Current news for this fund:
Tudor - BVI Global Fund - global macro
Count of distinct funds: 1
The losses on Tudor's flagship fund are not that bad -- 5% on the year, compared with 18% for Hedge Fund Research's Multi-Strategy Index -- but apparently the 14% of AUM redemption requests are not meetable given the funds proportion of "illiquid" assets:
“Creating a separate fund will give the original fund the opportunity to generate better returns minus the toxic assets that have acted like a sea anchor,” said James Chirnside, chief investment officer at Sydney-based Asia Pacific Asset Management Pty Ltd., which invests in hedge funds.
As the quote implies, a separate fund will be created to hold the "illiquid" assets, called "Legacy":
Legacy will account for about 29 percent of BVI’s assets as of March 31, 2009, according to the letter. It will include emerging-market corporate credit debt, which has “ceased to be tradable,” as well as investments in private equity and hedge funds.
Here are the terms:
Tudor has two other funds that have actually shown gains on the year -- click the Bloomberg article above to read more.
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Important: This fund is on our list of hedge funds that are apparently ailing or which we think are worth watching for any other reason. Ailing funds haven't shut down, but they've suffered significant value declines and/or temporarily halted redemptions. Funds on watch may not even have unusual declines, but may be posted if it is felt there may be risk of developing a more serious condition eventually.