- Cooperman, Tepper, and Icahn led Q2 hedge fund gains, surpassing Buffett, Ackman, and Soros.
- Growth- and event-driven funds dominated the quarter, while long-term stalwarts maintained steady performance.
- The market is reacting to Powell’s speech. Learn how to time your next move. Details here →
The second quarter delivered a jolt for hedge fund watchers, with some of Wall Street's most storied managers posting eye-catching gains.
Among the billionaires, Leon Cooperman topped the list with a 17.02% quarterly equity-weighted gain, while Appaloosa LP and Lone Pine Capital LLC weren't far behind at 10.85% and 9.96%, respectively. Meanwhile, Carl Icahn added 9.9%, proving that activist veterans can still move markets.
- Track Cooperman’s top holding COOP here.
| QUARTER | FILER | QoQ Perf Eq Wt | 1-YR Perf Eq Wt | 5-Yr Perf Eq Wt | All-time Perf Eq Wt |
| Q2 2025 | COOPERMAN LEON G | 17.02% | 21.14% | 178.20% | 318.74% |
| Q2 2025 | APPALOOSA LP | 10.85% | 26.53% | 135.76% | 4,458.70% |
| Q2 2025 | LONE PINE CAPITAL LLC | 9.96% | 42.09% | 32.69% | 1,568.63% |
| Q2 2025 | ICAHN CARL C | 9.90% | 4.14% | 99.11% | 72.65% |
| Q2 2025 | THIRD POINT LLC | 8.27% | 18.34% | 51.25% | 1,253.41% |
| Q2 2025 | TIGER GLOBAL MANAGEMENT LLC | 6.90% | 27.15% | 16.67% | 1,236.03% |
| Q2 2025 | TRIAN FUND MANAGEMENT. | 5.80% | 3.88% | 91.88% | 378.92% |
| Q2 2025 | SOROS FUND MANAGEMENT LLC | 4.62% | 18.30% | 52.92% | 326.59% |
| Q2 2025 | PERSHING SQUARE CAPITAL MANAGEMENT, | 4.24% | 6.02% | 105.47% | 562.15% |
| Q2 2025 | DAILY JOURNAL CORP | 3.58% | 25.27% | 104.95% | 102.52% |
| Q2 2025 | DME CAPITAL MANAGEMENT, LP (Greenlight Capital) | 3.14% | -6.08% | 118.43% | 573.73% |
| Q2 2025 | FAIRHOLME CAPITAL MANAGEMENT LLC | 1.16% | 1.46% | 158.92% | 359.49% |
| Q2 2025 | BERKSHIRE HATHAWAY INC | 0.95% | 9.13% | 52.59% | 708.93% |
Source: WhaleWisdom
Tepper, Cooperman Lead The Aggressive Pack
David Tepper's Appaloosa LP demonstrated why growth and opportunistic strategies can dominate a quarter, while Cooperman's disciplined stock selection showed veteran insight still matters. Icahn’s gains, combined with solid performances from Tiger Global (6.9%) and Daniel S. Loeb‘s Third Point LLC (8.27%), underscore a quarter that favors nimble, concentrated strategies.
Read Also: Icahn Hedge Fund’s Q2 Moves: Centuri Stake Soars, JetBlue Held, 2 Positions Exited
Stalwarts Had Quieter Quarter
- Warren Buffett‘s Berkshire Hathaway Inc BRK BRK eked out 0.95%
- Bill Ackman‘s Pershing Square Capital Management posted 4.24%, and
- George Soros‘ Soros Fund Management added 4.62%.
Even though Buffett, Ackman, and Soros didn't lead the second quarter charge, their multi-year track records remain formidable, underscoring the enduring power of patience and scale.
The Big Picture
A second-quarter performance snapshot reveals the hedge fund world in dynamic motion: aggressive, high-conviction managers like Cooperman, Tepper, and Icahn can capture headlines and deliver outsized quarterly results, while long-term veterans provide stability and durable returns.
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