TUDOR INVESTMENT CORP ET AL

Tudor Investment Corp, Paul Tudor Jones's macro fund, held $53.9B across 3,515 positions expressed largely through ETFs — the iShares Russell 2000 (IWM) is 15% of the book, with Invesco QQQ (6.6%), SPDR S&P 500 (3.5%), gold (GLD, 2.3%) and the energy XLE rounding out a macro-style top. The Q1 activity tilted defensively and toward real assets: the firm added gold (GLD, +$723M), Tesla, SPY, Taiwan Semiconductor and Micron, while cutting small-caps (IWM, -$1.2B), QQQ (-$728M), Apple, Alphabet and Microsoft. New positions in Alibaba, ExxonMobil, silver (SLV), long-dated Treasuries (TLT) and Webster Financial. Assets were roughly flat at $53.9B.