{"slug":"jana","name":"JANA Partners Management","style":"activist","grade":"D","book":[{"ticker":"MRCY","issuer":"MERCURY SYS INC","shares":4107424.0,"value_usd":299472284.0,"pct_book":18.65,"position_rank":1,"tilt_pp":8.647,"action":"trim","shares_change_pct":-17.2,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"defense","name":"Defense & Aerospace","name_zh":"\u56fd\u9632\u4e0e\u822a\u7a7a\u822a\u5929"}],"since_excess":0.0977,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":70.0,"tier":"high","components":{"pct_book":{"value":1.0,"points":35.0},"rank_top10":{"value":1,"points":15.0},"tilt":{"value":8.647,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"COO","issuer":"COOPER COS INC","shares":3565158.0,"value_usd":254908797.0,"pct_book":15.87,"position_rank":2,"tilt_pp":5.873,"action":"hold","shares_change_pct":1.3,"add_streak_q":0,"persistence":"persisted","sector":"Healthcare","themes":[{"key":"us_sector_health","name":"Health Care (Equal-Weight)","name_zh":"\u533b\u7597\u4fdd\u5065\uff08\u7b49\u6743\uff09"}],"since_excess":0.2107,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":66.5,"tier":"moderate","components":{"pct_book":{"value":0.9,"points":31.5},"rank_top10":{"value":2,"points":15.0},"tilt":{"value":5.873,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FISV","issuer":"FISERV INC","shares":4435605.0,"value_usd":247506759.0,"pct_book":15.41,"position_rank":3,"tilt_pp":5.412,"action":"add","shares_change_pct":97.5,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[{"key":"fv:fintechpayments","name":"Payments","name_zh":"Payments"}],"since_excess":-0.0809,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":73.0,"tier":"high","components":{"pct_book":{"value":0.8,"points":28.0},"rank_top10":{"value":3,"points":15.0},"tilt":{"value":5.412,"points":10.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SPY","issuer":"STATE STR SPDR S&P 500 ETF T","shares":343665.0,"value_usd":223499096.0,"pct_book":13.92,"position_rank":4,"tilt_pp":3.917,"action":"trim","shares_change_pct":-12.2,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":0.0,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":59.5,"tier":"moderate","components":{"pct_book":{"value":0.7,"points":24.5},"rank_top10":{"value":4,"points":15.0},"tilt":{"value":3.917,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"LW","issuer":"LAMB WESTON HLDGS INC","shares":5008635.0,"value_usd":211664915.0,"pct_book":13.18,"position_rank":5,"tilt_pp":3.18,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Staples","themes":[],"since_excess":0.0127,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":56.0,"tier":"moderate","components":{"pct_book":{"value":0.6,"points":21.0},"rank_top10":{"value":5,"points":15.0},"tilt":{"value":3.18,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MKL","issuer":"MARKEL GROUP INC","shares":75307.0,"value_usd":144142869.0,"pct_book":8.98,"position_rank":6,"tilt_pp":-1.025,"action":"hold","shares_change_pct":-7.3,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":0.048,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":42.5,"tier":"low","components":{"pct_book":{"value":0.5,"points":17.5},"rank_top10":{"value":6,"points":15.0},"tilt":{"value":-1.025,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ALKT","issuer":"ALKAMI TECHNOLOGY INC","shares":5431388.0,"value_usd":85109850.0,"pct_book":5.3,"position_rank":7,"tilt_pp":-4.7,"action":"add","shares_change_pct":11.0,"add_streak_q":3,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":54.0,"tier":"moderate","components":{"pct_book":{"value":0.4,"points":14.0},"rank_top10":{"value":7,"points":15.0},"tilt":{"value":-4.7,"points":0.0},"add_streak":{"value":3,"points":15.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FUN","issuer":"SIX FLAGS ENTERTAINMENT CORP","shares":4116099.0,"value_usd":73060757.0,"pct_book":4.55,"position_rank":8,"tilt_pp":-5.451,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Discretionary","themes":[],"since_excess":-0.1122,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":35.5,"tier":"low","components":{"pct_book":{"value":0.3,"points":10.5},"rank_top10":{"value":8,"points":15.0},"tilt":{"value":-5.451,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RPD","issuer":"RAPID7 INC","shares":6743653.0,"value_usd":37157528.0,"pct_book":2.31,"position_rank":9,"tilt_pp":-7.686,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[{"key":"fv:cybersecuritythreatops","name":"ThreatOps","name_zh":"ThreatOps"},{"key":"fv:cybersecuritysiem","name":"SIEM","name_zh":"SIEM"},{"key":"fv:cybersecurityappsecurity","name":"App Security","name_zh":"App Security"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":32.0,"tier":"low","components":{"pct_book":{"value":0.2,"points":7.0},"rank_top10":{"value":9,"points":15.0},"tilt":{"value":-7.686,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"EHABUSD","issuer":"ENHABIT INC","shares":2090412.0,"value_usd":29453905.0,"pct_book":1.83,"position_rank":10,"tilt_pp":-8.166,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":28.5,"tier":"low","components":{"pct_book":{"value":0.1,"points":3.5},"rank_top10":{"value":10,"points":15.0},"tilt":{"value":-8.166,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}}],"book_meta":{"n_positions":10,"n_resolved":10,"resolution_pct":100.0,"book_value_usd":1605976760.0,"filing_date":"2026-05-15","period_end":"2026-03-31"},"sector_series":[{"period_end":"2023-09-30","filing_date":"2023-11-14","weights":{"Unclassified":56.41,"Consumer Staples":15.7,"Financial":15.12,"Industrials":12.78},"top_theme_weights":{"Financials":15.12,"Industrials & Defense":12.78}},{"period_end":"2023-12-31","filing_date":"2024-02-14","weights":{"Unclassified":46.28,"Consumer Staples":15.65,"Technology":12.91,"Financial":12.85,"Industrials":12.3},"top_theme_weights":{"Industrials":12.91,"Financials":12.85,"Industrials & Defense":12.3}},{"period_end":"2024-03-31","filing_date":"2024-05-15","weights":{"Unclassified":51.6,"Financial":13.94,"Technology":13.23,"Industrials":11.17,"Consumer Staples":6.92,"Health Care":3.13},"top_theme_weights":{"Financials":13.94,"Industrials":13.23,"Industrials & Defense":11.17}},{"period_end":"2024-06-30","filing_date":"2024-08-14","weights":{"Unclassified":55.34,"Financial":13.85,"Technology":13.66,"Industrials":10.93,"Information Technology":3.27,"Health Care":2.94},"top_theme_weights":{"Financials":13.85,"Industrials":13.66,"Industrials & Defense":10.93}},{"period_end":"2024-09-30","filing_date":"2024-11-14","weights":{"Unclassified":43.73,"Consumer Staples":19.59,"Technology":15.73,"Industrials":13.33,"Financial":6.9,"Health Care":0.72},"top_theme_weights":{"Industrials":15.73,"Industrials & Defense":13.33,"Financials":6.9}},{"period_end":"2024-12-31","filing_date":"2025-02-14","weights":{"Unclassified":45.72,"Consumer Staples":23.44,"Technology":14.52,"Industrials":14.34,"Financial":1.97},"top_theme_weights":{"Industrials":14.52,"Industrials & Defense":14.34,"Financials":1.97}},{"period_end":"2025-03-31","filing_date":"2025-05-15","weights":{"Unclassified":44.13,"Consumer Staples":25.13,"Industrials":15.45,"Technology":13.37,"Financial":1.92},"top_theme_weights":{"Industrials & Defense":15.45,"Industrials":13.37,"Financials":1.92}},{"period_end":"2025-06-30","filing_date":"2025-08-14","weights":{"Unclassified":44.48,"Consumer Staples":22.27,"Industrials":18.27,"Technology":13.77,"Financials":1.21},"top_theme_weights":{"Industrials & Defense":18.27,"Industrials":13.77}},{"period_end":"2025-09-30","filing_date":"2025-11-14","weights":{"Unclassified":40.81,"Industrials":22.33,"Consumer Staples":16.88,"Healthcare":8.08,"Technology":7.44,"Consumer Discretionary":4.45},"top_theme_weights":{"Industrials & Defense":22.33,"US Sectors (EW)":8.08,"Industrials":7.44}},{"period_end":"2025-12-31","filing_date":"2026-02-17","weights":{"Unclassified":50.18,"Industrials":18.84,"Healthcare":15.01,"Consumer Staples":12.68,"Consumer Discretionary":3.29},"top_theme_weights":{"Industrials & Defense":18.84,"US Sectors (EW)":15.01}},{"period_end":"2026-03-31","filing_date":"2026-05-15","weights":{"Unclassified":47.75,"Industrials":18.65,"Healthcare":15.87,"Consumer Staples":13.18,"Consumer Discretionary":4.55},"top_theme_weights":{"Industrials & Defense":18.65,"US Sectors (EW)":15.87}}],"sector_rotation":{"into":[{"sector":"Consumer Discretionary","delta_pp":1.26},{"sector":"Healthcare","delta_pp":0.86},{"sector":"Consumer Staples","delta_pp":0.5}],"out_of":[{"sector":"Industrials","delta_pp":-0.19}],"deltas":{"Consumer Discretionary":1.26,"Healthcare":0.86,"Consumer Staples":0.5,"Industrials":-0.19,"Unclassified":-2.43},"period_end":"2026-03-31","prev_period_end":"2025-12-31","method_note":{"en":"Current sector/theme map applied to history \u2014 historical quarters are classified with today's sector and theme membership (survivorship-lite; past classification changes are not reconstructed).","zh":"\u4ee5\u5f53\u524d\u884c\u4e1a/\u4e3b\u9898\u6620\u5c04\u56de\u6eaf\u5386\u53f2\u2014\u2014\u5386\u53f2\u5b63\u5ea6\u6309\u4eca\u65e5\u7684\u884c\u4e1a\u4e0e\u4e3b\u9898\u6210\u5458\u5206\u7c7b\uff08\u8f7b\u5ea6\u5e78\u5b58\u8005\u53e3\u5f84\uff1b\u4e0d\u91cd\u5efa\u8fc7\u53bb\u7684\u5206\u7c7b\u53d8\u66f4\uff09\u3002"}},"theme_read":{"leans":[{"theme_key":"fv:fintechpayments","label":"Payments","label_zh":"Payments","category":"FinTech","source":"finviz","tickers":["FISV"],"added_pp":15.41,"held_pp":15.41,"n_names":1}],"core":{"theme_key":"fv:fintechpayments","label":"Payments","label_zh":"Payments","category":"FinTech","source":"finviz","tickers":["FISV"],"added_pp":15.41,"held_pp":15.41,"n_names":1},"narrative_en":"Core lean: Payments \u2014 added FISV (+15.4pp of book this quarter)","narrative_zh":"\u6838\u5fc3\u503e\u5411\uff1aPayments \u2014 \u672c\u5b63\u5ea6\u52a0\u4ed3 FISV\uff08\u5360\u7ec4\u5408 +15.4pp\uff09"}}