Dan Loeb's Offshore Fund returned an additional 3.9% in January beating both the SPY and fellow hedgies David Einhorn and Whitney Tilson. Dan Loeb's other big winners in January were Potash ( POT), Smurfit Stone Container ( SCCC), Massey Energy ( MEE) and Aveta. His biggest losers were GLD, Brenntag AG, Mead Johnson Nutrition ( MJN), African Barrick Gold, and Accuride ( ACW). Potash returned 17.7% in January. This is one of hedge funds' favorite investments. Mohnish Pabrai also has Potash in his portfolio. In January, Smurfit-Stone Container Store announced that it will be acquired by Rock Tenn ( RKT) for $35 a share. The stock gained 46% in January. David Tepper and Barry Rosenstein were other SSCC investors. In January Alpha Natural Resources ( ANR) also agreed to buy Massey Energy for a 21% premium. MEE returned 17% in January, contributing to Loeb's outstanding performance. Some of Alpha Natural Resources insiders were selling weeks before the announcement. Gold is the largest position in Loeb's portfolio. GLD lost 6.4% in January. There are several hedge funds that invested in gold and suffered from the decline in gold. The decline in African Barrick Gold, which trades in London, reached almost 18% in January. Mead Johnson Nutrition's decline reached 7% in January, underperforming the SPY's 2.4% increase. Finally Accuride lost nearly 6% in January. This article was originally published on Insider Monkey .