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5yrs ago Hedge Fund hfm.global Views: 301

A year on from one of his most turbulent moments as a trader, Paul Tudor Jones is once again beating peers despite a choppy environment for macroeconomic hedge funds.

Tudor Investment Corp.’s flagship fund gained more than 9% through September this year, putting it on pace for its best year since 2013. The gains came after Jones promised to manage a larger portion of the strategy’s investments, making himself the firm’s largest risk taker.

Dharmesh Maniyar, Tudor’s second-largest trader, returned more than 13% in a separate fund he manages, a person familiar with the matter said.

A spokesperson for Tudor did not respond to requests for comment.

Jones, revered for years of savvy macro trades, moved to restructure Tudor last year after performance struggles caused investors to withdraw billions of dollars. The firm managed about $7 billion in July this year, down from $8 billion at the same point in 2017.

Tudor raised about $300 million for Maniyar’s fund in October last year, making him the firm’s sole trader managing a standalone macro fund. The fund struggled early, losing about 8% in its first three months of trading outside money, a person familiar with the matter previously said.

Later in November, Tudor closed a multi-manager fund that also gave money to Maniyar’s strategy. The multi-manager fund, meant to showcase the firm’s range of traders, allocated money between just three teams when it shut down.

This year, Tudor has managed improved returns despite an uneven environment for macro hedge funds adjusting to the reversal of years of easy money central bank policies. The median macro fund in the Absolute Return database returned 2.89% through September, registering only slight gains since January.

Both Tudor funds also made most of their profits during the first half of the year. Bets on rising market volatility and U.S. government bond yields contributing to early performance gains in the flagship strategy, a person familiar with the matter previously said.

Tudor has taken on a more public profile this year, even making a rare appearance on CNBC, during which he criticized the Federal Reserve’s pace of interest rate hikes. In an interview with Goldman Sachs in February, Tudor predicted 10-year Treasury yields could advance as high as 3.75% by the end of the year.

“With rates so low, you can’t trust asset prices today,” Tudor said. “And if you can’t tell by now, I would steer very clear of bonds.”

Maniyar, who has a doctorate in applied mathematics, uses machine learning to inform trades in global markets. During an appearance at the EuroHedge Summit in June, he said President Donald Trump’s frequent Twitter missives have created profitable bouts of volatility.

“For us, Trump is a source of opportunity,” Maniyar said. “Geopolitics have always been important, but right now they’re even more important.”

Tudor on track for best returns in years following restructuring on Absolute Return.


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