, saying the cryptocurrency — which is trading at its highest price in years currently — "was going to be the best inflation trade." Tudor isn't the only institutional-level investor that's diving into bitcoin; Grayscale, which manages a suite of crypto trusts, said that 81% of their $1 billion in inflows in the third quarter came from institutional managers.
Jones' success this year — his fund is far outpacing the average hedge fund returns of 1.2% for the year, according to Hedge Fund Research — is matched and even exceeded by other big-name macro managers. Caxton Associates, run by Andrew Law, is up more than 35% through the first week of November for the year in its $4.3 billion flagship fund. Brevan Howard has had a resurgent year, and its $830 million AS Macro Master fund, run by Alfredo Saitta, has returned more than 14% through the first week of November.
Massar Capital, run by Marwan Younes, is up more than 20% through October despite losing money last month, HSBC's report states. Younes told investors earlier this year that he leans on his childhood experiences"This background naturally shapes one's outlook to be highly defensive, based first on maximizing the odds of survivability, instead of the natural impulse to maximize profits," he wrote.