JANA Partners Management, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), JANA Partners Management, LP reported 10 stock positions worth $1.9 billion. Its top holding was Lamb Weston (LW) at 22.0% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 15.6%) and Mercury Systems (MRCY, 15.4%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 4 and reduced 1. The biggest buy was Markel (MKL, shares +43%) and the biggest sale Trimble (TRMB, shares −6%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001998597
Portfolio Value
$1.9B (Q1 2025)
SEC Filing
0000902664-25-002348 ↗ filed May 15, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $1.8B Q1 2024 Q2 2024: $1.7B Q2 2024 Q3 2024: $1.8B Q3 2024 Q4 2024: $1.9B Q4 2024 Q1 2025: $1.9B $1.9B Q1 2025 Q2 2025: $2.0B Q2 2025 Q3 2025: $2.1B Q3 2025 Q4 2025: $1.9B Q4 2025 Q1 2026: $1.7B Q1 2026 Q2 2026: $1.9B Q2 2026

Holdings 10 stocks · $1.9B
LW Lamb Weston Holdings Inc. 21.98% 7,985,426 $425.6M Add +12.0%
SPY SS SPDR S&P 500 ETF Trust-US 15.61% 540,353 $302.3M Add +25.9%
MRCY Mercury Systems Inc. 15.45% 6,941,565 $299.1M No change
MKL Markel Group Inc. 15.06% 156,022 $291.7M Add +43.2%
TRMB Trimble Inc. 13.37% 3,945,227 $259.0M Reduce -5.6%
THS Treehouse Foods Inc. 6.87% 4,910,950 $133.0M No change
RPD RAPID7 Inc. 5.62% 4,106,056 $108.9M Add +11.3%
FRPT Freshpet Inc. 3.16% 734,763 $61.1M New
FIS Fidelity National Info Serv 1.92% 496,895 $37.1M No change
EHAB Enhabit Inc. 0.97% 2,137,145 $18.8M No change

Portfolio Sells Q4 2024 → Q1 2025
TRMB Trimble Inc. Reduce -5.6% 13.37% −2.05
WOLF Wolfspeed Inc. Sold out 0.00% −1.74

Portfolio Buys Q4 2024 → Q1 2025
MKL Markel Group Inc. Add +43.2% 15.06% +5.24
FRPT Freshpet Inc. New 3.16% +3.16
SPY SS SPDR S&P 500 ETF Trust-US Add +25.9% 15.61% +2.46
RPD RAPID7 Inc. Add +11.3% 5.62% −2.14
LW Lamb Weston Holdings Inc. Add +12.0% 21.98% −2.92

Options Activity Q4 2024 → Q1 2025
MKL Markel Group Inc. call Sold out 69,000 $119.1Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 10$1.9BMRCY, COO, SPY, LW, FISV
Q1 2026Amended 11$1.7BMRCY, COO, FISV, SPY, LW
Q4 2025 12$1.9BMRCY, COO, SPY, LW, MKL
Q3 2025 12$2.1BMRCY, LW, MKL, SPY, COO
Q2 2025 10$2.0BLW, MRCY, SPY, MKL, TRMB
Q1 2025 10$1.9BLW, SPY, MRCY, MKL, TRMB
Q4 2024 10$1.9BLW, TRMB, MRCY, SPY, MKL
Q3 2024 11$1.8BTRMB, SPY, MRCY, LW, THS
Q2 2024 12$1.7BFYBR, SPY, FIS, TRMB, MRCY
Q1 2024 10$1.8BSPY, FIS, TRMB, FYBR, MRCY