Hedge funds had a rough start to the New Year, as volatile global equity markets put a few big-name funds in the red. Among their unfortunate ranks, FINalternatives has learned, is New York-based Atticus Capital, which dropped 12.5% in January.

Atticus was hurt by its bets on Freeport-McMoRan Copper & Gold and ConocoPhillips.

Copper producer Freeport-McRohan and refiner ConocoPhilips dropped 15% and 20%, respectively, in January. In addition, a source with knowledge of the situation said Atticus was also hurt by its holdings in Sears and Bidu, which provides Chinese language Internet search services.

All told, the losses cost Atticus investors some $3 billion.

Atticus, headed by Timothy Barakett, manages more than $21 billion and runs a concentrated portfolio of some 15 names. The firm’s Atticus Global Advisors Fund gained 25% last year.