Paul Tudor Jones said Monday that a new exchange-traded fund using one of his models on social impact is tracking the performance of the S&P 500 since its launch in June.
Tudor Jones said in an interview with Andrew Ross Sorkin that the Goldman Sachs JUST fund is down about 5 percent since it launched in June. FactSet data shows the S&P 500 down 5.1 percent since June 13, while the JUST fund is down 5.6 percent.
The famed hedge fund investor also said a number of new companies have made their way into the ETF, which tracks a selection of Russell 1000 companies based on how just each company appears to U.S. citizens.
"If you don't have really well incentivized, smart, engaged workers, you're not going to have a product and you're not going to have customers," Tudor Jones said on Monday. "The reason we started Just Capital was because we want to make capitalism work for all. We're trying, through the private sector ... to change the most important thing in all of our lives — which is our work — in a way that's going to give us a society that's more sustainable."
The companies are sorted based on several factors, including worker pay disparity, customer relations and whether the firm produces socially beneficial products. Historical analysis over the last two years through June 1 shows the fund would have outperformed the Russell 1000.
The billionaire investor said that Microsoft topped the most recent ranking thanks to its attention to the pay gap between its male and female workers. The software giant has 100 percent compliance on pay equity, Tudor Jones said, meaning that the company conducts surveys to ensure that women are paid just as much as men are.
The Just fund seeks to track the JUST U.S. Large Cap Diversified Index (JULCD), constructed and managed by JUST Capital, which was co-founded in 2013 by Tudor Jones.
"There was a poll recently conducted: 51 percent of millennials between 18 and 29 [years of age] are opposed to capitalism. You're going to be, 20 years from now, doing this from Havana unless we change the way that capitalism works right now because we're leaving too many behind," Tudor Jones told Sorkin. "In the past 40 years we've had an 80 percent increase in worker productivity, but they've only shared in 10 percent of that."
Jones, who rarely talks to the press, has a net worth of $4.5 billion, according to Forbes. Tudor Jones founded in 1988 the Robin Hood Foundation, a charity that counts many Wall Street leaders as board members and is focused on fighting poverty in New York City.
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