However, what is more interesting about Agrium is that it is not the first time when an activist investor is targeting Agrium Inc. (USA) (NYSE:AGU). Last year, Barry Rosenstein's JANA Partners launched an aggresive proxy fight with the company. Back in the first quarter of 2013, Agrium was the largest holding of JANA Partners and the fund was the largest shareholder, owning around 7.5% of the company. Mr. Rosenstein's fund accused Agrium of constant underperformance in comparison with its peers and proposed five candidates to the company's board. JANA Partners' activism had some successes and in October 2013, JANA cut its stake down to 2.7% of the company and said that it is pleased by the progress that the company had made. However, Agrium Inc. (USA) (NYSE:AGU) has been still underperforming in terms of stock returns in comparison to some of its peers such as Potash Corp./Saskatchewan (USA) (NYSE:POT) and has only slightly outperformed Monsanto Company (NYSE:MON).