Market Overview

Jana Partners Adds Dollar General Corp. To Portfolio


Dollar General Corp. (NYSE: DG) landed on a top-five holdings list for activist investor Barry Rosenstein's Jana Partners, according to a report Tuesday.

“Dollar General was the biggest contributor to performance, as the market reacted favorably to its cash bid for Family Dollar,” Jana wrote in an August 31 risk report letter obtained by Bloomberg.

Unlike other holdings in the Jana list, the dollar retailer didn't appear on its second-quarter portfolio disclosure.

Jana said the value of its $11 billion hedge fund grew 1.8 percent in August with an annualized growth of nearly 6 percent, according to Bloomberg.

Dollar General made the biggest contribution to August growth, as the stock gained 16 percent.

The company's latest $9.1 billion bid for Family Dollar Stores, Inc. (NYSE: FDO) got turned down last week and Dollar General has said it may mount a proxy battle.

The list, part of Jana's August 31 risk report letter, also included Actavis PLC, American International Group Inc, Energy Transfer Equity L and Equinix Inc.

Dollar General recently traded up 0.3 percent; Equinix was down more than one percent; Energy Transfer gained 0.5 percent and AIG was little changed.


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