Hedge Funds

JANA Partners cites 'frustrating' quarter

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This year's first quarter was "frustrating" for JANA Partners, according to a quarterly performance review made available to investors.The firm's historically high-performing JANA Master Fund netted 3.4% for the period to trail a number of its event-driven peers as well as the Absolute Return Event-Driven Index, which climbed 5.98%.

In the report, JANA writes that the quarter was "not a particularly rewarding environment" for disciplined value strategies such the one it follows, for "complacency, event speculation and [Fed]-guessing seemed to fuel the market's advance."

In the first quarter, Time Warner proved to be a particular disappointment for the $5 billion