As you've likely heard, some demanding Tudor investors, for whom a five percent loss for the year through November is apparently not good enough, have asked for their money back. Only prob is, Paul Tudor Jones and Co. are having none of this "give it back" nonsense. They are all about the "keep it" era (and why shouldn't they be? They're fabulous). So! For the time being, redemptions from the BVI Global fund have been put on ice, and investors have been asked very nicely if they'd be okay with the hedge fund being split in two. The A-team will retain the BVI name and take "easier-to-trade stocks, bonds, commodities and currencies. The B-team will be shafted with "hard-to-sell investments, mostly corporate bonds and loans from emerging markets," be dubbed "Legacy," and not pocket a performance fee until the assets make back their high watermark. Letter from PTJ after the jump.
Tudor BVI Letter [PDF]