Dallas-based hedge fund Brenham Capital is closing, a casualty of what founder John Labanowski called “some truly bizarre stock action.”

Brenham made bets on small and midcap energy stocks. Brent, the global benchmark, entered a bear market this month—defined as a 20% drop from a recent peak. Energy investors have also been whipsawed by volatility outside the oil market.

The closure is the latest in a string of hedge-fund shutdowns.

Brenner West Capital Partners is also closing after 13 years in business, people familiar with the matter told The Wall Street Journal on Friday. The New York-based fund invested primarily in value stocks and is owned by Craig Nerenberg and Joshua Kaufman, according to a regulatory filing.

The fund gained about 24% last year, some of the people familiar with the fund said. Brenner West’s more recent performance wasn’t known. The firm managed more than $900 million, according to a regulatory filing in March.