BOSTON (TheStreet) -- Barry Rosenstein, founder of Jana Partners, is best known as an investor activist. But the hedge fund manager made some intriguing moves in the third quarter, notably buying more shares of Google (GOOG) - Get Alphabet Inc. Class C Report while cutting his stakes in gold and Apple (AAPL) - Get Apple Inc. (AAPL) Report.
In his role as an activist investor, Rosenstein has most recently targeted
, the owner of Standard & Poor's. Jana Partners previously initiated a stake in the company and hopes to break it up to unlock value. In September, McGraw-Hill announced that it would separate into two public companies, notching another victory for Rosenstein.
Barry Rosenstein of Jana Partners hedge fund.
McGraw-Hill has now become the hedge fund's largest position after Rosenstein bought another 2.5 million shares in the third quarter. The position now carries a market value of about $420 million and a portfolio weighting of nearly 25%. McGraw-Hill shares fell about 6% during the third quarter but are still up 17% this year.
Rosenstein has made waves as an activist investor in other companies, including
. Jana Partners was also part of a group that helped thwart a buyout of
Charles River Laboratories
El Paso has slipped from the top spot to become the hedge fund's second-largest position, with a market value of $302 million and a portfolio weighting of almost 18% as of Sept. 30. Jana Partners trimmed its stake in the company during the third quarter, selling 6.9 million shares. El Paso shares have rallied more than 80% this year, with a substantial part of that move coming in October after
said it would acquire the company for $38 billion.
Hedge funds that manage more than $100 million are required to disclose their equity holdings, options and convertible debt on a Form 13F filed to the
Securities and Exchange Commission
within 45 days of the end of a quarter. Funds aren't required to report short positions betting on declines. Jana Partners ended the third quarter with 24 reported holdings with a market value of $1.7 billion.
Rosenstein's new buys in the second quarter span a number of sectors, from health care to energy to media.
is the most significant of the fund's newest acquisitions, as Rosenstein bought up 4.1 million shares with a market value of $83 million. Shares of the hospital operator are down 48% in 2011.
Elsewhere, Jana Partners bought 3.9 million shares of
and 127,890 shares of Google. Both companies represent portfolio weightings of about 3.3% each, according to Jana Partners' latest 13F filing.
Jana's other new buys in the second quarter include
, among others.
In addition to McGraw-Hill, Jana Partners added to positions in Google,
Lone Pine Resources
On the other hand, Jana Partners unloaded its stake in
SPDR Gold Trust
, a position that carried a market value of $22.4 million as of June 30. The hedge fund also sold completely out of its holdings in Charles River Labs,
, among seven others.
Meanwhile, in addition to El Paso, Rosenstein cut his hedge fund's position in Apple,
, among others.
-- Written by Robert Holmes in Boston
>To contact the writer of this article, click here:
>To follow Robert Holmes on Twitter, go to
>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.