Bloomberg – #1 Top Non-US Event Driven Fund 2006
When Mirant Corp. made a $7.86 billion hostile bid for NRG Energy Inc. in May, Barry Rosenstein, founder of Jana Partners LLC, went to work. Jana and serveral other hedge funds that bought shares in Atlanta-based power producer Mirant denounced that acquisition as overpriced.
The hedge funds won. Mirant eventually dropped its bid and, to placate investors, agreed to buy back $1.25 billion of stock.
Over the past few years, hedge fund managers like Rosenstein have made headlines – and lots of money – by buying stocks and then pushing for change. Event-driven funds such as mergers, acquisitions and bankruptcies, posted an everage annualized return of 12.7 percent in the three years ended on Sept. 30, according to Hedge Fund Research Inc. During the first nine months of 2006, they returned 9 percent.
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