Ed Lampert fund sinks 27%

``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, 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 just before the collapse of the mortgage market last summer.''