BOSTON (TheStreet) -- Barry Rosenstein, founder of New York-based hedge fund Jana Partners, is best known for his activist role in investing. But the hedge-fund manager made some intriguing moves in the second quarter, notably buying shares of Google (GOOG) - Get Alphabet Inc. Class C Report while cutting his stake in gold.
Rosenstein has made waves as an activist investor in
( EP), which announced earlier this year that it would split in two. Jana Partners was also part of a group that helped thwart a buyout of
Charles River Laboratories
. Lately, Rosenstein has targeted
( MHP), the owner of Standard & Poor's. Jana Partners previously initiated a stake in the company and hopes to break it up to unlock value.
Barry Rosenstein of Jana Partners hedge fund.
El Paso is still the hedge fund's largest position, with a market value of $490 million and a portfolio weighting of nearly 25% as of June 30. Jana Partners trimmed its stake in the company during the second quarter, selling 6.2 million shares. El Paso shares have rallied more than 38% this year as of Monday.
Jana Partners added to its position in McGraw-Hill, its second-largest portfolio holding, buying more than 4.6 million shares. The company now represents a 16% portfolio weighting with a market value of $323 million.
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 second quarter with 25 reported holdings with a market value of nearly $2 billion.
Rosenstein's new buys in the second quarter span a number of sectors, from oil to media to technology to industrials to pharmaceuticals.
is the most significant of the fund's newest acquisitions, as Rosenstein bought up 3.3 million shares with a market value of $88 million. Shares of the oil and gas company are down 45% 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
Lone Pine Resources
In addition to McGraw-Hill, Jana Partners added to positions in
( LSTZA) and
On the other hand, Jana Partners unloaded some gold, selling about a quarter of its stake in
SPDR Gold Trust
, leaving the hedge fund with 153,000 shares of the gold ETF that carried a market value of $22.4 million as of June 30. The hedge fund also reduced stakes in
and Charles River Labs.
Meanwhile, Rosenstein sold completely out of stakes in
, among others.
-- Written by Robert Holmes in Boston
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