Jana Partners LLC bought 16 new stocks and sold out of 17 stocks during the first quarter of the year, according to the firm’s latest 13F filing with the Securities and Exchange Commission. It also increased its stake in 14 stocks and reduced its holdings in 5 others. The filing indicates that the firm’s portfolio was worth $4.8 billion at the end of March.
The firm’s top 10 holdings make up 60 percent of its portfolio. As of the end of March, its five largest positions were Agrium Inc. (NYSE:AGU), Ashland Inc. (NYSE:ASH), QEP Resources Inc (NYSE:QEP), Verisign, Inc. (NASDAQ:VRSN) and Copart, Inc. (NASDAQ:CPRT).
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Jana Partners Buys Zynga, Groupon
Perhaps the most influential new purchase the firm made during the first quarter was Zynga Inc (NASDAQ:ZNGA), in which it bought more than 25 million shares. The disclosure of that purchase sent the online gaming company’s stock soaring on Wednesday, and it rose as much as 7 percent.
Although we don’t know exactly when or why in the first quarter Jana Partners bought its shares of Zynga Inc (NASDAQ:ZNGA), it may have had something to do with the legalization of online gambling in some states, which sent shares of Zynga soaring during the first quarter.
The firm’s other major new purchases included Groupon Inc (NASDAQ:GRPN), of which it bought 21.9 million shares. Shares of Groupon Inc (NASDAQ:GRPN) were jumping on Wednesday as well, gaining as much as 4 percent.
Jana Parters also bought stakes in SUPERVALU INC. (NYSE:SVU), Office Depot Inc (NYSE:ODP), BMC Software, Inc. (NASDAQ:BMC), The Boeing Company (NYSE:BA) and DIRECTV (NASDAQ:DTV).
Jana Partners’ Major Increases
The most significant increase the firm made during the first quarter was in Big Lots, Inc. (NYSE:BIG). It increased its position by more than 950 percent during the first quarter.
The firm increased its stake in Verisign, Inc. (NASDAQ:VRSN) by more than 50 percent during the quarter, pushing it into the fourth position of its top five holdings list. Other increases for the firm during the period include Fifth & Pacific Companies Inc (NYSE:FNP) and Agrium Inc. (NYSE:AGU).
Jana Partners’ Major Sell-Offs
During the first quarter, the company sold completely out of American International Group Inc (NYSE:AIG), Tripadvisor Inc (NASDAQ:TRIP), Netflix, Inc. (NASDAQ:NFLX), Starz (NASDAQ:STRZA) and McGraw Hill Financial Inc (NYSE:MHP).
Jana Partners’ Position Reductions
Major reductions for the firm include Coca-Cola Enterprises Inc (NYSE:CCE), which did make up almost 5 percent of its portfolio at the end of the previous quarter. However at the end of March, it made it less than 3 percent of the portfolio.
The firm also reduced its position in QEP Resources Inc (NYSE:QEP), although the stock still remains in the firm’s top five holdings list. The other three reductions were Spectra Energy Corp. (NYSE:SE), Convergys Corporation (NYSE:CVG) and Rockwood Holdings, Inc. (NYSE:ROC).