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The amount could be as much as $4 billion, the
person said.
The move comes after Tepper's firm, one of the industry's
biggest with roughly $20 billion in assets, has faced tough
market conditions and lost money in October. The fund was down 6
percent in October which would have left it off roughly 2.3
percent for first 10 months of 2014, a source familiar with the
fund said who declined to be identified because the matter is
not public.
The move also comes after Tepper, who in 2013 earned $3.5
billion to rank as the hedge fund industry's best paid manager,
acknowledged making some bad calls this year.
On May 14, Tepper told investors at the annual SkyBridge
Alternatives Conference that he was "nervous" about the stock
market but that this was not the time to sell. "I'm not saying
go short, just don't be too friggin' long," he said.
The benchmark S&P 500 stock index, however, has gained over 9
percent since then.
Returning money to investors is something big name hedge funds
have done from time to time when they see fewer opportunities to
put the money to work.
An Appaloosa spokesman declined to comment.
(Reporting by Svea Herbst-Bayliss and; by Sam Forgione; Editing
by Bernard Orr)
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