Jana Partners Exits Stake in J.C. Penney, Agrium in Last Quarter

Jana Partners LLC, the $8 billion hedge-fund firm run by Barry Rosenstein, exited its stake in struggling retailer J.C. Penney Co. (JCP) and Agrium Inc. (AGU) last quarter.

The fund sold its 500,000 shares in the Plano, Texas-based retailer during the fourth quarter, which had a market value of $4.4 million as of Sept. 30. The department store chain’s list of top investors has been in flux in the past year as Chief Executive Officer Mike Ullman sought to boost sales and cut costs to stem two years of losses.

Jana also exited its stake in Calgary-based Agrium, the largest U.S. farm-products retailer. Agrium was the New York-based hedge fund’s largest U.S.-listed stock holding as of Sept. 30, when the fund reported 8.19 million shares valued at $688 million.

Jana is an event-driven fund, generally investing in companies undergoing shifts such as mergers, spinoffs and bankruptcies, and is known for pushing management to make changes. Charles Penner, a partner at New York-based Jana, declined to comment on the filing.

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.

To contact the reporter on this story: Margaret Collins in New York at mcollins45@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.