Investors have yanked out more than $1 billion from Paul Tudor Jones’ hedge fund

Billionaire hedge funder Paul Tudor Jones is facing nearly $1 billion in investor redemptions.

Jones’ main fund, BVI Global, was down 2.8% in the first quarter, which is driving the investor flight, according to a report from Bloomberg.

This exodus represents a large chunk of the firm’s $13 billion in total assets.

BVI Global is a macroeconomic trend-focused fund, betting on large scale developments around the world. According to eVestment, global macro hedge funds similar to BVI Global have taken it on the chin lately: The style as a group was down -0.43% in March, one of only two hedge fund strategies out of 14 tracked by eVestment to fall during that month.

The report from Bloomberg said that many of the redemptions are coming from large money managers that have been with the firm for a long time. Additionally, the report said most of these redemptions have come just in the last few weeks, citing people close to the matter.

These moves come after a few years of lacklustre returns, after Jones established a strong track record by beating the market by double digits in 2008 and 2009. The hedge funder underperformed the S&P 500 in 2014 with just a 3.5% return in 2014 and barely beat the benchmark stock index last year with a 1.4% return.

In addition to the redemptions, Bloomberg reported that Richard Puma, the firm’s deputy chief operating officer, is leaving the company after three years. It was his second stint with Jones after working for him from 1995 to 2003.

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