Hedge Fund Jana Partners Files 13D on Convergys (CVG) ~ market folly

Thursday, February 12, 2009

Hedge Fund Jana Partners Files 13D on Convergys (CVG)

Hedge fund Jana Partners ran by Barry Rosenstein has recently filed an amended 13D on Convergys (CVG). The filing was made due to activity on February 5th, 2009 and they are now showing a 14% ownership stake in Convergys (CVG). They currently own 17,035,512 shares. The amendment to the filing has allowed them to make a change to the board of directors. As per the filing,

(click to enlarge)

So, it looks as if Barry is trying to keep the ball rolling on this name they have an activist stake in. And, in a Form 4 filed with the SEC, Jana disclosed that they acquired another 9,987 shares on February 5th. We've also covered Jana's recent portfolio updates here. If you're unfamiliar with Jana, they are a hedge fund ran by Barry Rosenstein and was recently ranked 79th in Alpha's Hedge Fund Rankings. Jana was founded in 2001 and typically employs activist, market neutral, and long/short equity strategies in public equity markets. Rosenstein received his BS from Lehigh University and his MBA from the Wharton School of Business at the University of Pennsylvania. Jana has returned 20.9% each year annualized from 2001 til 2007. Rosenstein sees Jana's future in a strategy that uses management adjustments to force change at companies, which in turn can send shares higher. You can view Jana's portfolio in its entirety here.

Taken from Google Finance,

Convergys is "a global player in relationship management. The Company provides its clients with solutions to support their customers (Customer Solutions) and employees (human resource (HR) Solutions). It has three segments: Customer Management, which provides outsourced customer care solutions, as well as professional and consulting services to in-house customer care operations; Information Management, which provides convergent rating, charging and billing solutions for the global communications industry, and Human Resources Management, which provides human resource business process outsourcing (HR BPO) solutions and learning solutions."

blog comments powered by Disqus