an average 60/40 global stock and bond portfolio.