United States

Barry Rosenstein’s Jana to shut down two of its equity funds

Barry Rosenstein’s Jana hedge fund is slimming down in the new year. Following years of lackluster returns, the fund told investors Tuesday that it was closing two of its equity funds to focus on its better-performing activist strategies. “This is where we have delivered our best returns for investors, developed a genuine competitive advantage, made our mark on numerous industries, and where we see our future and the richest opportunity set,” Rosenstein wrote in a letter to investors, which was seen by The Post. Since its launch in 2010, the Jana Strategic Investments fund has achieved an average 15 percent return through 2018, Jana noted. Meanwhile, its other funds failed to keep up with moves in the broader stock market since ...