Jana Partners is an investment manager specializing in event-driven investing founded in 2001 by Barry Rosenstein, Jana’s managing partner and co-portfolio manager. Jana typically applies a fundamental value discipline to identify undervalued companies that have one or more specific catalysts to unlock value. The following were some of its fourth quarter trades.
It acquired 8,080,186 shares in Liberty Interactive Corp. (LVNTA) with an impact of 5.14% on the portfolio.
The company owns interests in subsidiaries and other companies engaged in video and on-line commerce industries.Â
GuruFocus gives the stock a profitability and growth rating of 8 out of 10 with strong returns of ROE of 14.77% and ROA of 4.61% that are over performing 63% of the companies in the Global Media - Diversified industry. Financial strength has a rating of 7 out of 10, with a cash-to-debt of 0.39 that is below the industry median of 1.67.
Some notable shareholders among the gurus are RS Investment Management (Trades, Portfolio) with 0.55% of outstanding shares, Murray Stahl (Trades, Portfolio) with 0.42%, Chris Davis (Trades, Portfolio) with 0.27%, Wallace Weitz (Trades, Portfolio) with 0.15% and Howard Marks (Trades, Portfolio) with 0.14%.
The investor bought 9,168,818 shares in Pfizer Inc. (PFE) with an impact of 4.17% on the portfolio.
It is a research-based, biopharmaceutical company. The company applies science and its resources to bring therapies to people that extend and improve their lives through the discovery, development and manufacture of healthcare products. Fourth quarter revenue grew 7% from the same quarter of a year before, adjusted income grew 4% and net income increased by 50%.
GuruFocus gives the stock a profitability and growth rating of 6 out of 10 with good returns of ROE of 10.32% and ROA of 4.21% that are over performing 52% of the companies in the industry. Financial strength has a rating of 7 out of 10, with a cash-to-debt of 0.60 that is below the industry median of 3.46.
James Barrow is the largest shareholder of the company among the gurus with 0.87% of outstanding shares, followed by Ken Fisher (Trades, Portfolio) with 0.52%, T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.23%, Lee Ainslie (Trades, Portfolio) with 0.18%, Diamond Hill Capital (Trades, Portfolio) with 0.17% and Jana Partners (Trades, Portfolio) with 0.15%.
Jana acquired 4,253,849 shares in American International Group Inc. (AIG) with an impact of 3.72% on the portfolio.
It is a holding company that is engaged in insurance and insurance-related activities in the U.S. and abroad. In 2015, the company returned almost $12 billion of capital to shareholders in the form of share repurchases and dividends, and through Feb. 11, it repurchased another $2.5 billion of outstanding AIG common shares. Fourth quarter net loss was $1.50 per diluted share compared to net income of 46 cents per share for the prior-year quarter.
GuruFocus gives the stock a profitability and growth rating of 4 out of 10 with weak returns of ROE of 2.16% and ROA of 0.43% that are under performing 82% of the companies in the industry. Financial strength has a rating of 6 out of 10 with a cash-to-debt of 0.06.
The largest shareholder among the gurus is Carl Icahn (Trades, Portfolio) who holds 3.68% of outstanding shares, followed by HOTCHKIS & WILEY with 1.33%, John Paulson (Trades, Portfolio) with 1.01%, First Pacific Advisors (Trades, Portfolio) with 0.81%, Steven Romick (Trades, Portfolio) with 0.69% and Richard Pzena (Trades, Portfolio) with 0.66%.
Jana bought 5,941,456 shares in Liberty Global PLCÂ (LBTYK) with an impact of 3.41% on the portfolio.
The company provides video, broadband internet, fixed-line telephone and mobile services across 14 countries.Â
GuruFocus gives the stock a profitability and growth rating of 4 out of 10 with negative returns of ROE of -9.08% and ROA of -1.66% that are under performing 78% of the companies in the Global Pay TV industry. Financial strength has a rating of 6 out of 10, with a cash-to-debt of 0.02 that is far below the industry median of 0.52.
Dodge & Cox is the largest shareholder of the company among the gurus with 2.58% of outstanding shares, followed by Chris Davis (Trades, Portfolio) with 1.74%, First Eagle Investment (Trades, Portfolio) with 1.44%, Lee Ainslie (Trades, Portfolio) with 1.38%, Lou Simpson (Trades, Portfolio) with 0.98% and Warren Buffett (Trades, Portfolio) with 0.78%.
Jana raised its stake in Microsoft Corp. (MSFT) by 28.93% and the deal had an impact of 1.74% on the portfolio.
GuruFocus gives the stock a profitability and growth rating of 8 out of 10 with strong returns of ROE of 13.70% and ROA of 6.48% that are over performing 67% of the companies in the industry. Financial strength has a rating of 7 out of 10, with a cash-to-debt of 2.31 that is below the industry median of 14.04.
The largest shareholder among the gurus is Dodge & Cox with 0.84% of outstanding shares, followed by PRIMECAP Management (Trades, Portfolio) with 0.75%, Jeff Ubben (Trades, Portfolio) with 0.72%, First Eagle Investment (Trades, Portfolio) with 0.38%, James Barrow with 0.37% and Steve Mandel (Trades, Portfolio) with 0.34%.
The investor acquired 3,784,157 shares in Williams Companies Inc. (WMB) with an impact of 1.37% on the portfolio.
The company is an energy infrastructure company focused on connecting North America's hydrocarbon resource plays to growing markets for natural gas, NGLs, and olefins. Its operations are located principally in the U.S., but span from the deepwater Gulf of Mexico to the Canadian oil sands. Fourth quarter adjusted EBITDA grew 25% compared to the same quarter of a year before and full-year 2015 adjusted EBITDA increased 22%.
GuruFocus gives the stock a profitability and growth rating of 4 out of 10 with negative returns of ROE of -7.24% and ROA of -1.11% that are under performing 82% of the companies in the Global Oil & Gas Midstream industry. Financial strength has a rating of 3 out of 10, with a cash-to-debt of 0.13 that is below the industry median of 0.40.
Steve Mandel (Trades, Portfolio) is the largest shareholder of the company among the gurus with 3.86% of outstanding shares, followed by Richard Perry (Trades, Portfolio) with 1.08%, John Griffin (Trades, Portfolio) with 0.66%, Jana Partners (Trades, Portfolio) with 0.5%, Jim Simons (Trades, Portfolio) with 0.24% and Murray Stahl (Trades, Portfolio) with 0.03%.
Jana bought 696,034 shares in Laboratory Corp of America Hldgs (LH) with an impact of 1.21% on the portfolio.
It is an independent clinical laboratory company in the U.S. GuruFocus gives the stock a profitability and growth rating of 7 out of 10 with positive returns of ROE of 9.93% and ROA of 3.38% that are over performing 65% of the companies in the Global Diagnostics & Research industry. Financial strength has a rating of 7 out of 10, with a cash-to-debt of 0.11 that is below the industry median of 3.66.
The largest shareholder among the gurus is Larry Robbins (Trades, Portfolio) with 5.56% of outstanding shares, followed by Andreas Halvorsen (Trades, Portfolio) with 3.16%, Chris Davis (Trades, Portfolio) with 1.75%, John Rogers (Trades, Portfolio) with 1.65%, Wallace Weitz (Trades, Portfolio) with 0.69% and Jana Partners (Trades, Portfolio) with 0.68%.
The investor acquired 562,343 shares in Advance Auto Parts Inc. (AAP) by an impact of 1.19% on the portfolio.
The company is a specialty retailer of automotive aftermarket parts, accessories, batteries and maintenance items operating within the U.S. Its stores carry a product line for cars, vans, sport utility vehicles and light trucks.
GuruFocus gives the stock a profitability and growth rating of 8 out of 10 with strong returns of ROE of 20.88% and ROA of 5.83% that are over performing 66% of the companies in the Global Specialty Retail industry. Financial strength has a rating of 7 out of 10, with a cash-to-debt of 0.08 that is far below the industry median of 0.92.
Steven Cohen (Trades, Portfolio) is the largest shareholder among the gurus with 1.99% of outstanding shares, followed by Chris Davis (Trades, Portfolio) with 1.03%, Jana Partners (Trades, Portfolio) with 0.77%, John Burbank (Trades, Portfolio) with 0.72%, Sarah Ketterer (Trades, Portfolio) with 0.71% and Manning & Napier Advisors with 0.28%.
