Monday, 29 August 2016
Last updated 2 days ago
Dec 13 2013 | 5:29pm ET
Appaloosa Management, which is enjoying one of its best-ever years in the market, is set to return some money to investors, the latest prominent hedge fund to do so.
Appaloosa, whose assets under management have soared above $20 billion, will return between $1.5 billion and $2 billion, Institutional Investor reports. The Short Hills, N.J.-based firm regularly makes such distributions to investors; this year will be the third year in a row it has done so.
Baupost Group and Third Point are also making distributions this year.
Appaloosa's flagship Palomino Fund is one of the rare hedge funds this year to be beating the broader markets—and it is doing so handily. The fund is up 37.86% this year after rising 4.86% in November, Forbes magazine reports, while the Standard & Poor's 500 Index is up 29.1%. The average hedge fund is up in the mid-to-high single digits in 2013.