Jana Partners Exits FIS, Increases Stake in Rapid7, Freshpet, and TreeHouse

Jana Partners, a fund led by Barry Rosenstein, disclosed its Q2 holdings. The fund bought $24.1M worth of Wex and exited FIS. Jana increased its stakes in Rapid7, Freshpet, and TreeHouse, while decreasing positions in Lamb Weston, Markel, Trimble, and Mercury Systems. Lamb Weston was the fund's top holding as of June 30, followed by Mercury Systems, SPDR S&P 500 ETF Trust, Markel Group, and Trimble.

Jana Partners, the activist hedge fund led by Barry Rosenstein, has disclosed its Q2 holdings, revealing significant changes in its investment portfolio. The fund made notable moves, including a new purchase of Wex (WEX) and an exit from Fidelity National Information Services (FIS).

In its latest 13F filing, Jana Partners bought $24.1 million worth of Wex, a technology company specializing in payment solutions. This acquisition comes after the fund exited its position in FIS, selling 497,000 shares [2]. The fund also increased its stakes in Rapid7 (RPD), Freshpet (FRPT), and TreeHouse (THS), while decreasing its positions in Lamb Weston (LW), Markel (MKL), SPDR S&P 500 ETF Trust (SPY), Trimble (TRMB), and Mercury Systems (MRCY) [1].

Lamb Weston remained the fund's top holding as of June 30, followed by Mercury Systems, SPDR S&P 500 ETF Trust, Markel Group, and Trimble [1]. The specialty retailer reported earnings per share (EPS) of $0.87 for the quarter, surpassing estimates, along with revenue of $1.68 billion, signaling a 4% year-over-year growth [3].

Jana Partners' strategic moves reflect its active approach to investing, with a focus on both growth opportunities and risk management. The fund's top holdings as of June 30, in order of size, were Lamb Weston, Mercury Systems, SPDR S&P 500 ETF Trust, Markel Group, and Trimble [1].

References:
[1] https://www.tipranks.com/news/the-fly/jana-takes-new-position-in-wex-exits-fis-during-q2-thefly
[2] https://seekingalpha.com/news/4485428-jana-partners-exits-fidelity-national-information-adds-wex-among-other-q2-moves
[3] https://www.marketbeat.com/instant-alerts/filing-lamb-weston-nyselw-shares-acquired-by-lpl-financial-llc-2025-08-09/