Jana Sells Out of Valeant as Firm Adds Alphabet, Stericycle

  • Sometime-activist fund bought into 15 new companies in 1Q
  • Jana sold out of 19 companies in the first quarter, 13F shows

Jana Partners, the sometime-activist hedge fund founded by Barry Rosenstein, exited Valeant Pharmaceuticals International Inc. in the first quarter, as it added new stakes in Google parent Alphabet Inc. and medical waste manager Stericycle Inc.

The New York-based fund disclosed stakes in 15 new companies Monday, and sold 19 of its holdings, according to a regulatory filing. Besides Valeant, Jana sold its remaining stake in chipmaker Qualcomm Inc., one of its activist targets, as well as insurer American International Group Inc.

While most of 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 firm has targeted companies including ConAgra Foods Inc., Computer Sciences Corp., PetSmart Inc., Walgreen Co. and Hertz Global Holdings Inc. in recent campaigns.

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