Jana Partners (Trades, Portfolio)’ website calls it a “value-oriented, event-driven manager that invests, long and short, in companies undergoing or expected to undergo change.” The New York-based firm was founded in 2001 by Barry Rosenstein.
In the fourth quarter of 2014, Jana Partners (Trades, Portfolio) sold more stocks than it bought, but its purchases nevertheless had a significant impact on its portfolio.
Jana Partners (Trades, Portfolio) invested in six companies that are new to its portfolio – NCR Corp (NCR, Financial), SolarCity Corp (SCTY, Financial), Computer Sciences Corp (CSC, Financial), Salix Pharmaceuticals Ltd (SLXP, Financial) and Golar LNG Ltd (GLNG, Financial).
The acquisition of 12,006,600 shares of NCR, a Georgia-based computer hardware, software and electronics company, for an average price of $28.66 per share propelled NCR into the top 10 in Jana Partners (Trades, Portfolio)’ portfolio. The purchase had a 3.3% impact on that portfolio.
Ten gurus – Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Richard Snow (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), George Soros (Trades, Portfolio), David Dreman (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) – have NCR in their portfolios. Two gurus – John Keeley (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) – sold their stakes in NCR in the second half of 2014.
Jana Partners (Trades, Portfolio) bought 5,158,150 shares of SolarCity, a California-based provider of energy services, for an average price of $53.79 per share. The transaction had a 2.6% impact on Jana Partners (Trades, Portfolio)’ portfolio, putting SolarCity in the top 15 of Jana Partners (Trades, Portfolio)’ holdings.
Three gurus – Ron Baron (Trades, Portfolio), John Burbank (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) – own shares of SolarCity. Paul Tudor Jones (Trades, Portfolio) sold his stake in the company in the third quarter of 2014.
Jana Partners (Trades, Portfolio)’ purchase of 2,754,027 shares of Computer Sciences, a Virginia-based company that provides information technology (IT) services, had a 1.6% impact on the portfolio. Jana Partners (Trades, Portfolio) paid an average price of $61.18 per share.
Seven gurus – Brian Rogers (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Dodge & Cox, Jim Simons (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and David Dreman (Trades, Portfolio) – have Computer Sciences’ stock in their portfolios. Three gurus – John Burbank (Trades, Portfolio), Ray Dalio (Trades, Portfolio) and Louis Moore Bacon (Trades, Portfolio) – sold their stakes in the company in the fourth quarter.
Jana Partners (Trades, Portfolio) added to existing holdings in eight companies – Hertz Global Holdings Inc (HTZ, Financial), Valeant Pharmaceuticals International Inc (VRX, Financial), Liberty Ventures (LVNTA, Financial), HD Supply Holdings Inc (HDS, Financial), Walgreens Boots Alliance Inc (WBA, Financial), Rackspace Hosting Inc (RAX, Financial), eBay Inc (EBAY) and Applied Materials Inc (AMAT).
The purchase of 24,843,015 shares of Hertz, the parent company of the Florida-based car rental company, for an average price of $22.58 per share made Hertz the largest stake in Jana Partners (Trades, Portfolio)’ portfolio. The transaction had a 5.55% impact on that portfolio.
Fifteen gurus – Carl Icahn (Trades, Portfolio), Daniel Loeb (Trades, Portfolio), Murray Stahl (Trades, Portfolio), John Burbank (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Whitney Tilson (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Manning & Napier Advisors Inc, Jean-Marie Eveillard (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Columbia Wanger (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Chase Coleman (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) – have Hertz in their portfolios. George Soros (Trades, Portfolio) sold his stake in the company in the fourth quarter. Steven Cohen (Trades, Portfolio) sold his stake in the third quarter.
Jana Partners (Trades, Portfolio) bought 3,023,350 shares of Valeant Pharmaceuticals, a Montreal-based pharmaceuticals company that focuses on neurology, dermatology and infectious disease, for an average price of $134.74. The purchase had a 4.07% impact on the portfolio.
Nineteen gurus – Jeff Ubben (Trades, Portfolio), Jim Simons (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Jean-Marie Eveillard (Trades, Portfolio), Chris Davis (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Private Capital (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), George Soros (Trades, Portfolio), Lou Simpson (Trades, Portfolio), Steve Mandel (Trades, Portfolio), Glenn Greenberg (Trades, Portfolio), John Paulson (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio) and Louis Moore Bacon (Trades, Portfolio) – have Valeant in their portfolios. Joel Greenblatt (Trades, Portfolio) sold his stake in the third quarter.
Divestitures and reductions
Jana Partners (Trades, Portfolio) sold its stakes in 38 companies in the fourth quarter – TCP International Holdings Ltd (TCPI), Equinix Inc (EQIX), Cameron International Corp (CAM), Dollar General Corp (DG), QEP Resources Inc (QEP), Amgen Inc (AMGN), Apache Corporation (APA), Motorola Solutions Inc (MSI), American Capital Ltd (ACAS), Leucadia National Corp (LUK), Gulfport Energy Corp (GPOR), Civeo Corp (CVEO), Equity Commonwealth (EQC), Constellium NV (CSTM), Aecom (ACM), Seadrill Partners LLC (SDLP), McDonald's Corp (MCD), Liberty Interactive Corp (QVCA), Groupon Inc (GRPN), NRG Yield Inc (NYLD), Alibaba Group Holding Ltd (BABA), Liberty Media Corporation (LMCK), TerraForm Power Inc (TERP), Dorian LPG Ltd (LPG), Liberty Media Corporation (LMCA), Voya Financial Inc (VOYA), Kinder Morgan, Inc. (KMI), Crown Castle International Corp (CCI), Liberty Broadband Corp (LBRDK), Sealed Air Corp (SEE), Oceaneering International (OII), Civitas Solutions Inc (CIVI), AbbVie Inc (ABBV), Liberty Broadband Corp (LBRDA), Manitowoc Co Inc (MTW), Advanced Micro Devices Inc (AMD), Qunar Cayman Islands Ltd (QUNR) and Cytec Industries Inc (CYT).
Jana Partners (Trades, Portfolio) reduced its holdings in four companies – American International Group Inc (AIG), Actavis PLC (ACT), Charter Communications Inc (CHTR) and Energy Transfer Equity LP (ETE).
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