Jana Partners LLC, the $7 billion hedge-fund firm run by Barry Rosenstein, took stakes in Rupert Murdoch’s News Corp., chemical maker Huntsman Corp. (HUN), and struggling retailer J.C. Penney (JCP) Co. last quarter.
The fund acquired 8.55 million class A shares of News Corp, the New York-based newspaper publisher, valued at $137.3 million as of Sept. 30, according to a filing with the U.S. Securities and Exchange Commission today. Jana also bought 6.4 million shares in Huntsman, valued at $132.4 million, and 500,000 shares in J.C. Penney with a market value of $4.4 million.
New York-based Jana is an event-driven fund. It generally invests in companies undergoing shifts such as mergers, spinoffs and bankruptcies, and is known for pushing management to make changes.
Charles Penner, a partner at Jana, declined to comment on the new stakes.
Money managers who oversee more than $100 million in U.S. equities must file a Form 13F within 45 days of the end of each quarter to list their holdings in stocks that trade on U.S. exchanges, as well as options and convertible debt. Hedge funds are lightly regulated pools of capital whose managers can invest in any asset and share in annual profits.
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