Jana Partners’ 2011 Q3 investor letter is out.
In the third quarter, Barry Rosenstein‘s Jana Partners worked with McGraw Hill (MHP) as the company developed a plan to split its operations in two – McGraw Hill Education and McGraw Hill Markets. Rosenstein explained in the letter that he had been following MHP for years and finally determined the third quarter was the right time to makes its move. Jana Partners was instrumental in making MHP’s division happen.
The story is similar with El Paso Corp (EP) and Kinder Morgan’s acquisition of the same. Jana Partners followed EP for a long time before determining that the time was perfect to invest and, in this case, to push for the sale of the company instead of a spin-off. Rosenstein also discusses his stakes in HCA Holdings Inc. (HCA) and Anadarko Petroleum Corp. (APC).
Here is Jana Partners’ 2011 Q3 investor letter: