Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
JANA Partners Management
activist
D
Reliability improving可靠性走强
leaderboard rank榜单排名 #41
Book持仓规模
$1.6B
long US listed only仅美股多头
Positions持仓数
10
100% resolved已解析
Top-10 concentration前十集中度
100%
% of book占组合%
Turnover换手
LOW
17.6% per quarter每季
Median excess中位超额
-29%
buys vs SPY, since filing买入相对SPY，自申报起 · n 23
Hit rate胜率
13%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Payments — added FISV (+15.4pp of book this quarter)核心倾向：Payments — 本季度加仓 FISV（占组合 +15.4pp）
PaymentsPayments
+15.4pp
15.4% of book held占组合持有
· 1 names标的
· FinTech
FISV
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 9 scored quarters已评分季度 · 11% positive为正 · recent-4 median近4季中位 -27% vs all-time对全期 -29%
Median excess by quarter各季度中位超额: ▇▇▁▁▄▃▄█▅ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-12-31 | 3 | +0% | 33% | -8% |
| 2024-03-31 | 3 | +0% | 33% | +0% |
| 2024-06-30 | 3 | -65% | 0% | +8% |
| 2024-09-30 | 2 | -62% | 0% | -14% |
| 2024-12-31 | 2 | -32% | 0% | -0% |
| 2025-03-31 | 3 | -39% | 0% | -4% |
| 2025-06-30 | 2 | -29% | 0% | -21% |
| 2025-09-30 | 2 | +4% | 50% | +11% |
| 2025-12-31 | 2 | -25% | 0% | -27% |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Unclassified
47.8%
▼ -2.4pp
Industrials
18.6%
▼ -0.2pp
Healthcare
15.9%
▲ +0.9pp
Consumer Staples
13.2%
▲ +0.5pp
Consumer Discretionary
4.5%
▲ +1.3pp
Theme categories主题类别
Industrials & Defense 18.6%
US Sectors (EW) 15.9%
Rotating into (QoQ)轮入（环比）
Consumer Discretionary +1.3pp
Healthcare +0.9pp
Consumer Staples +0.5pp
Rotating out of (QoQ)轮出（环比）
Industrials -0.2pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Unclassified 48% · Industrials 19% · Healthcare 16% |
| 2025-12-31 | Unclassified 50% · Industrials 19% · Healthcare 15% |
| 2025-09-30 | Unclassified 41% · Industrials 22% · Consumer Staples 17% |
| 2025-06-30 | Unclassified 44% · Consumer Staples 22% · Industrials 18% |
| 2025-03-31 | Unclassified 44% · Consumer Staples 25% · Industrials 15% |
| 2024-12-31 | Unclassified 46% · Consumer Staples 23% · Technology 15% |
| 2024-09-30 | Unclassified 44% · Consumer Staples 20% · Technology 16% |
| 2024-06-30 | Unclassified 55% · Financial 14% · Technology 14% |
| 2024-03-31 | Unclassified 52% · Financial 14% · Technology 13% |
| 2023-12-31 | Unclassified 46% · Consumer Staples 16% · Technology 13% |
| 2023-09-30 | Unclassified 56% · Consumer Staples 16% · Financial 15% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。10 positions shown项持仓 · resolved已解析 10/10 (100%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  MRCY |
Mercury Sys Inc | 18.6% | $299M | trim | -17% | — | 70 · HIGH | Industrials | Defense & Aerospace | +10% |
| 2 |  COO |
Cooper Cos Inc | 15.9% | $255M | hold | +1% | — | 66 · MODERATE | Healthcare | Health Care (Equal-Weight) | +21% |
| 3 | FISV |
Fiserv Inc | 15.4% | $248M | add | +98% | 2q | 73 · HIGH | — | Payments | -8% |
| 4 |  SPY |
State Str Spdr S&p 500 Etf T | 13.9% | $223M | trim | -12% | — | 60 · MODERATE | — | — | +0% |
| 5 |  LW |
Lamb Weston Hldgs Inc | 13.2% | $212M | hold | +0% | — | 56 · MODERATE | Consumer Staples | — | +1% |
| 6 |  MKL |
Markel Group Inc | 9.0% | $144M | hold | -7% | — | 42 · LOW | — | — | +5% |
| 7 |  ALKT |
Alkami Technology Inc | 5.3% | $85M | add | +11% | 3q | 54 · MODERATE | — | — | — |
| 8 |  FUN |
Six Flags Entertainment Corp | 4.5% | $73M | hold | +0% | — | 36 · LOW | Consumer Discretionary | — | -11% |
| 9 |  RPD |
Rapid7 Inc | 2.3% | $37M | hold | +0% | — | 32 · LOW | — | ThreatOps, SIEM, App Security | — |
| 10 |  EHABUSD |
Enhabit Inc | 1.8% | $29M | hold | +0% | — | 28 · LOW | — | — | — |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (2)
| FISV add |
15.4% | -8% |
| ALKT add |
5.3% | — |
Rotated out of轮出 (3)
| MRCY trim |
-17% | +10% |
| SPY trim |
-12% | +0% |
 FRPT exit |
-100% | +12% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。