“I don’t know what the long-run consequences will be,” he added. “The consequences will be slower-moving than many people anticipate.”
Tudor’s main hedge fund rose about 3.8% in the first five months of the year, according to a person familiar with the matter. That compares with a 0.4% gain for the HFRI Macro Total Asset Weighted Index. Tudor returned 10% in 2018.
JUST Capital
Jones also discussed the exchange-traded fund comprising socially responsible companies that JUST Capital started last year. In its first few days of trading in June 2018, the fund had a market capitalization of about $250 million. Now, it’s down to $125 million after Goldman Sachs Group Inc. pulled its seed capital.
“I don’t think the world fully understands the JUST ETF yet,” he said. Still, Jones isn’t dissuaded and believes the ETF, which is up 5.1% since inception, will eventually become popular.
JUST Capital rates companies on social, environmental and governance performance as well as return on equity. Each year they get re-ranked based on factors like how well they pay and treat their workforce and how socially beneficial their products are, Jones said.
“I own the ETF personally,” he said. “It’s the only equity I do own.”
--With assistance from Jonathan Ferro.
This article was provided by Bloomberg News.