Summary List PlacementCastleKnight 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.