Activist hedge fund JANA Partners had an impressive first half.
The firm said that its flagship Master Fund rose 11.2% in the first half, despite a second-quarter gain of just 0.4%. That return came amidst a strong headwind that pushed the Standard & Poor's 500 Index down 2.8% during the quarter.
But big losses by portfolio holdings Hess Corp. and Visteon Corp. trimmed JANA's gains. The "detractors" lost 26% and 29% in the second quarter, respectively, Dow Jones Newswires reports.
The letter to investors also highlighted some of JANA's ongoing themes, such as its 0.9% stake in Coca-Cola Enterprises. "European macro fears have given us the opportunity to return CCE to JANA's top five positions," the letter wrote.
JANA also said it was betting on an unidentified global supply company and against some tobacco companies, "a big box retailer whose category is being entered by Amazon" and "a hyped-up software company with very opaque accounting."