What if you had copied Tudor Investment?
Paul Tudor Jones
The verdict
Copying Tudor Investment's 13F filings from Feb 2020 would have turned $10,000 into $20,951, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +11.6% a year against +14.4% for the S&P 500, 2.7 points a year behind. Its worst fall was 40.4%, from Nov 16, 2021 to Jun 16, 2022. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Tudor Investment$20,951
- S&P 500$24,639
- Bought their first portfolio and never traded$21,610
If you had bought their first portfolio and never traded, you would have ended at $21,610, so following every move cost $658.
- $10,000 copied
- $20,951
- +109.5%, +11.6% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $21,610
- Bought their first portfolio and never traded
- Worst fall
- −40.4%
- Nov 16, 2021 to Jun 16, 2022
- Trades
- 1,355
- 696 buys, 659 sales over 30 filings; about 265% of the copy traded a year
The moves that made the most
Held since Feb 2020, the stock up 104%
- MSFTMicrosoft+$741
Held since May 2020, the stock up 186%
Held since Nov 2020, the stock up 333%
- AMZNAmazon.com+$592
Held since May 2020, the stock up 164%
- KCKingsoft Cloud+$587
Held from Nov 2020 to Feb 2021, the stock up 86%
- APPAppLovin+$547
Held from Aug 2024 to Nov 2024, the stock up 240%
The moves that cost the most
- AIC3.ai−$1,704
Held from Feb 2021 to Nov 2023, the stock down 87%
Held from May 2020 to Feb 2024, the stock down 51%
- AFRMAffirm−$440
Held from Nov 2021 to May 2022, the stock down 83%
Held from Nov 2021 to Feb 2022, the stock down 54%
- UUnity Software−$342
Held from Nov 2021 to Nov 2023, the stock down 78%
- SNOWSnowflake−$301
Held from May 2021 to Aug 2024, the stock down 75%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +21.4% | +13.1% | +8.3 |
| 2021 | +11.8% | +28.7% | −17.0 |
| 2022 | −26.8% | −18.2% | −8.7 |
| 2023 | +30.1% | +26.2% | +3.9 |
| 2024 | +20.4% | +24.9% | −4.5 |
| 2025 | +17.9% | +17.7% | +0.2 |
| 2026to Nov 2026 | +14.2% | +11.5% | +2.7 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.