Tudor flagship BVI fund suspends withdrawals and will split in two

Even the better performing funds are under siege:  Investors wanting out of Paul Tudor Jones' flagship BVI fund will have to wait a while -- maybe until the end of March '09.  With many competitors' returns down double digits, Tudor's -5% return doesn't look so bad.  But investors wanted 14% of their money back, and that apparently would have meant that remaining investors would be left holding a proportionately larger percent of illiquid assets.  So Tudor plans to split off the less liquid assets into a new fund with lower fees.

“I recognise that a restructuring is an unwelcome, but I believe necessary, step against the backdrop of Tudor BVI’s 22-year history of unbroken profitable years,” Mr Tudor Jones wrote. “I believe it is but a brief step, however, on the road to important long-term changes for the benefit of all investors.”

Mr Tudor Jones said withdrawals were likely to be allowed again at the end of March next year, after toxic assets have been split from the main, liquid, fund. The main fund will return to Mr Tudor Jones’ trading roots in highly liquid global macro positions, a strategy he dubbed “back to the future”.

Tudor Jones suspends withdrawals from flagship fund - Financial Times

Here are charts for the stocks in Tudor's most recent 13F. 

Full Index of hedge fund 13F's

Click to enlarge