JANA remains flat despite activist opportunities

By Suzy Kenly Waite

Mon Jul 26, 2010

Barry Rosenstein and Gary Claar’s firm, which managed $2.1 billion as of January 2010, is flat for the year. JANA remains encouraged by a number of situations, including bets on Motorola and Questar Corporation.

 Barry Rosenstein
JANA Partners, Barry Rosenstein and Gary Claar’s firm, slowed its losses in June after dropping 5% in May, leaving the firm flat for the year. The JANA Master Fund dropped only six basis points in June, while the AR Event Driven Index fell 0.96%, leaving it up 2.23% for the year.

Despite its losses, JANA is optimistic about the number of activist opportunities, and is particularly encouraged by a recent spinoff by energy company Questar Corporation and a proposed 2011 spinoff at Motorola.

"We have described this market as one of strong event-driven investment opportunities but extremely elevated macro and policy risks," Rosenstein wrote in a June 2010 investor letter. "In the second quarter, the macro and policy risks carried the day… risk premia have risen because of a federal policy agenda that is increasingly perceived to be anti-business." According to JANA, the...

ISSN: 2151-1845 / CDC10004H

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