Tudor Investment Corporation, also known as TIC, is an investment management firm with more than $38 billion in assets under management (AUM). It currently manages a total of 23 pooled investment vehicles, three of which are private equity funds and 11 of which are hedge funds. The firm currently employs 127 advisors.
It's important to understand that hedge funds are often complex, loosely regulated investments and therefore accessible to accredited investors. If you're looking for trusted and comprehensive support in managing your own finances, consider speaking to a professional financial advisor.
Tudor Investment Corporation Background
Tudor Investment Corporation was formed in 1980 by Paul Tudor Jones. TIC serves as the primary advisory entity within the Tudor Group of affiliates. It is privately owned by certain current and former personnel together with its relying advisors (investment advisors eligible to register with the SEC). Jones is the sole controlling principal of Tudor and is Co-Chairman and CIO of TIC. He co-founded the Robin Hood Foundation, charitable organization that works to reduce poverty in New York City, in 1988.
The firm's headquarters are located in Stamford, Connecticut and it has another office in New York City. Tudor Capital Europe LLP has an office in London.
Tudor Investment Corporation clients include the Tudor Hedge Funds, the Tudor Private Equity Fund and the Managed Accounts. Tudor additionally advises Prioprietary Accounts. The Tudor Hedge Funds and Tudor Private Equity Fund are privately-placed pooled investment vehicles whose investors generally include high-net-worth individuals and related entities, sovereign entities, pension funds, non-financial corporates, financial institutions, endowments and foundations, fund-of-fund vehicles, family offices and proprietary capital from certain current and former personnel and related entities. Account minimums vary by fund.
Tudor Investment Corporation Investment Philosophy
Tudor Investment Corporation uses a variety of investment strategies and related methods of analysis. It categorizes these broadly as discretionary and quantitative (using mathematical models to review data, draw conclustions and make recommendations).
With regards to its hedge funds specifically, the main objective of TIC is to seek capital appropriation, or net increase in value of assets, through discretionary and quantitative trading and investing on a global basis. The firm does this via both long and short trading approaches across a wide range of securities and derivative instruments in many different asset classes (including fixed income, currency, commodity and equity).
To manage its hedge funds, Tudor uses one or more of the following principal investment strategies:
- Directional Global Macro: These portfolio managers trade and invest on global macroeconomic themes through both fundamental and technical analysis, both long and short, across a variety of financial assets.
- Orthogonal: These portfolio managers specialize in strategies that are different from and not correlated with the Directional Global Macro strategy mentioned above. They may use quantitative and other analytical tools as well.
- Hybrid: These portfolio managers will use elements of both Directional Global Macro and Hybrid strategies, using quantitative and other analytical tools in connection with them.
- Event Driven: These portfolio managers will use both long and short approaches mostly in U.S. and European equity securities. THey will use a strategy that is focused largely on corporate events, including but not limited to mergers, spin-offs, exchange offers, liquidations, asset transfer, corporate reorganization and bankruptcies.
- Quantitative: These portfolio managers will use strategies involving equity, credit, corporate bonds, futures and foreign exchange (among others) that vary by assets traded, approach, risk profile and other factors.
Largest Hedge Funds Managed by Tudor Investment Corporation
The Tudor BVI Global Portfolio LP
- AUM: $21,561,358,000
- Minimum: $10 million
- Beneficial Owners: 229
Tudor Global Fund LP
- AUM: $8,551,628,000
- Minimum: $100,000
- Beneficial Owners: 8
Maniyar Macro Trading LP
- AUM: $2,963,023,000
- Minimum: $10 million
- Beneficial Owners: 55
Tudor Systematic Tactical Trading LP
- AUM: $2,755,661,000
- Minimum: $250,000
- Beneficial Owners: 16
Maniyar Macro Portfolio LP
- AUM: $1,256,620,000
- Minimum: $10 million
- Beneficial Owners: 54
Fees at Tudor Investment Corporation
Tudor Investment Corporation fees include management fees and performance-based fees. The firm may waive either kind of fee in certain instances that it deeps appropriate. Fees are charged by the firm to the Funds, not to the clients directly. You can take a closer look at the percentages in the table below:
|Tudor Hedge Fund||Annual Management Fee||Performance-Based Allocation|
|The Tudor BVI Global Fund LPThe Tudor BVI Global Fund LTD||1.75%-2.25%||20%|
|Legacy Asset Fund LPLegacy Asset Fund LTD||0%||0%|
|Maniyar Macro Fund LPManiyar Macro Fund LTD||1.0%-1.75%||20%-27%|
|Tudor Riverbend Crossing Partners LPTudor Riverbend Crossing Partners LTD||0.75%-1.25%||10%-15%|
|Tudor Systematic Tactical Trading Fund LPTudor Systematic Tactical Trading Fund LTD||Expense Pass Through (Expenses paid directly to third party)||0%-10%|
|Tudor Global Fund LP (1)||1.75%-2.25%||20%|
|Tudor Family Fund II LLC (2)||0.5%||2%|
|Tudor Employee Investment Fund LLC (3)||0%||0%|
(1) Tudor Global Fund LP is only available to Tudor, Paul Tudor Jones, certain relatives and certain current and former personnel.
(2) Tudor Family Fund II LLC is only availble to Paul Tudor Jones and certain relative.
(3) Tudor Employee Investment Fund LLC is only avaible to certain current and former personnel. Fees are paid indirectly via investments in other funds.
Additional fees and expenses may apply - including but not limited to registration fees, maintenance fees, certain taxes and regulatory expenses - so it is imperative that potential clients reach out about specific fees charged to their fund.
What to Watch Out For
Again, it's important to understand that hedge funds are often complex, loosely regulated investments and therefore accessible only to accredited investors, who, along with sophisticated investors, are allowed by the SEC to buy securities like these. These two groups of investors differ from retail investors or individual investors, who might be taking a more DIY approach or enlisting the services of a financial advisor.
Within the past 10 years, Tudor Investment Corporation has not undergone any disciplinary or legal action deemed material to a client’s evaluation of its business integrity. That said, as an SEC-registered investment manager, the firm is legally obligated to uphold its fiduciary duty and work in clients’ best interests at all times. You can view its latest Form ADV on the official website of the Securities & Exchange Commission (SEC).
Becoming a Client of Tudor Investment Corporation
If you are an accredited investor and wish to become a client of Tudor Investment Corporation, you can visit the firm's website or call (203) 863-6700.
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