Jana Partners Adds Stakes in Salesforce, Aetna, Sells Twitter

Jana Partners, the sometimes-activist hedge fund founded by Barry Rosenstein, acquired new stakes in Salesforce.com Inc. and health insurer Aetna Inc. in the fourth quarter.

The fund disclosed new stakes in 12 companies, and exited 18 others, including Twitter Inc. and Kate Spade & Co., according to a regulatory filing Tuesday.

Jana in its December investor update disclosed drugmaker Bristol-Myers Squibb Co. as a new name among its top five long holdings. The filing shows Jana’s stake in Bristol-Myers is valued at about $226.3 million, making it the investor’s fifth-biggest holding.

Jana last year disclosed activist stakes in magazine publisher Time Inc., and industrial distributor HD Supply Holdings Inc. The firm reached a settlement with Harris Corp., when the communications technology company agreed to add two independent directors, and settled for board seats at Team Health Holdings Inc., the health-care staffing company that then announced it was being acquired by Blackstone Group LP.

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.

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