February 26, 2009, 6:57 PM
Tudor Investment, the giant hedge fund firm run by the billionaire Paul Tudor Jones, has formed a new fund to invest in the global futures markets following gains of 36 percent in its current futures fund last year.
The new investment vehicle, called the Tudor Momentum Fund, has collected about $51 million since it started trading last December, according to people briefed on the fund. It is being run by Steve Evans, who also manages the $870 million Tudor Tensor Fund, which bets in many areas, be it currencies or commodities.
The Tensor Fund has returned an average of 15.5 percent a year since it opened in 2005, according to a report from HSBC Private Bank. The fund recorded gains of less than 1 percent in January.
Like the Tensor Fund, the new Momentum Fund uses computer models that take advantage of rapid swings in the market. A spokesman for Tudor Investment declined to comment.
Tudor’s flagship BVI Global Fund, which has $8.3 billion in assets, was down only 4.5 percent last year, but has recorded average annual gains of 22 percent since its inception in 1986. The fund is up 3 percent through January, according to HSBC.