More bad news for hedge fund manager Ed Lampert. His ESL Investments was down 27% last year, Bloomberg reports, citing investors, and declined an additional 1.3% in the first quarter of this year. Lampert’s fund has been hit hard by his big bet on Sears Holdings (SHLD), the struggling retailer whose shares are off 48% over the past year. Lampert also hurt his own cause last year by making an ill-timed bet on Citi (C) just before the collapse of the mortgage market last summer.

But Bloomberg notes that Lampert is far from alone in feeling the pain of hefty bets gone wrong: Other managers of concentrated hedge funds - ones that plow lots of money into a limited number of stocks - are getting hit harder, with former UBS (UBS) trader Jon Wood’s SRM Global fund down 70% through March 31. SRM’s big misses include troubled mortgage lenders Northern Rock of the United Kingdom and Countrywide (CFC).

Google (GOOG) shares sold off again Tuesday as last year’s favorite stocks continue to get hammered. Google dropped $36 in midday trading to $450, putting the stock just 3% above its 52-week low. Another 2007 favorite, Apple (AAPL), sold off again as well, dropping below $116 in early trading before recovering to $119. The stock has lost 40% of its value this year after more than doubling in 2007. Bespoke Investment Group notes that another leader of last year, Goldman Sachs (GS), is languishing as well, and muses about where new leadership in might come from. “Ambac (ABK) and MBIA (MBI) have been moving markets lately,” a post on the firm’s Web site says, referring to the bond insurers whose good news has fueled late-day marketwide rallies in each of the past two trading sessions. But “they probably are not the type of names we should be pinning our hopes on.”

One group doing well for a change Tuesday: the holdings of hedge fund manager Ed Lampert. Lampert has been selling his shares in Citi (C) after long accumulating the stock, and in recent quarters his other portfolio holdings have been sagging as well. But on Tuesday, a strong earnings report from big holding AutoZone (AZO) sent that stock up 5%, and other Lampert names followed: AutoNation (AN) and Sears (SHLD) each rose 3%, while Citi added 2% and Home Depot (HD) was up fractionally despite a weak earnings report. Only tiny Acxiom (ACXM), Lampert’s smallest position at Dec. 31, was down. It’s early yet, but perhaps the go-to guy is returning to form.