Barry Rosenstein's Q1 2026 13F filing disclosed that JANA Partners Management holds $1.6B in AUM across 10 positions. There were no new buys this quarter, while THS ($137M) and FRPT ($34M) were sold off entirely. The FISV stake was expanded by 98% to $248M (15.4%), and MRCY remained the top holding at $299M (18.6%) despite a 17% reduction.
Top 5 Holdings — Q1 2026
- MRCY: $299M (18.6%)
- COO: $255M (15.9%)
- FISV: $248M (15.4%)
- SPY: $223M (13.9%)
- LW: $212M (13.2%)
Key Trading Highlights
JANA Partners' portfolio remains highly concentrated this quarter, with the top five holdings accounting for 77.0% of total assets. MRCY (18.6%), COO (15.9%), FISV (15.4%), SPY (13.9%), and LW (13.2%) each held double-digit weightings, forming the portfolio's core. FISV stood out as the quarter's most notable increase, up 98%, while COO saw a modest boost that kept its defensive weighting intact. ALKT also grew 11% to $85M (5.3%), expanding its smaller-cap exposure.
- FISV: Stake increased +98% ($248M) — surged to 15.4% of the portfolio, the largest increase this quarter
- THS and FRPT: Fully exited ($137M and $34M, respectively) — both positions completely eliminated from the portfolio
- MRCY: Stake reduced -17% ($299M) — remains the top holding at 18.6% despite the trim
Meanwhile, MRCY, SPY, and MKL were trimmed by 17%, 12%, and 7%, respectively, in what appears to be profit-taking. THS and FRPT were liquidated entirely at $137M and $34M, removing them completely from the portfolio. The absence of any new buys suggests Rosenstein focused this quarter on rebalancing his existing 10 holdings rather than hunting for new names.
Outlook
The sizable FISV increase alongside the full exits of THS and FRPT suggest Rosenstein is deepening his payments and fintech exposure while trimming names with fading momentum. The parallel reductions in MRCY, SPY, and MKL point to defensive rebalancing, and whether new buys resume next quarter will be the key signal for the portfolio's direction going forward.
