Rosenstein's Jana Funds Extend 2015 Losses With November Dropsby and
Jana Partners and Nirvana slid 2.4% and 3.6%, respectively
Both funds face their third down years, barring a reversal
Barry Rosenstein’s hedge fund firm Jana Partners saw its two main funds decline last month, positioning both for their third year of losses since inception.
The Jana Partners Fund, which makes long and short bets on equities and credit, fell 2.4 percent in November, bringing its loss for the year to 6.4 percent, according to an investor letter obtained by Bloomberg. The fund was started in 2001.
The Jana Nirvana Fund declined 3.6 percent last month, deepening its decline for the first 11 months of 2015 to 9.2 percent, another client letter shows. Nirvana, opened in 2007, also trades a long-short equity and credit strategy.
The funds lag behind U.S. stocks this year. The Standard & Poor’s 500 Index returned 3 percent, including dividends, through Nov. 30.
The New York-based firm, which oversees about $10 billion in assets, can take activist positions, pushing for change at stock holdings. Both Jana funds are still outperforming the S&P 500 since inception. Partners has returned an annualized 12 percent, compared with 6.1 percent for the index, while Nirvana’s gain of 9.7 percent beats the benchmark’s 6.8 percent rate of return.
A spokesman for the firm declined to comment on the performance update.