Although T2 Partners Fund gained 12.6% in January, the $275 million hedge fund helmed by Whitney Tilson and Glenn Tongue lost 25% in 2011. In a letter to investors Jan. 31, the partners mostly focused on its January performance, but noted that "our portfolio today is nearly identical to the one that did so poorly last year," adding that "time will tell whether we were wrong or just early on many of our favorite stocks." Among its winners in January, the partners said, were on-demand video provider Netflix ( NFLX), Pep Boys ( PBY), Goldman Sachs ( GS) and JCPenney ( JCP). The partners' letter claims that Ron Johnson, JCPenney's new CEO, is "the best retail CEO in the world, bar none," hence their continued long position in the stock. The $7 billion hedge fund Harbinger Capital Partners, headed by Phil Falcone, has been snapping up shares of the consumer products conglomerate Spectrum Brands Holdings ( SPB) and now owns almost 56%. The fund first started buying shares in August, 2009 after it emerged from Chapter 11 bankruptcy. Its shares are up 13.3% over the past three months.