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David Tepper to return billions to clients

Billionaire money manager David Tepper plans to return billions of dollars to clients amid a year of poor performance by his hedge funds.

Appaloosa Management will return between 10 percent and 20 percent of investor assets by the end of 2014, according to a person familiar with the firm.

Appaloosa manages nearly $20 billion, about the same as at the end of 2013 ($19.6 billion). The flagship Palomino Fund is down 2.3 percent this year through the end of October, according to the person. November performance was unclear.

A spokesman for Tepper did not immediately respond to a request for comment.

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Appaloosa's top stock holdings as of Sept. 30 include General Motors, Citigroup and Priceline.com, according to a public filing.

The news of the capital return was first reported by hedge fund publication Alpha.