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Strategies & Market Trends : Value Investing

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From: Paul Senior	7/27/2009 12:15:16 PM
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Decided to invest with a hedge fund. I'm going to go with Jana Partners. Not sure of their fees. Guessing they take 1 or 2% of assets and 20% of profits. To get in, it looks like you have to have a family income of at at least $300k/yr or net worth of at least $1 million. For me, I'll just buy a package (two stocks) of Jana's publicly announced holdings and try to stay with them to see if Jana has any affect on company management and company stock price. I've chosen these two companies: Immucor and PRG-Schultz International Inc. The tradeoffs I see are that being in Jana, somebody would get Jana's expertise in making the sell decisions. And maybe benefit if Jana greenmails a company. Also there's the benefit from Jana's exposure to its diverse companies. Plus there's Jana's judgment in how much to weight each position. Otoh, for somebody just tagging along outside of Jana (like me), there's control of each holding; no fees/profit sharing with Jana; Jana plays the "activist" shareholder role, benefiting all shareholders (unless there's greenmail); and it looks to me that somebody can buy the two stocks above at a discount to what Jana paid to establish their position. On the one hand a sample of two (BLUD and PRGX) isn't much. Otoh, those are the only two stocks that appeal to me from what I see of Jana's apparently publicly-announced positions. biz.yahoo.com streetinsider.com finance.yahoo.com (I like BLUD's history of profitability, esp. vs. PRGX, so my BLUD position size is twice as large as PRGX.)

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