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Barry Rosenstein, Jana Partners' Latest Moves Include Qualcomm, United Rentals And Yum Brands

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Large investment firms are required to disclose their long equity positions to the SEC once per quarter, via a Form 13F. Activist hedge fund Jana Partners, managed by Barry Rosenstein, filed its latest 13F on Friday, declaring an equity portfolio worth more than $17.2 billion in the market.

Over the first quarter of 2015, the fund started 29 new equity stakes, increased its holdings in another 9, trimmed its exposure to 9 more, and closed out 13 positions.

Increased Exposure

By March 31, the fund’s largest bet was placed on the SPDR S&P 500 ETF Trust (NYSE: SPY). Jana more than quadrupled its exposure to the ETF over the period, disclosing ownership of 11,150,000 shares, worth about $2.3 billion, which represent about 13.3 percent of the equity portfolio’s total value.

QUALCOMM, Inc. (NASDAQ: QCOM) also witnessed a substantial upsurge in Jana’s stake. The position was started over the fourth quarter of 2014, and now saw a 548 percent increase, to 28,537,985 shares of Common Stock, worth almost $2 billion – 11.5 percent of the portfolio.

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New Positions

Amongst the 29 newcomers in Jana’s equity portfolio, one of the most valuable wagers was put on United Rentals, Inc. (NYSE: URI). According to the 13F, the fund acquired 5,599,789 shares of the company’s Common Stock over the quarter. The stake is worth more than half a billion dollars, and accounts for almost 3 percent of its equity portfolio’s total value.

Another company that felt Mr. Rosenstein’s bullishness is Brookdale Senior Living, Inc. (NYSE: BKD), which saw the firm start a new stake with 8,735,006 shares of Common Stock, worth $329,834,000, over the quarter.

Also new to the fund’s portfolio are Starz (NASDAQ: STRZA) and Starwood Hotels & Resorts Worldwide Inc (NYSE: HOT). Between January 1 and March 31, inclusive, Jana bought 7,496,500 shares of Starz’s Series A Common Stock, valued at more than a quarter of a billion dollars, and 2,414,856 shares of Starwood’s Common Stock, worth about $200 million.

A smaller but still new wage was placed on Yum! Brands, Inc. (NYSE: YUM). Over the first quarter, Jana purchased 400,000 shares of Common Stock, worth about $31.5 million.  

Closed Out Stakes

By the end of the fourth quarter of last year, PetSmart, Inc. (NASDAQ: PETM) accounted for more than 6.8 percent of Jana’s equity portfolio. However, a consortium led by BC Partners completed the acquisition of the company on March 11, giving the shareholders $83.00 per share in cash. By liquidating its 9,694,002 shares position, Jana got $804,602,166.

Posted-In: Barry Rosenstein BC Partners Jana PartnersNews Hedge Funds General


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