JANA reports strong quarter


JANA Partners’ flagship JANA Master Fund reported solid March performance, topping off a strong quarter, with gains fueled partly by positions in Mirant, Valero Energy and Yahoo as well as volatility index trades.

In March, the value-oriented event-driven fund netted a 2.4% gain to total 7.1% year to date. By comparison, the Absolute Return Event Driven index rose 1.21% for the month to total 4.97%, according to preliminary data.

A number of the fund’s positions saw big gains for the quarter. Mirant, a play on rising power generation spreads, rose 28% in the first three months, according to a letter