Jana Discloses Stakes in Facebook and Alibaba, Exits Bloomin'

(Bloomberg) -- Jana Partners, the activist fund run by Barry Rosenstein, took new positions in several technology stocks during the second quarter, including Facebook Inc., Alibaba Group Holding Ltd., Microsoft Corp., Google’s parent company Alphabet Inc., and GrubHub Inc.

The New York-based hedge fund also said it had taken a new stake in DXC Technology Co. during the quarter ended June 30, according to a regulatory filing Tuesday.

Jana also exited several high-profile positions, including Bloomin’ Brands Inc., the owner Outback Steakhouse, where it reached a settlement in February that saw the company appoint Norwegian Cruise Line Holdings Ltd. Chief Financial Officer Wendy Beck to its board. It said it also sold off its investments in Northrop Grumman Corp., Keurig Dr. Pepper Inc. and Cigna Corp., which agreed in March to acquire pharmaceutical benefits firm Express Scripts Holding Co. for $54 billion.

A representative for Jana did not immediately return calls for comment.

Jana and its affiliates stood to make about $144 million from its stake in Pinnacle Foods Inc. after it agreed to be acquired in June by Conagra Brands Inc. for $8.1 billion. The activist fund disclosed a stake in Pinnacle in April and said it planned to urge the company to explore a sale. Jana increased its stake in Conagra and Pinnacle during the second quarter. It now owns about 8.6 percent of Pinnacle’s outstanding shares, making it the second-largest holder in the company, and a 0.96 percent stake in Conagra.

Jana also disclosed the following portfolio changes:

  • Added positions in companies including Wells Fargo & Co., RPM International Inc., and Altice USA Inc.
  • Increased its position in Electronic Arts Inc., Agilent Tech Inc. and Apple Inc.
  • Sold down positions in Tiffany & Co., Lam Research Corp., HD Supply Holdings Inc., Autodesk Inc., and Boston Scientific.
  • Exited stakes in Westrock Co., Discovery Inc., ILG Inc., Industrial Logistics Properties Trust and Dropbox Inc.

©2018 Bloomberg L.P.