"The firm is seeing a lot of interest from institutional investors" given its outperformance, he said.
JANA's Drawdown Fund launched in 2010 and its annualized net return was 17% at the end of 2022.
JANA Partners disclosed its investment in FreshPet Inc., Secaucus, N.J., in September 2022 after the pet supply company experienced a period of dramatic operational underperformance and stock price decline, according to a summary from JANA, which noted that "the poor performance followed years of self-inflicted errors and came despite FreshPet's well-moated position in the very healthy and growing market for fresh pet food," JANA said in the announcement.
"JANA believes that a strengthened board providing better oversight of management and capital allocation is the key the FreshPet unlocking its full potential for shareholders," JANA's memo said.
Another reason for interest among activist investment firms is the current environment for private equity, which "is not working," he said.
Another activist manager, Cevian Capital (U.K. Ltd., London), with assets under management of $14 billion in a single fund, has been in the business for more than 20 years. Cevian Capital has exclusively focused on European constructive activism in its fund.
"We believe the network, relationships, credibility and experience we've built in Europe over the past 20 years is very valuable in our day-to-day work as constructive activists and we see no reason to move away from that," said Harlan Zimmerman, a senior partner, in an email. Mr. Zimmerman is based in Cevian's London office.
New York-based activist manager Trian Fund Management L.P., which has been in business for more than 40 years, is "a highly engaged shareholder that combines concentrated public equity ownership with operational expertise," according to a notice on the firm's website that a company spokeswoman referred to.
The firm's senior leaders were not available for an interview.
"Trian seeks to invest in high quality but undervalued and underperforming public companies and to work collaboratively with management teams and boards to help companies execute operational and strategic initiatives designed to drive long-term sustainable earnings growth for the benefit of all shareholders," according to its website.
Trian managed approximately $7 billion on June 1, the spokeswoman said.
One of Trian's most recent activist campaigns was with Walt Disney Co. "one of the most advantaged consumer entertainment companies in the world with unrivaled global scale, irreplaceable brands,and opportunities to monetize its intellectual property better than its peers by leveraging the Disney 'flywheel' e.g. networks, theme parks, consumer products, etc.," according to statement from Trian on its website.
The company stressed in the memo that "Disney is well positioned to navigate the ongoing transition from legacy content distribution channels to streaming."
On February 9, 2023, Trian congratulated Disney on its recently announced operating initiatives which Trian "believes is a win for all shareholders and broadly aligns with its thinking."