Jones’s Tudor Bets on Financial Stocks With JPMorgan, ETF

Tudor Investment Corp., the $11 billion hedge fund run by Paul Tudor Jones, bought shares of an exchange-traded fund that tracks financial companies, and a stake in JPMorgan (JPM) Chase & Co., during the first quarter.

Tudor purchased 8.66 million shares of the Financial Select Sector SPDR Fund, making the ETF its biggest U.S. stock holding as of March 31, according to a filing today with the U.S. Securities and Exchange Commission. The fund bought 1.27 million shares of JPMorgan, making the New York-based bank its second- largest equity position.

JPMorgan surged 38 percent in the quarter and the Financial Select ETF rose 22 percent as equities rallied. Shares of JPMorgan have fallen 12 percent through yesterday since the company disclosed a $2 billion trading loss on May 10 involving synthetic credit derivatives. Moore Capital Management LLC, the hedge fund founded by Louis Moore Bacon, is among rivals that also bought shares in JPMorgan earlier this year.

Tudor, based in Greenwich, Connecticut, also bought 238,000 shares of the Market Vectors Gold Miners ETF, according to the filing, while selling its stakes in Virgin Media Inc. (VMED), Apple Inc. and Noble Energy Inc.

Shawn Pattison, a spokesman for Tudor, declined to comment.

To contact the reporter on this story: Saijel Kishan in New York at skishan@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net