David Tepper Gets Off To A Good Start
David Tepper’s Appaloosa Management hedge fund, based in New Jersey, is up nearly 10 percent net of fees this year.
By Stephen Taub
David Tepper has gotten off to a good start this year.
His Appaloosa fund is up nearly 10 percent net of fees while his Thoroughbred fund which has less of an exposure to equities is up close to 8 percent.
Tepper wont comment. Those familiar with the results say the early returns are being driven by his exposure to the equity markets and commercial mortgage backed securities.
At year-end, he had established 13 new equity positions, the largest being Micron Technology, Dean Foods and General Motors. In fact, at year-end, Appaloosa was the second largest holder of Dean Foods, with more than 10.7 million shares. Sure enough, in the first two months of this year, shares of Dean Foods were up more than 19 percent while Micron surged about 39 percent. ....