Barry Rosenstein's founded Jana Partners, a value-oriented, event-driven investment firm, in 2001. The firm's tagline is, "Ignore the crowd" - a sentiment that can be easily seen in the firm's management. Barry Rosenstein used to be a "follow the jockey, not the horse" kind of manager, but that has all changed. Barry Rosenstein explains, "We're still very focused on the jockeys, but we're equally focused on the cash the businesses produce. In cases where we can't find an absolute superb jockey, we'll still invest if the cash flow is there, although it may make us more likely to invest in more senior parts of the credit structure or to buy a basket of the strongest companies rather than just one."
Barry Rosenstein's founded Jana Partners, a value-oriented, event-driven investment firm, in 2001. The firm's tagline is, "Ignore the crowd" - a sentiment that can be easily seen in the firm's management. Barry Rosenstein used to be a "follow the jockey, not the horse" kind of manager, but that has all changed. Barry Rosenstein explains, "We're still very focused on the jockeys, but we're equally focused on the cash the businesses produce. In cases where we can't find an absolute superb jockey, we'll still invest if the cash flow is there, although it may make us more likely to invest in more senior parts of the credit structure or to buy a basket of the strongest companies rather than just one."
In 2007, Jana Partners returned just 7.9%, followed by a 23.4% loss for 2008. The fund was able to bring in returns of 23.9% in 2009, but it still wasn't enough to recoup its 2008 losses. Jana Partners turned things around in 2010, recovering its 2008 losses and returning 8.4%. The strong performance continued. By October 2011, Jana Partners had returned a whopping 200% since its inception.
Barry Rosenstein is a highly qualified activist investor. He comes to the table with a CPA and an MBA in business from Wharton, which he earned in 1984. Before starting Jana Partners, Barry Rosenstein spent years as the managing partner at private equity fund Sagaponack Partners. He was also the founder and head of Genesis Merchant Group's Investment and Merchant Banking Group. Before Genesis, Barry Rosenstein formed, and was the managing partner, of Reatta Partners, after cutting his teeth at Plaza Securities Corp. and Merrill Lynch.
| Fund Name: | Jana Partners |
| Manager | Barry Rosenstein |
| Portfolio Value | $3,534,159,000 |
| Change This QTR | 0.00% |
| No. | Security | Ticker | Shares | Value (x$1000) | Activity | % Port |
|---|---|---|---|---|---|---|
| 1.) | AGU | 9,448,593 | $943,644 | +28% |
26.7% | |
| 2.) | QEP | 8,816,692 | $266,881 | +365% |
7.55% | |
| 3.) | CPRT | 6,126,276 | $180,725 |  |
5.11% | |
| 4.) | CCE | 5,236,840 | $166,165 | +10% |
4.7% | |
| 5.) | LINTA | 2,072,435 | $140,428 | +178% |
3.97% | |
| 6.) | CVH | 3,108,487 | $139,353 | +14% |
3.94% | |
| 7.) | ROC | 2,774,710 | $137,237 | +59% |
3.88% | |
| 8.) | AIG | 3,468,292 | $122,431 | +123% |
3.46% | |
| 9.) | AET | 2,581,649 | $119,556 | +10% |
3.38% | |
| 10.) | VRSN | 3,062,128 | $118,872 | |
3.36% |
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