Glenview Capital Management
{{Short description|Hedge fund in New York, US}}
{{Infobox company
| logo = Glenview Capital Management logo.gif
| logo_size = 150px
| type = Privately Held
| key_people = Larry Robbins, Founder, CEO, Portfolio Manager
| industry = Investment Management{{Cite news |title=Company Overview of Glenview Capital Management, LLC |publisher=Bloomberg Businessweek |url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=3290494 |archive-url=https://web.archive.org/web/20100303120335/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=3290494 |url-status=dead |archive-date=March 3, 2010 |access-date=August 26, 2014}}
| num_employees = 77 (2020){{Cite web |title=Frequently Asked Question (FAQ) About Glenview Capital Management LLC |url=https://investingreview.org/firm/glenview-capital-management-llc/faq |access-date=2020-01-30 |website=investingreview.org}} |||
| foundation = September 15, 2000|
| location = 767 Fifth Avenue, New York, New York 10153{{Cite news |title=Glenview Capital Management - Investor Profile |publisher=HedgeTracker |url=http://www.hedgetracker.com/fund/Glenview-Capital-Management |access-date=August 24, 2014 |archive-date=August 27, 2014 |archive-url=https://web.archive.org/web/20140827104502/http://www.hedgetracker.com/fund/Glenview-Capital-Management |url-status=live }}|||
}}
Glenview Capital Management is a hedge fund founded in 2000 with approximately $7.7 billion of capital under management as of March 2019. Glenview manages capital for investors through a series of private investment funds. The firm was founded by Larry Robbins, the firm's CEO and portfolio manager, and is based in New York.{{Cite web |last=Kim |first=Tae |date=9 August 2018 |title=Glenview's Larry Robbins takes on Carl Icahn, defends Cigna-Express Scripts deal |url=https://www.cnbc.com/2018/08/09/glenviews-larry-robbins-goes-against-carl-icahn-defends-cigna-expres.html |access-date=3 October 2018 |publisher=CNBC |archive-date=4 October 2018 |archive-url=https://web.archive.org/web/20181004103756/https://www.cnbc.com/2018/08/09/glenviews-larry-robbins-goes-against-carl-icahn-defends-cigna-expres.html |url-status=live }}
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.{{Cite news |date=August 26, 2014 |title=Larry Robbins |work=Forbes |url=https://www.forbes.com/profile/larry-robbins/ |access-date=August 29, 2017 |archive-date=July 30, 2017 |archive-url=https://web.archive.org/web/20170730022816/https://www.forbes.com/profile/larry-robbins/ |url-status=live }}{{Cite news |title=Larry Robbins |publisher=Wharton School of the University of Pennsylvania |url=http://www.whartonny.com/article.html?aid=1582 |access-date=August 23, 2014 |archive-date=August 27, 2014 |archive-url=https://web.archive.org/web/20140827165723/http://www.whartonny.com/article.html?aid=1582 |url-status=live }}
Investment products and strategies
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.{{Cite news |last=William Alden |date=June 25, 2013 |title=Glenview Seeks to Replace Board of Hospital Group |work=The New York Times |url=https://dealbook.nytimes.com/2013/06/25/glenview-seeks-to-replace-board-of-hospital-group/ |access-date=March 5, 2017 |archive-date=February 4, 2018 |archive-url=https://web.archive.org/web/20180204112925/https://dealbook.nytimes.com/2013/06/25/glenview-seeks-to-replace-board-of-hospital-group/ |url-status=live }}{{Cite news |last=Jake Mann |date=September 19, 2012 |title=This Hedge Fund's Stake in Tenet Healthcare is Now Above 10% |publisher=Insider Monkey |url=https://www.forbes.com/profile/larry-robbins/ |access-date=August 29, 2017 |archive-date=July 30, 2017 |archive-url=https://web.archive.org/web/20170730022816/https://www.forbes.com/profile/larry-robbins/ |url-status=live }}{{Cite news |last=Erin E. Arvedlund |date=July 27, 2013 |title=Bullish on Obamacare |publisher=Barron's Magazine |url=http://online.barrons.com/news/articles/SB50001424052748704755304578621540036830574#articleTabs_article%3D1 |access-date=August 26, 2014 |archive-date=August 27, 2014 |archive-url=https://web.archive.org/web/20140827145121/http://online.barrons.com/news/articles/SB50001424052748704755304578621540036830574#articleTabs_article%3D1 |url-status=live }}
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.{{Cite news |last=Katherine Burton, Anthony Effinger and Kelly Bit |date=January 7, 2014 |title=Glenview's Robbins Tops Hedge-Fund Ranking |publisher=Bloomberg News |url=https://www.bloomberg.com/news/2014-01-08/glenview-s-robbins-tops-hedge-fund-ranking-with-bet-on-obamacare.html |access-date=2017-03-07 |archive-date=2015-01-10 |archive-url=https://web.archive.org/web/20150110044735/http://www.bloomberg.com/news/2014-01-08/glenview-s-robbins-tops-hedge-fund-ranking-with-bet-on-obamacare.html |url-status=live }}
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.{{Cite web |last=Lopez |first=Linette |date=8 January 2014 |title=It's Crazy How Much Better 2013's Best Hedge Fund Did Than Almost Everyone Else |url=https://www.businessinsider.com/best-hedge-fund-of-2013-beat-average-10x-2014-1 |access-date=10 October 2018 |publisher=Business Insider |archive-date=10 October 2018 |archive-url=https://web.archive.org/web/20181010095758/https://www.businessinsider.com/best-hedge-fund-of-2013-beat-average-10x-2014-1 |url-status=live }}{{Cite web |last=Burton |first=Katherine |last2=Effinger |first2=Anthony |last3=Bit |first3=Kelly |date=7 January 2014 |title=Glenview's Robbins Tops Hedge-Fund Ranking |url=https://www.bloomberg.com/news/articles/2014-01-08/glenview-s-robbins-tops-hedge-fund-ranking-with-bet-on-obamacare |access-date=10 October 2018 |publisher=Bloomberg Markets |archive-date=10 October 2018 |archive-url=https://web.archive.org/web/20181010134834/https://www.bloomberg.com/news/articles/2014-01-08/glenview-s-robbins-tops-hedge-fund-ranking-with-bet-on-obamacare |url-status=live }}
Investment history
Glenview holds investments in a broad range of industries including healthcare, industrials, consumer services and technology companies.{{Cite news|date=2021-02-01|title=Glenview, Other Stock Funds Jump in January: Hedge Fund Update|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2021-02-01/renaissance-quant-fund-slumps-9-5-in-january-stock-ructions|access-date=2021-05-10|archive-date=2021-05-10|archive-url=https://web.archive.org/web/20210510013106/https://www.bloomberg.com/news/articles/2021-02-01/renaissance-quant-fund-slumps-9-5-in-january-stock-ructions|url-status=live}}{{Cite news |last=Katherine Burton, Anthony Effinger and Kelly Bit |date=February 1, 2014 |title=Larry Robbins: Off to the Races |publisher=Bloomberg News |url=https://www.bloomberg.com/news/2014-02-01/bloomberg-markets-magazine-larry-robbins-off-to-the-races.html |access-date=2017-03-07 |archive-date=2014-08-27 |archive-url=https://web.archive.org/web/20140827113401/http://www.bloomberg.com/news/2014-02-01/bloomberg-markets-magazine-larry-robbins-off-to-the-races.html |url-status=live }}{{Cite news|last=Herbst-Bayliss|first=Svea|date=2020-04-03|title=Hedge fund Glenview off 30% as coronavirus weighs on portfolio|language=en|work=Reuters|url=https://www.reuters.com/article/us-hedgefunds-glenview-idUSKBN21L2TR|access-date=2021-05-10|archive-date=2021-05-10|archive-url=https://web.archive.org/web/20210510013835/https://www.reuters.com/article/us-hedgefunds-glenview-idUSKBN21L2TR|url-status=live}}
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.{{Cite web |last=Kelly |first=Susan |date=13 August 2013 |title=Glenview says shareholders vote to replace HMA board |url=https://www.reuters.com/article/us-hma-glenview/glenview-says-shareholders-vote-to-replace-hma-board-idUSBRE97B0UE20130812 |access-date=3 October 2018 |publisher=Reuters |archive-date=4 October 2018 |archive-url=https://web.archive.org/web/20181004103740/https://www.reuters.com/article/us-hma-glenview/glenview-says-shareholders-vote-to-replace-hma-board-idUSBRE97B0UE20130812 |url-status=live }}{{Cite web |last=Benoit |first=David |title=Glenview Claims Victory in HMA With Very Spock-Like Attitude |url=https://blogs.wsj.com/moneybeat/2013/08/12/glenview-claims-victory-in-hma-with-very-spock-like-attitude/ |access-date=3 October 2018 |publisher=Wall Street Journal |archive-date=4 October 2018 |archive-url=https://web.archive.org/web/20181004062538/https://blogs.wsj.com/moneybeat/2013/08/12/glenview-claims-victory-in-hma-with-very-spock-like-attitude/ |url-status=live }} The merger was completed in January 2014.{{Cite web |last=Creswell |first=Julie |last2=Ableson |first2=Reed |date=11 September 2011 |title=For One Hedge Fund, a Bet on the Affordable Care Act Sours |url=https://www.nytimes.com/2017/09/11/business/affordable-care-act-hospitals.html |access-date=3 October 2018 |website=New York Times |archive-date=4 October 2018 |archive-url=https://web.archive.org/web/20181004064024/https://www.nytimes.com/2017/09/11/business/affordable-care-act-hospitals.html |url-status=live }}
In 2016, Glenview became the largest shareholder in hospital chain Tenet Healthcare with a 17.8% stake in the company.{{Cite web |last=McConnell |first=William |date=1 September 2017 |title=Tenet's Dispute With Glenview Comes to a Head as CEO Exits |url=https://www.thestreet.com/story/14292124/1/tenet-s-dispute-with-glenview-comes-to-a-head-as-ceo-exits.html |access-date=3 October 2018 |publisher=The Street |archive-date=4 October 2018 |archive-url=https://web.archive.org/web/20181004103737/https://www.thestreet.com/story/14292124/1/tenet-s-dispute-with-glenview-comes-to-a-head-as-ceo-exits.html |url-status=live }}
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.{{Cite web |last=Benoit |first=David |date=27 June 2017 |title=Dow Investor Glenview Calls for Changes in Post-DuPont Merger Breakup |url=https://www.wsj.com/articles/dow-investor-glenview-calls-for-changes-in-post-dupont-merger-breakup-1498604008 |access-date=3 October 2018 |publisher=Wall Street Journal |archive-date=4 October 2018 |archive-url=https://web.archive.org/web/20181004103834/https://www.wsj.com/articles/dow-investor-glenview-calls-for-changes-in-post-dupont-merger-breakup-1498604008 |url-status=live }}
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.{{Cite web |last=Deveau |first=Scott |last2=Tracer |first2=Zachary |date=10 August 2018 |title=Glenview Scores Win over Carl Icahn as ISS Supports Cigna's Deal Plan |url=https://www.bloomberg.com/news/articles/2018-08-10/cigna-express-scripts-takeover-wins-iss-backing-to-counter-icahn |access-date=3 October 2018 |publisher=Bloomberg News |archive-date=4 October 2018 |archive-url=https://web.archive.org/web/20181004103859/https://www.bloomberg.com/news/articles/2018-08-10/cigna-express-scripts-takeover-wins-iss-backing-to-counter-icahn |url-status=live }}
References
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{{Hedge funds |state=collapsed}}
{{DEFAULTSORT:Glenview Capital Management}}
Category:Financial services companies established in 2000
Category:Hedge fund firms in New York City