Paul Tudor Jones has long been known as one of Wall Street’s great macro traders, famous for predicting the 1987 stock market crash and for his bold bets on commodities, currencies, and equities during inflationary cycles. Today, through his hedge fund Tudor Investment Corporation, he continues to position around themes he’s spoken about often: protecting capital in times of rising prices and capturing upside from dislocations created by policy shifts.
His latest 13F filing reveals a mix of traditional equities, ETFs, and targeted sector plays that align with his worldview. With inflation still proving sticky in key parts of the global economy, energy, housing, and services, Jones has placed selective bets on assets that can weather inflationary shocks. He blends broad hedges like the SPDR S&P 500 ETF Trust with more tactical positions in commodities, energy producers, and gold.
While many hedge funds concentrate on technology stocks, Tudor’s portfolio highlights a broader toolkit. His strategy is rooted in managing risk across cycles, and his positions reveal a cautious but opportunistic stance. Let’s take a closer look at five inflation-hedging positions that stand out in his current portfolio.
1. SPDR S&P 500 ETF Trust (SPY) 10.99% of portfolio
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At over $1.2 billion in reported value, SPY is the anchor of Tudor’s equity book, representing nearly 11% of the portfolio. The massive position suggests a preference for liquidity and flexibility, essential for a trader who likes to move quickly as conditions shift. While SPY is not inherently an inflation hedge, it provides exposure to U.S. equities as a whole, many of which have pricing power and the ability to pass on rising costs to consumers.
Jones has dramatically increased this stake, adding nearly 1.9 million shares last quarter. For him, SPY offers both diversification and the ability to play broader market momentum. It also provides a hedge against being too concentrated in any single sector, while maintaining exposure to companies with strong margins in inflationary environments.
2. iShares Bitcoin Trust (IBIT) 2.46% of portfolio
Tudor has been outspoken about Bitcoin as a store of value in an era of aggressive monetary policy. His $274.8 million position in the iShares Bitcoin Trust makes up just under 2.5% of the portfolio. Bitcoin, in his view, is “the fastest horse” in the race against currency debasement, a digital gold that thrives when fiat weakens.
While volatile, Bitcoin has outperformed many traditional inflation hedges in recent cycles. Tudor’s decision to maintain a sizable IBIT stake signals his belief that crypto has a long-term role in protecting wealth from inflation and reckless fiscal expansion. It’s a conviction that aligns with his macro reputation for spotting unconventional opportunities early.
3. Energy Select Sector SPDR Fund (XLE) 1.00% of portfolio
Energy has always been one of the most direct hedges against inflation, and Tudor has built a $111.7 million position in the Energy Select Sector SPDR Fund. The ETF provides diversified exposure to major energy producers like ExxonMobil and Chevron, both of which benefit from higher oil prices.
With global energy markets tight and geopolitical risks lingering, Jones is betting that energy equities remain strong performers. Rising oil and gas prices typically feed inflation, but they also boost margins for the companies in XLE, making it a classic Tudor play: benefiting from the very forces that unsettle the broader economy.
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4. SPDR Gold Shares (GLD) 0.59% of portfolio
Paul Tudor Jones has called gold one of his favorite long-term hedges against inflation, and Tudor Investment Corp continues to hold SPDR Gold Shares, valued at $65.6 million. Gold has historically performed well in inflationary and high-debt environments, acting as a haven when currencies lose purchasing power.
Interestingly, Tudor reduced his GLD stake by more than 36% last quarter, selling 122,000 shares. This may reflect tactical repositioning rather than a loss of faith in gold. Given his history, Jones is unlikely to abandon the metal entirely. He may simply be balancing gold against newer inflation hedges like Bitcoin and energy equities.
5. Hess Corp (HES) 0.57% of portfolio
Beyond ETFs, Jones has taken direct exposure to oil producers such as Hess Corp, with a $64.5 million position. Hess is a unique energy play due to its stake in the massive Guyana offshore oil field, one of the most critical new global discoveries. This gives the company long-duration production growth in an environment where supply is constrained.
Jones trimmed his Hess stake by about 20% last quarter, but it remains a meaningful inflation hedge. Oil producers are among the clearest beneficiaries of rising prices, and Hess combines that with strong project economics. For Tudor, it’s a way to stay leveraged to energy without overcommitting to a single commodity ETF.
Why Paul Tudor Jones’ Portfolio Shows Inflation Is Still a Top Concern
Paul Tudor Jones has built his reputation on navigating turbulent macro environments, and his current portfolio reflects those instincts. While others crowd into growth stocks, he is balancing liquidity, commodities, and alternative assets as insurance against a stubborn inflation cycle.
By leaning into energy, gold, and Bitcoin, alongside broad equity exposure, Jones is sending a clear message: inflation risk isn’t gone, and investors would be wise to prepare. His Tudor Investment Corporation portfolio offers a blueprint for hedging while still staying engaged in the market.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
