Billionaire money manager David Tepper is having a tough year. According to a report from Institutional Investor Alpha, Tepper’s $20 billion Short Hills, NJ-based Appaloosa Management will return between 10% and 20% of investor assets by the end of 2014. This means the firm will give back roughly $2 billion to $4 billion to clients.
The report notes however, that this is a “somewhat regular occurrence” for Tepper, who generally aims to manage an amount of assets under management that “enables him to trade faster and to maximize returns.
Appaloosa’s top stock holdings as of Sept. 30 include General Motors (GM), Citigroup (C) and Priceline.com (PCLN), according to a public filing.