Jana Partners Adds Time, Expedia Stakes; Exits Pfizer, Allergan

  • Activist hedge fund discloses holding changes in quarterly 13F
  • Fund disclosed new stakes in 24 companies, exited 18 others

Jana Partners, the sometimes-activist hedge fund founded by Barry Rosenstein, acquired new stakes in Time Inc. and Expedia Inc. and exited health-care stocks Pfizer Inc. and Allergan Plc in the second quarter.

The fund disclosed new stakes in 24 companies, including Liberty Broadband Corp., and exited 18 others, including Time Warner Cable Inc. and Lions Gate Entertainment Corp., a regulatory filing Monday shows. It decreased its holdings in five companies including Walgreens Boots Alliance Inc. and Microsoft Corp.

Shares in Time, the publisher of People magazine, jumped as much as 7 percent after the stake was revealed.

Earlier this month, Jana announced a surprise settlement with Harris Corp., when the communications technology company agreed to add two independent directors before the activist had disclosed its holding. It owns 1.8 percent of Harris, according to its 13F regulatory filing. In March, Jana also settled for board seats at Team Health Holdings Inc.

While most of New York-based Jana’s investments aren’t activist -- where it amasses shares and seeks to convince executives and directors to make changes to boost shareholder returns -- it’s those campaigns that often attract the most attention.

The hedge fund has targeted companies including ConAgra Foods Inc., Computer Sciences Corp., PetSmart Inc. and Hertz Global Holdings Inc. in recent campaigns.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE