$4 billion hedge fund manager Jana Partners is cutting two funds focused on traditional stock-picking strategies to focus on activism, according to a letter seen by Business Insider. The firm has a $1.5 billion activist fund, Jana Strategic Investment fund, and is planning to a launch a socially- focused activist fund later this year. The firm is the latest to cut its stock-picking offerings after a tough year for these funds. Barry Rosenstein's Jana Partners is cutting its two stock-picking funds that manage billions to focus on its core strategy of investing in companies to improve their performances.