Barry Rosenstein who manages Jana Partners is one of the leading fund managers; Jana has around $11 billion assets under management, according to Forbes. The fund has averaged a 20% annual return compared to 5% for the S&P 500. Its larger positions have done particularly well; in those stocks Jana owns at least a 5% stake, the average annual return is 67%.
Rosenstein tends to take an activist approach, and buys companies over which he can have influence for change. Recently, he started a stake in McDonald’s, which has been a troubled stock lately, and it is likely he may have some ideas on how to revamp the company. He also has a 7% stake in Hertz, a company in which Carl Icahn also has a significant position, in addition to eBay. Jana owns around $1 billion worth of eBay shares.
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Jana has $700 million of Walgreen stock, and increased its holdings recently between $60.70 and $62.80. The stock recently has traded at around $67. Rosenstein now has a seat on Walgreen’s board.
It owns 10% of Petsmart and has suggested a sale. Management is considering the move. It also owns 8% of Ashland, has handpicked a board member, and is focused on convincing management to spin off its Valvoline segment.