Jana Partners LLC reported that its equity portfolio for the second-quarter had a market value of more than $16 billion based on its 13F filing with the Securities and Exchange Commission (SEC).
Jana Partners is a value-oriented investment manager specializing in event-driven investment. Barry Rosenstein is the founder and managing partner of the activist hedge fund. Its filing showed that it initiated new positions in 28 companies and increased its stake in 28 equities. It also reduced its stock holdings in 12 stocks and sold out its shares in 20 equities.
Relying On Old-Fashioned Stock Picking, Lee Ainslie Reports His “Strongest Quarter” Ever
Lee Ainslie's Maverick Fund USA enjoyed its "strongest quarter in the fund's history" during the three months to the end of June. According to a copy of the firm's second-quarter letter to investors, which ValueWalk has been able to review, Maverick Fund USA gained 18% in the second quarter. Following this performance, the fund was Read More
Jana Partners’ new acquisitions
Some of the new stock holdings of Jana Partners include Apache Corporation (NYSE:APA), FMC Corp (NYSE:FMC), PetSmart, Inc (NASDAQ:PETM), Civeo Corp (NYSE:CVEO), and Motorola Solutions Inc (NYSE:MSI).
Its filing showed that its largest new stock holding during the quarter was Energy Select Sector SPDR (ETF) (NYSEARCA:XLE), which represents 11.77% of its equity portfolio. The activist hedge fund acquired 19 million shares of the fund with a market value or around $1.9 billion.
During the second-quarter, Jana Partners purchased 5,464,700 shares (CALL) of Apache Corporation (NYSE:APA) worth approximately $549.85 million. The activist hedge fund also purchased 4,533,300 shares of the company with a market value of around $456.34 million.
Apache is an independent energy company engaged in the exploration and production of natural gas, crude oil and natural gas liquids. Jana Partners is urging the energy company to divest its international holdings to unlock substantial value. The management of Apache welcomed the investment of the activist hedge fund and stated that it is “focused on continuing to execute our strategic plan to rebalance our portfolio and to focus our strategy on more predictable and profitable production growth in our North American onshore assets.”
Jana Partners purchased 4,935,034 shares of PetSmart, Inc (NASDAQ:PETM) worth around $295.11 million. The activist hedge fund is also pressuring the board of directors of the company to conduct a full review of all strategic alternatives including a sale. Jana Partners warned that te planned leveraged recapitalization of PetSmart was “very likely to be inferior to a sale in magnitude and certainty of value creation.”
During the period, Jana Partners bought 4,993,835 shares of FMC Corp (NYSE:FMC) with a market value of approximately $355.51 million. FMC is a diversified chemical company operating three business segments including agricultural products specialty chemicals and industrial chemicals.
Jana Partners acquired 12,241,760 shares of Civeo Corp (NYSE:CVEO) and 1,888,677 shares of Motorola Solutions Inc (NYSE:MSI). Its stakes in the companies have a market value of approximately $306.41 million and $125.72 million, respectively.
Jana Partners’ sold out positions
Jana Partners sold all if its shares in Sirius XM Holdings Inc. (NASDAQ:SIRI), Knowles Corp (NYSE:KN), Newfield Exploration Co. (NYSE:NFX), Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA), Applied Materials, Inc. (NASDAQ:AMAT) and other equities.