Och-Ziff’s giant multi-strategy fund, OZ Master Fund, lost 0.27 percent in January. OZ Europe Master Fund slipped by just 0.07 percent, but OZ Asia Master Fund dropped 3.10 percent. The New York City hedge fund firm headed by Daniel Och also said as of February 1 that it had $41.3 billion under management, up $700 million from the beginning of the year.

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The Credit Suisse Liquid Alternative Beta Index, which tries to reflect the performance of the overall hedge fund industry, fell 0.94 percent in January. The event-driven strategy was the best performer, gaining 0.18 percent in January. It was also the strongest performing strategy in 2013, returning 10.88 percent, according to Credit Suisse.

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Omega Advisors’ Leon Cooperman has filed a series of 13G reports in the past few days providing a sneak peek into a number of his major holdings as of the end of the fourth quarter. With the quarterly 13F filings deadline just 10 days away, Coooperman disclosed the following passive stakes as of December 31, 2013: 7.5 percent of Chimera Investment, 7.3 percent of Gulf Coast Ultra Deep Royalty Trust, 6.9 percent of Arbor Realty Trust, 8.6 percent of Atlas Energy and 9.9 percent of Atlas Pipeline Partners. He also reported that he no longer owns shares of Polycom and Given Imaging.

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Ken Griffin’s Citadel Advisors disclosed large positions in at least two stocks as of December 31: 5 percent of Take-Two Interactive Software and 6 percent of RF Micro Devices.

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Pershing Square’s William Ackman now looks smart for cutting his losses on J.C. Penney. Shares of the fading retailer plunged another 10.56 percent Tuesday to close at $5.08 as it becomes more clear the future of the has-been department store chain is as bleak as it is for Sears. Back in August, Ackman sold his 39.1-million share stake in Penney for $12.90 per share — roughly half what he paid for the stock — leaving him with a loss of a little more than $500 million.

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Shares of hedge fund favorite Michael Kors surged more than 17 percent to $89.92 after briefly touching a record high after reporting December quarterly results that easily beat forecasts. The stock was one of the biggest winners last year of Stephen Mandel, Jr.’s Lone Pine Capital. It also was a big favorite among Tiger Cubs, Seeds and Grandcubs at the end of the second quarter, but the much-followed group heavily trimmed their positions in the third quarter.