Updated from 7:08 a.m. EDT

Last week,

Tontine Partners

, a $10 billion global macro hedge fund, told its investors that it expected to show a loss of 65% for 2008. The fund, founded by former Smith Barney analyst Jeffrey Gendell, has been known for its concentrated portfolio and large sector bets.

In 2003 and 2005, the fund returned in excess of 100%.

Now there are substantial rumors that Tontine Partners is under complete liquidation, returning money back to its investors and closing its doors for good.

Here's a look at a few of its largest positions, including

U.S. Steel

(X) - Get Report

and

Quanta Services

(PWR) - Get Report

. These are names you may want to consider, given they are likely beaten down irrationally.

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