Tepper’s Appaloosa Returns 17% in First Half on Markets

David Tepper’s Appaloosa Management LP returned 17 percent in the first half of the year, according to a letter sent to investors last week.

Tepper, who started out trading in distressed companies and emerging-market debt, has been a stock bull this year. In January he said on Bloomberg Television that “the key is to be long equities this year.”

His returns this year have beaten the Standard & Poor’s 500 (SPX) Index, which was up 14 percent with dividends reinvested, and event-driven funds, which returned 5.3 percent, according to Hedge Fund Research Inc. Appaloosa, based in Short Hills, New Jersey, has returned 28 percent a year, on average, since it started, said the letter, signed by Tepper.

The firm celebrated its 20th anniversary last month. An investor who put $1 million into the fund in 1993, would have $149 million today, it said.

To contact the reporters on this story: Katherine Burton in New York at kburton@bloomberg.net; Stephanie Ruhle in New York at sruhle2@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.