Jana Partners
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average rating: 3.58 / 108 ratings
DESCRIPTION:
Date updated:01-05-2009
New positions: OCR, ORCL, NOV, CPWR, MSFT, WYE, CMC, RAI, HNT
Jana Partners is a $2.1 billion dollar activist fund based in San Francisco. The fund, run by Barry Rosenstein, has a value-oriented and research-intensive approach to special situation public securities, capitalizing on the transactional legal and finance backgrounds of the prinicpals. It has core long and short positions in companies in which it constantly reviews strategic alternatives. It also invests in underfollowed orphan equities and other event-driven strategies.
Returns:
2003: +45%
2004: +26%
2005: +12%
2006: +16%
In a 2004 article about leadership in BizNewOrleans.com, Rosenstein talks about the Martha Stewart case and his own views on stress and management:
“For Rosenstein, who will also be a speaker at the April 9 conference, the Stewart story is but an extreme parable of what happens to business leaders who don’t know themselves as well as they should and who cannot get a grip on their ego and emotions. They fail.
His own attention to these issues began a dozen years ago when he was partially paralyzed after a wind-surfing accident and turned to Yoga in an effort to avoid radical spinal surgery. His physical recovery, he says, has been followed by a lifetime of mental and emotional benefits as he has continued to practice Yoga.
“I deal with stress a lot better,” Rosenstein says. “In my business, every day the market tells you if you are smart or stupid. You can lose a lot of money every day, and your emotional state can be easily affected. Now it doesn’t matter to me how we do. My emotional state stays [in a state of] equanimity. I find that very important. In the middle of the day, when sometimes things are very intense, I sit and stretch and meditate and it refreshes me.” In the evenings, he often spends time in a Yoga studio he has built at home.
What it has meant for his business and colleagues is this: Unlike the typical hedge fund, JANA Partners is a placid place. “I am not a screamer, I don’t put undue pressure on people, I create a congenial atmosphere and our investment process is consensual,” he says. In its three-year existence, there has been “zero turnover” among the 16 staff members.
The fund often presses its points of view vigorously on managements of companies it invests in, but never disrespectfully, Rosenstein says. “We have had a lot of success without ever having to be hostile.”
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KBR
Kbr Inc - $20.28
- -1.74%
- $20.25
% of portfolio: 6.7%
-
CPRT
Copart - $32.88
- -0.06%
- $32.54
% of portfolio: 4.7%
-
HES
Hess Cp - $56.98
- 0.00%
- $56.34
% of portfolio: 4.5%
-
APC
Anadarko Petroleu - $64.83
- -1.74%
- $65.04
% of portfolio: 4.4%
-
CTV
Commscope Inc - $27.90
- -0.82%
- $27.68
% of portfolio: 3.0%
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OCR
Omnicare Inc - $22.36
- +2.43%
- $21.68
% of portfolio: 2.9%
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ORCL
Oracle Corporatio - $21.42
- +0.47%
- $21.19
% of portfolio: 2.5%
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NOV
Natl Oilwell Varc - $43.68
- +0.32%
- $42.80
% of portfolio: 2.5%
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