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Glenview Capital Management

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Glenview Capital Management[1]
Company typePrivately Held[1]
IndustryInvestment Management[2]
FoundedSeptember 15, 2000[2]
Headquarters767 Fifth Avenue, New York, New York 10153[3]
Area served
Worldwide[4]
Key people
Larry Robbins, Founder, CEO, Portfolio Manager
AUMUS $7.7 billion (2019)[5]
Number of employees
77 (2020)[6]

Glenview Capital Management is a hedge fund founded in 2000 with approximately $7.7 billion of capital under management as of March 2019.[5] Glenview manages capital for investors through a series of private investment funds.[1][4] The firm was founded by Larry Robbins, the firm's CEO and portfolio manager, and is based in New York.[2][7]

History

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Robbins left Omega Advisors in 2000 to form Glenview Capital Management, named after the suburban Chicago area where he started playing hockey at age five.[8][9]

Investment products and strategies

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Glenview's investing strategy is commonly related to Growth at a Reasonable Price or "GARP" and focuses on companies in industries that are predictable and steady, with recurring revenue streams or entrenched market positions.[10][11][12]

Glenview's flagship funds which launched in 2001 employ a long/short strategy focused on investments in equity and fixed income securities. In 2007, Glenview launched the Glenview Opportunity or "GO" funds which employ an opportunistic investment approach. Across these two strategies Glenview manages the following investment funds: Glenview Capital Partners, L.P., Glenview Institutional Partners, L.P., Glenview Capital Partners (Cayman), Ltd., Glenview Capital Opportunity Fund, L.P. and Glenview Offshore Opportunity Fund, Ltd.[2][13]

In 2013, the firm placed number one on the Bloomberg Markets annual ranking of best performing large hedge funds due to the Glenview Capital Opportunity Fund, which saw an 84% gain through October 2013.[14][15]

Investment history

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Glenview holds investments in a broad range of industries including healthcare, industrials, consumer services and technology companies.[16][17][18]

In 2013, Health Management Associates (HMA) and Community Health Systems announced that they had agreed to a $3.9 billion merger. Owning a 14.6% stake in HMA, Glenview objected to the terms of the deal and submitted consents from a majority of the shareholders of HMA to remove and replace the entire Board of Directors.[19][20] The merger was completed in January 2014.[21]

In 2016, Glenview became the largest shareholder in hospital chain Tenet Healthcare with a 17.8% stake in the company.[22]

In 2017, after Dow Chemical engaged in merger discussions with DuPont, Glenview and other shareholders pushed for changes to the plan of how the combined company, DowDuPont, would be broken up.[23]

In 2018, Cigna announced that the company had agreed to buy Express Scripts for $67 billion. After activist investor Carl Icahn called the deal a "$60 billion folly," Glenview declared its support of the transaction in a letter to Cigna shareholders, urging other investors to do the same. The merger was approved in August 2018.[7][24]

References

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  1. ^ a b c Smita Nair (November 26, 2013). "Glenview Capital Management starts new positions in AAP, AMT, DG, NXPI, sells NTAP, ROVI—13F Flash A". Market Realist. Archived from the original on August 27, 2014. Retrieved August 26, 2014.
  2. ^ a b c d "Company Overview of Glenview Capital Management, LLC". Bloomberg Businessweek. Archived from the original on March 3, 2010. Retrieved August 26, 2014.
  3. ^ "Glenview Capital Management - Investor Profile". HedgeTracker. Archived from the original on August 27, 2014. Retrieved August 24, 2014.
  4. ^ a b "Glenview Capital Management". Street Insider. Archived from the original on August 27, 2014. Retrieved August 25, 2014.
  5. ^ a b Parmar, Hema (3 May 2019). "Glenview Capital Lost $2 Billion in Assets in About Nine Months". Bloomberg. Archived from the original on 28 November 2019. Retrieved 17 September 2019.
  6. ^ "Frequently Asked Question (FAQ) About Glenview Capital Management LLC". investingreview.org. Retrieved 2020-01-30.
  7. ^ a b Kim, Tae (9 August 2018). "Glenview's Larry Robbins takes on Carl Icahn, defends Cigna-Express Scripts deal". CNBC. Archived from the original on 4 October 2018. Retrieved 3 October 2018.
  8. ^ "Larry Robbins". Forbes. August 26, 2014. Archived from the original on July 30, 2017. Retrieved August 29, 2017.
  9. ^ "Larry Robbins". Wharton School of the University of Pennsylvania. Archived from the original on August 27, 2014. Retrieved August 23, 2014.
  10. ^ William Alden (June 25, 2013). "Glenview Seeks to Replace Board of Hospital Group". The New York Times. Archived from the original on February 4, 2018. Retrieved March 5, 2017.
  11. ^ Jake Mann (September 19, 2012). "This Hedge Fund's Stake in Tenet Healthcare is Now Above 10%". Insider Monkey. Archived from the original on July 30, 2017. Retrieved August 29, 2017.
  12. ^ Erin E. Arvedlund (July 27, 2013). "Bullish on Obamacare". Barron's Magazine. Archived from the original on August 27, 2014. Retrieved August 26, 2014.
  13. ^ Katherine Burton, Anthony Effinger and Kelly Bit (January 7, 2014). "Glenview's Robbins Tops Hedge-Fund Ranking". Bloomberg News. Archived from the original on 2015-01-10. Retrieved 2017-03-07.
  14. ^ Lopez, Linette (8 January 2014). "It's Crazy How Much Better 2013's Best Hedge Fund Did Than Almost Everyone Else". Business Insider. Archived from the original on 10 October 2018. Retrieved 10 October 2018.
  15. ^ Burton, Katherine; Effinger, Anthony; Bit, Kelly (7 January 2014). "Glenview's Robbins Tops Hedge-Fund Ranking". Bloomberg Markets. Archived from the original on 10 October 2018. Retrieved 10 October 2018.
  16. ^ "Glenview, Other Stock Funds Jump in January: Hedge Fund Update". Bloomberg.com. 2021-02-01. Archived from the original on 2021-05-10. Retrieved 2021-05-10.
  17. ^ Katherine Burton, Anthony Effinger and Kelly Bit (February 1, 2014). "Larry Robbins: Off to the Races". Bloomberg News. Archived from the original on 2014-08-27. Retrieved 2017-03-07.
  18. ^ Herbst-Bayliss, Svea (2020-04-03). "Hedge fund Glenview off 30% as coronavirus weighs on portfolio". Reuters. Archived from the original on 2021-05-10. Retrieved 2021-05-10.
  19. ^ Kelly, Susan (13 August 2013). "Glenview says shareholders vote to replace HMA board". Reuters. Archived from the original on 4 October 2018. Retrieved 3 October 2018.
  20. ^ Benoit, David. "Glenview Claims Victory in HMA With Very Spock-Like Attitude". Wall Street Journal. Archived from the original on 4 October 2018. Retrieved 3 October 2018.
  21. ^ Creswell, Julie; Ableson, Reed (11 September 2011). "For One Hedge Fund, a Bet on the Affordable Care Act Sours". New York Times. Archived from the original on 4 October 2018. Retrieved 3 October 2018.
  22. ^ McConnell, William (1 September 2017). "Tenet's Dispute With Glenview Comes to a Head as CEO Exits". The Street. Archived from the original on 4 October 2018. Retrieved 3 October 2018.
  23. ^ Benoit, David (27 June 2017). "Dow Investor Glenview Calls for Changes in Post-DuPont Merger Breakup". Wall Street Journal. Archived from the original on 4 October 2018. Retrieved 3 October 2018.
  24. ^ Deveau, Scott; Tracer, Zachary (10 August 2018). "Glenview Scores Win over Carl Icahn as ISS Supports Cigna's Deal Plan". Bloomberg News. Archived from the original on 4 October 2018. Retrieved 3 October 2018.
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