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Top 4 1st-Quarter Trades of Paul Tudor Jones' Firm

Tudor Investment takes position in industrial ETF

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May 24, 2021
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Tudor Investment Corp., the firm founded by

Paul Tudor Jones (Trades, Portfolio), disclosed during the past few weeks that its top four trades during the first quarter included a new position in Industrial Select Sector SPDR Fund (XLI, Financial) and a boost to its stake in the SPDR S&P 500 ETF Trust exchange-traded fund (SPY, Financial). The firm also dissolved its holdings in Tiffany & Co. (TIF, Financial) and Concho Resources Inc. (CXO, Financial).

The firm has offices in Connecticut, New York, Palm Beach, London, Singapore and Sydney. Tudor Investment seeks consistent returns through innovative research, trading and investment techniques. While the firm is historically known for discretionary macro trading, the firm also applies model-driven and systematic investment approaches.

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As of March 31, the firm's $4.99 billion equity portfolio contains 1,522 stocks, with 687 new positions and a turnover ratio of 56%. The top four sectors in terms of weight are technology, health care, financial services and communication services, representing 19.40%, 12.94%, 12.85% and 9.46% of the equity portfolio.

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Industrial Select Sector SPDR Fund

Tudor Investment purchased 1.694 million shares of Industrial Select Sector SPDR Fund (

XLI, Financial), giving the position 3.35% weight in the equity portfolio. Shares averaged $91.33 during the first quarter.

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According to the State Street Global Advisors website, the Industrial Select Sector SPDR Fund seeks to track the performance of an index comprised of companies in the industrials sector. Key industries in industrials include aerospace and defense, industrial distribution, farm and construction machinery and transportation.

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Other gurus with holdings in the Industrial Select Sector SPDR Fund include

Ken Fisher (Trades, Portfolio)'s Fisher Investments and Jim Simons (Trades, Portfolio)' Renaissance Technologies.

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SPDR S&P 500 Trust

Tudor Investment purchased 591,379 shares of SPDR S&P 500 Trust (

SPY, Financial), expanding the position 311.03% and the equity portfolio 4.70%. Shares averaged $384.57 during the first quarter.

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According to State Street Global Advisors' website, the SPDR S&P 500 Trust seeks to track the performance of the Standard & Poor's 500 index. The index closed at 4,197.05 on Monday, up 41.19 points from last Friday's close of 4,155.86.

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Ray Dalio (Trades, Portfolio)'s Bridgewater Associates also has a holding in SPDR S&P 500 Trust.

Tiffany

Tudor Investment's 825,391-share holding in Tiffany & Co. (

TIF, Financial) was dissolved following the company's Jan. 7 merger with LVMH Moet Hennessy Louis Vuitton SE (XPAR:MC, Financial). The transaction pared 3.07% of the equity portfolio.

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GuruFocus ranks the French luxury retailer's profitability 8 out of 10 on several positive investing signs, which include a 4.5-star business predictability rank and an operating margin that has increased approximately 1.4% per year on average over the past five years and is outperforming over 92% of global competitors.

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Concho Resources

Tudor Investment 976,364-share position in Concho Resources was dissolved following the company's Jan. 15 merger with ConocoPhillips (COP). The transaction trimmed 1.61% of the equity portfolio.

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Houston-based ConocoPhillips explores for and produces oil and natural gas liquids across the U.S. and several global markets. GuruFocus ranks the company's financial strength 4 out of 10 on the back of a low Piotroski F-score of 3, a moderately weak Altman Z-score of 2.13 and debt ratios underperforming approximately half of global competitors.

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Disclosure: No positions.

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