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 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.