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Highlights of activist fund JANA Partners’ 3Q 13F

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JANA’s third-quarter activities

In 3Q14, Barry Rosenstein’s JANA Partners saw the value of its US long portfolio increase from $16 billion to $19 billion. This series will review the main positions that the hedge fund traded during the third quarter, which ended in September.

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The fund added new positions in Amgen Inc. (AMGN), Dollar General Corporation (DG), Rackspace Hosting Inc., and Valeant Pharmaceuticals (VRX). Increased positions also include eBay (EBAY), PetSmart Inc. (PETM), and Hertz Global Holdings. JANA sold stakes in Mallinckrodt Pharmaceuticals (MNK) and FMC Corporation (FMC) as well.

JANA’s top ten 3Q14 positions are outlined below.

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3Q14 results miss the mark

According to reports that cited JANA’s third-quarter investor letter, the activist fund’s performance was below expectations. The reports suggested that the fund’s positions in Walgreens and Civeo drove the lackluster results.

The next part of this series will focus on JANA’s new position in Dollar General.

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