Tudor's Macro Hedge Fund Using A.I. Is Said to Return 7% in May

(Bloomberg) -- Tudor Investment Corp.’s Dharmesh Maniyar posted a 7 percent gain last month in his new fund that uses machine-learning algorithms to help make macro trades.

The performance brings returns for his Tudor Maniyar Macro fund this year to about 13 percent, according to people with knowledge of the matter. The fund made money on European fixed income and global currencies in May.

Maniyar, who is the firm’s second-largest risk taker after founder Paul Tudor Jones, joins veteran macro traders Alan Howard and Jeff Talpins in posting big gains in May. Interest rate increases, geopolitical risks and rising volatility this year have created opportunities for macro managers, who for years blamed global central bank policies for undermining their trades.

Tudor had raised about $300 million for Maniyar’s fund, which started trading in October and is the firm’s only macro fund run by a sole manager. Maniyar, who has a doctorate in machine learning from the U.K.’s Aston University, got off to a poor start, slumping 8 percent in the first three months of trading last year, one of the people said.

Maniyar, who also manages money for the firm’s main pool, had made about 8 percent in his trading strategy in the nine months before his fund started. He has outperformed rivals over the long haul since he joined Tudor in 2013.

A spokesman for Tudor declined to comment.

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