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Glenview Capital Management

From EverybodyWiki Bios & Wiki



Glenview Capital Management[1]
File:Glenview Capital Management logo.gif
Privately Held[1]
ISIN🆔
IndustryInvestment Management[2]
Founded 📆September 15, 2000[2]
Founder 👔
Headquarters 🏙️767 Fifth Avenue, New York, New York 10153[3]
Area served 🗺️
Worldwide[4]
Key people
Larry Robbins, Founder, CEO, Portfolio Manager
💎 AUMUS $16.5 Billion (December 2017)[5]
Members
Number of employees
72 (2014)[6]
🌐 Website[Lua error in Module:WikidataIB at line 665: attempt to index field 'wikibase' (a nil value). ] 
📇 Address
📞 telephone

Glenview Capital Management is a hedge fund founded in 2000 with approximately $16.5 billion of capital under management as of December 2017.[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

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]

In 2017, it was reported that Glenview was the 67th largest hedge fund in the world[10] with 72 employees.[6]

Investment products and strategies

Glenview’s investing style is most commonly tied to the category of Growth at a Reasonable Price or “GARP” and focuses on companies in industries that are stable, predictable and steady, with recurring revenue streams or entrenched market positions.[11][12][13] 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 a purely 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][14] In 2013, the firm placed number one on the Bloomberg Markets annual ranking of best-performing large hedge funds due to the performance of the Glenview Capital Opportunity Fund, which saw an 84% gain through October 31.[15][16]

Investment history

Glenview holds investments in a broad range of industries, including healthcare, industrials, consumer services and technology companies.[6][13]

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.[17][18] The merger was completed in January of 2014.[19]

In 2016, Glenview became the largest shareholder in hospital chain Tenet Healthcare with a 17.8% stake in the company.[20]

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.[21]

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][22]

References

  1. ↑ 1.0 1.1 1.2 Smita Nair (November 26, 2013). "Glenview Capital Management starts new positions in AAP, AMT, DG, NXPI, sells NTAP, ROVI—13F Flash A". Market Realist.
  2. ↑ 2.0 2.1 2.2 2.3 "Company Overview of Glenview Capital Management, LLC". Bloomberg Businessweek. Retrieved August 26, 2014.
  3. ↑ "Glenview Capital Management - Investor Profile". HedgeTracker. Retrieved August 24, 2014.
  4. ↑ 4.0 4.1 "Glenview Capital Management". Street Insider. Retrieved August 25, 2014.
  5. ↑ 5.0 5.1 "Glenview Capital Management". NASDAQ. December 31, 2015.
  6. ↑ 6.0 6.1 6.2 Katherine Burton, Anthony Effinger and Kelly Bit (February 1, 2014). "Larry Robbins: Off to the Races". Bloomberg News.
  7. ↑ 7.0 7.1 Kim, Tae (9 August 2018). "Glenview's Larry Robbins takes on Carl Icahn, defends Cigna-Express Scripts deal". CNBC. Retrieved 3 October 2018.
  8. ↑ "Larry Robbins". Forbes. August 26, 2014.
  9. ↑ "Larry Robbins". Wharton School of the University of Pennsylvania. Retrieved August 23, 2014.
  10. ↑ "Hedge Fund 100 Firm Profiles". Institutional Investor's Alpha. May 27, 2016.
  11. ↑ William Alden (June 25, 2013). "Glenview Seeks to Replace Board of Hospital Group". The New York Times.
  12. ↑ Jake Mann (September 19, 2012). "This Hedge Fund's Stake in Tenet Healthcare is Now Above 10%". Insider Monkey.
  13. ↑ 13.0 13.1 Erin E. Arvedlund (July 27, 2013). "Bullish on Obamacare". Barron's Magazine. Archived from the original on August 27, 2014. Retrieved September 16, 2018.
  14. ↑ Katherine Burton, Anthony Effinger and Kelly Bit (January 7, 2014). "Glenview's Robbins Tops Hedge-Fund Ranking". Bloomberg News.
  15. ↑ Lopez, Linette (8 January 2014). "It's Crazy How Much Better 2013's Best Hedge Fund Did Than Almost Everyone Else". Business Insider. Retrieved 10 October 2018.
  16. ↑ Burton, Katherine; Effinger, Anthony; Bit, Kelly (7 January 2014). "Glenview's Robbins Tops Hedge-Fund Ranking". Bloomberg Markets. Retrieved 10 October 2018.
  17. ↑ Kelly, Susan (13 August 2013). "Glenview says shareholders vote to replace HMA board". Reuters. Retrieved 3 October 2018.
  18. ↑ Benoit, David. "Glenview Claims Victory in HMA With Very Spock-Like Attitude". Wall Street Journal. Retrieved 3 October 2018.
  19. ↑ Creswell, Julie; Ableson, Reed (11 September 2011). "For One Hedge Fund, a Bet on the Affordable Care Act Sours". New York Times. Retrieved 3 October 2018.
  20. ↑ McConnell, William (1 September 2017). "Tenet's Dispute With Glenview Comes to a Head as CEO Exits". The Street. Retrieved 3 October 2018.
  21. ↑ Benoit, David (27 June 2017). "Dow Investor Glenview Calls for Changes in Post-DuPont Merger Breakup". Wall Street Journal. Retrieved 3 October 2018.
  22. ↑ Deveau, Scott; Tracer, Zachary (10 August 2018). "Glenview Scores Win over Carl Icahn as ISS Supports Cigna's Deal Plan". Bloomberg News. Retrieved 3 October 2018.


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