A new hedge fund, David Tepper-backed CastleKnight Management, has crushed its first 6 months of trading

• CastleKnight Management has dominated its first six months of trading.
• A source familar with the firm said it is up more than 63% in its first six months.
• The manager, founded by Appaloosa partner Aaron Weitman, is backed by billionaire David Tepper.

CastleKnight Management hasn’t wasted any time since it began trading last October.

In six months, the David Tepper-backed firm has surged 63.2%, a source familiar with the firm told Insider. In 2021, through the end of March, the manager is up 34% after returning 10.8% last month. The average hedge fund has returned more than 6% in the first quarter of 2021, according to Hedge Fund Research.

The Manhattan-based firm was started with $100 million by former Appaloosa partner Aaron Weitman. He was one of several Appaloosa executives who have started their own funds since Tepper announced in 2019 he would return outside capital to focus on his NFL team, the Carolina Panthers.