Tudor Investment is returning money to clients from its $120 million managed futures fund run by Steve Evans after three years of losses.
Investors in the Tudor Tensor Fund can put their money into a managed account that follows the same strategy, the firm said Wednesday in a letter to clients, a copy of which was obtained by Bloomberg News. Investors can get their money at the end of the month or the end of April, Tudor said.
Managed accounts allow clients to have direct investments in a strategy rather than pool their holdings with others.
Tudor started the Tensor fund, which uses computer models to buy and sell futures contracts in markets from currencies to commodities, in 2005, and it managed as much as $1.1 billion at its peak in 2009. Such funds have posted losses for the past three years as money managers say government intervention in global markets has skewed price trends that their models follow.
A spokesman for Tudor declined to comment on the letter. Tudor manages $13.7 billion in assets.
The Tensor fund has fallen 3.9% this year through March 14, according to an investor report. The losses follow a 3.4% decline last year, a 2.2% drop in 2012 and a 10% slump in the previous year.
Tudor said that its quantitative research team headed by Mr. Evans will continue to undertake new research and strategies in connection with the managed account program, which will continue.