JANA’s Little-Known Activist Fund Has Been a Big Winner

The fund, which is structured more like a private equity fund and debuted in 2010, has been quietly putting up strong performance.

(Illustration by II; Andrew Harrer/Bloomberg)

(Illustration by II; Andrew Harrer/Bloomberg)

Barry Rosenstein’s JANA Partners has one of the best-performing activist funds that most people have never heard of.

Hedge fund followers are well aware of its flagship fund — JANA Partners, which is up 9.2 percent this year through September — and its higher-octane counterpart, JANA Nirvana, up 13.3

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