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Hedge Fund Glenview Capital Q1 Portfolio Update

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Hedge fund Glenview Capital Management just celebrated its tenth anniversary with stellar returns, according to the latest shareholder letter from its founder Larry Robbins. For the 10-year period ended on Dec. 31, 2010, Glenview Funds gained 301%, while the average hedge fund gained 71% and S&P500 gained just 15%. For the five-year period ended in 2010, Glenview funds gained 122%, while S&P500 gained just 9% and the average hedge fund gained 18%. As of 03/31/2011, Glenview Capital owns 57 stocks with a total value of $6.7 billion. These are the details of the buys and sells.

Larry Robins is proud that his firm can “continue to generate attractive risk adjusted returns.” Although he “remains constructive on the investment environment over the medium term supported by attractive valuations, excessive corporate liquidity and a growing economy,” Robbins broadened his short positions in REIS, cruise lines and other travel related equities, companies that derive a significant portion of their revenue from government and healthcare.

Glenview Capital manages about $7 billion, which is split between Glenview Funds, a short fund, and Little Arbor Funds, a multi-strategy fund. Robbins makes his returns making concentrated bets on large cap stocks. In addition, Robbins has been known to take a more activist approach to some of his large bets, voicing concerns about what management is doing and publicly demanding change.

This is the portfolio chart of Larry Robbins. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



For the details of Larry Robbins's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Larry+Robbins

This is the sector weightings of his portfolio:

Health Care 29.5%
Consumer Services 24.2%
Industrials 21.1%
Technology 10.9%
Financials 7.6%
Oil & Gas 0.9%
Consumer Goods 0.3%


These are the top 5 holdings of Larry Robbins

  1. MCKESSON Corp. (MCK) - 5,950,437 shares, 7.06% of the total portfolio. Shares reduced by 6.28%
  2. Life Technologies Corp. (LIFE) - 8,968,313 shares, 7.06% of the total portfolio. Shares added by 1.33%
  3. CVS CAREMARK Corp. (CVS) - 8,921,670 shares, 4.6% of the total portfolio. Shares added by 20.68%
  4. FIDELITY NATIONAL INFORMATION SERVICES INC. (FIS) - 8,518,825 shares, 4.18% of the total portfolio. Shares reduced by 6.04%
  5. Express Scripts Inc. (ESRX) - 4,877,388 shares, 4.07% of the total portfolio. Shares reduced by 35.09%


Added: Aetna Inc. (AET)

Larry Robbins added to his holdings in Aetna Inc. by 259.21%. His purchase prices were between $30.51 and $38.87, with an estimated average price of $35.38. The impact to his portfolio due to this purchase was 2.63%. His holdings were 6,474,836 shares as of 03/31/2011.

Added: Goodrich Corp. (GR)

Larry Robbins added to his holdings in Goodrich Corp. by 138%. His purchase prices were between $80.88 and $93.09, with an estimated average price of $88.12. The impact to his portfolio due to this purchase was 1.57%. His holdings were 2,110,490 shares as of 03/31/2011.

Added: Expedia Inc. (EXPE)

Larry Robbins added to his holdings in Expedia Inc. by 87.78%. His purchase prices were between $19.6925 and $27.3, with an estimated average price of $23.36. The impact to his portfolio due to this purchase was 1.13%. His holdings were 7,126,151 shares as of 03/31/2011.

Added: Cvs Caremark Corp. (CVS)

Larry Robbins added to his holdings in Cvs Caremark Corp. by 20.68%. His purchase prices were between $32.51 and $35.71, with an estimated average price of $33.91. The impact to his portfolio due to this purchase was 0.79%. His holdings were 8,921,670 shares as of 03/31/2011.

Added: Wellpoint Inc. (WLP)

Larry Robbins added to his holdings in Wellpoint Inc. by 23.2%. His purchase prices were between $56.86 and $69.65, with an estimated average price of $64.91. The impact to his portfolio due to this purchase was 0.56%. His holdings were 2,851,473 shares as of 03/31/2011.

Added: Wyndham Worldwide Corp. (WYN)

Larry Robbins added to his holdings in Wyndham Worldwide Corp. by 108.91%. His purchase prices were between $28.13 and $32.13, with an estimated average price of $30.35. The impact to his portfolio due to this purchase was 0.48%. His holdings were 1,918,187 shares as of 03/31/2011.

Added: Citigroup Inc. (C)

Larry Robbins added to his holdings in Citigroup Inc. by 33.5%. His purchase prices were between $43.9 and $51.3, with an estimated average price of $47.29. The impact to his portfolio due to this purchase was 0.47%. His holdings were 28,326,100 shares as of 03/31/2011.

Added: Target Corp. (TGT)

Larry Robbins added to his holdings in Target Corp. by 18.38%. His purchase prices were between $49.16 and $60.77, with an estimated average price of $53.44. The impact to his portfolio due to this purchase was 0.42%. His holdings were 3,614,080 shares as of 03/31/2011.

Added: Seagate Technology (STX)

Larry Robbins added to his holdings in Seagate Technology by 334.9%. His purchase prices were between $12.29 and $15.03, with an estimated average price of $13.83. The impact to his portfolio due to this purchase was 0.36%. His holdings were 2,174,500 shares as of 03/31/2011.

Added: Meritor Inc. (MTOR)

Larry Robbins added to his holdings in Meritor Inc. by 33.43%. His purchase prices were between $20.02 and $20.02, with an estimated average price of $20.02. The impact to his portfolio due to this purchase was 0.34%. His holdings were 5,388,617 shares as of 03/31/2011.

Added: Clearwire Corp. (CLWR)

Larry Robbins added to his holdings in Clearwire Corp. by 35.21%. His purchase prices were between $4.78 and $5.91, with an estimated average price of $5.43. The impact to his portfolio due to this purchase was 0.2%. His holdings were 9,190,980 shares as of 03/31/2011.

Added: Xerox Corp. (XRX)

Larry Robbins added to his holdings in Xerox Corp. by 6.15%. His purchase prices were between $9.87 and $11.71, with an estimated average price of $10.85. The impact to his portfolio due to this purchase was 0.2%. His holdings were 22,061,562 shares as of 03/31/2011.

Added: Tyco International Ltd. Switzerland (TYC)

Larry Robbins added to his holdings in Tyco International Ltd. Switzerland by 4.59%. His purchase prices were between $41.44 and $47.33, with an estimated average price of $44.78. The impact to his portfolio due to this purchase was 0.17%. His holdings were 5,690,930 shares as of 03/31/2011.

Added: Medco Health Solutions Inc. (MHS)

Larry Robbins added to his holdings in Medco Health Solutions Inc. by 14.02%. His purchase prices were between $52.2 and $65.3, with an estimated average price of $60.96. The impact to his portfolio due to this purchase was 0.14%. His holdings were 1,350,554 shares as of 03/31/2011.

Added: Bmc Software Inc. (BMC)

Larry Robbins added to his holdings in Bmc Software Inc. by 6.32%. His purchase prices were between $46.98 and $50.98, with an estimated average price of $48.67. The impact to his portfolio due to this purchase was 0.12%. His holdings were 2,698,875 shares as of 03/31/2011.

Added: Textron Inc. (TXT)

Larry Robbins added to his holdings in Textron Inc. by 26.12%. His purchase prices were between $23.64 and $28.5, with an estimated average price of $26.41. The impact to his portfolio due to this purchase was 0.07%. His holdings were 804,200 shares as of 03/31/2011.

New Purchase: Pfizer Inc. (PFE)

Larry Robbins initiated holdings in Pfizer Inc.. His purchase prices were between $17.51 and $20.38, with an estimated average price of $19.07. The impact to his portfolio due to this purchase was 2.97%. His holdings were 9,740,052 shares as of 03/31/2011.

New Purchase: Time Warner Cable Inc. (TWC)

Larry Robbins initiated holdings in Time Warner Cable Inc.. His purchase prices were between $64.91 and $72.48, with an estimated average price of $68.96. The impact to his portfolio due to this purchase was 1.78%. His holdings were 1,662,495 shares as of 03/31/2011.

New Purchase: Hca Holdings Inc. (HCA)

Larry Robbins initiated holdings in Hca Holdings Inc.. His purchase prices were between $30.91 and $34.24, with an estimated average price of $32.28. The impact to his portfolio due to this purchase was 1.5%. His holdings were 2,941,385 shares as of 03/31/2011.

New Purchase: Cardinal Health Inc. (CAH)

Larry Robbins initiated holdings in Cardinal Health Inc.. His purchase prices were between $38.31 and $42.84, with an estimated average price of $41. The impact to his portfolio due to this purchase was 1.4%. His holdings were 2,264,076 shares as of 03/31/2011.

New Purchase: State Street Corp. (STT)

Larry Robbins initiated holdings in State Street Corp.. His purchase prices were between $42.73 and $50.06, with an estimated average price of $45.84. The impact to his portfolio due to this purchase was 1.14%. His holdings were 1,689,200 shares as of 03/31/2011.

New Purchase: Unitedhealth Group Inc. (UNH)

Larry Robbins initiated holdings in Unitedhealth Group Inc.. His purchase prices were between $36.11 and $45.4, with an estimated average price of $41.82. The impact to his portfolio due to this purchase was 0.92%. His holdings were 1,354,100 shares as of 03/31/2011.

New Purchase: Jp Morgan Chase (JPM)

Larry Robbins initiated holdings in Jp Morgan Chase. His purchase prices were between $42.42 and $48, with an estimated average price of $45.34. The impact to his portfolio due to this purchase was 0.91%. His holdings were 1,316,800 shares as of 03/31/2011.

New Purchase: The Babcock & Wilcox Co. (BWC)

Larry Robbins initiated holdings in The Babcock & Wilcox Co.. His purchase prices were between $25.59 and $35.57, with an estimated average price of $30.69. The impact to his portfolio due to this purchase was 0.89%. His holdings were 1,785,571 shares as of 03/31/2011.

New Purchase: Health Management Assoc. (HMA)

Larry Robbins initiated holdings in Health Management Assoc.. His purchase prices were between $8.94 and $10.94, with an estimated average price of $9.77. The impact to his portfolio due to this purchase was 0.59%. His holdings were 3,592,356 shares as of 03/31/2011.

New Purchase: Family Dollar Stores Inc (FDO)

Larry Robbins initiated holdings in Family Dollar Stores Inc. His purchase prices were between $41.38 and $53.25, with an estimated average price of $47.48. The impact to his portfolio due to this purchase was 0.53%. His holdings were 693,900 shares as of 03/31/2011.

New Purchase: Amdocs Ltd. (DOX)

Larry Robbins initiated holdings in Amdocs Ltd.. His purchase prices were between $27.09 and $30.35, with an estimated average price of $28.96. The impact to his portfolio due to this purchase was 0.47%. His holdings were 1,087,000 shares as of 03/31/2011.

New Purchase: Metlife Inc. (MET)

Larry Robbins initiated holdings in Metlife Inc.. His purchase prices were between $42.28 and $48.63, with an estimated average price of $45.93. The impact to his portfolio due to this purchase was 0.47%. His holdings were 700,000 shares as of 03/31/2011.

New Purchase: Amerisourcebergen Corp. (ABC)

Larry Robbins initiated holdings in Amerisourcebergen Corp.. His purchase prices were between $33.94 and $39.73, with an estimated average price of $36.68. The impact to his portfolio due to this purchase was 0.31%. His holdings were 522,200 shares as of 03/31/2011.

New Purchase: Dsw Inc (DSW)

Larry Robbins initiated holdings in Dsw Inc. His purchase prices were between $33.06 and $41.66, with an estimated average price of $37.85. The impact to his portfolio due to this purchase was 0.28%. His holdings were 471,900 shares as of 03/31/2011.

New Purchase: Lifepoint Hospitals Inc. (LPNT)

Larry Robbins initiated holdings in Lifepoint Hospitals Inc.. His purchase prices were between $34.84 and $39.9, with an estimated average price of $37.3. The impact to his portfolio due to this purchase was 0.23%. His holdings were 378,800 shares as of 03/31/2011.

New Purchase: Citigroup Inc. (C.WS.A)

Larry Robbins initiated holdings in Citigroup Inc.. His purchase prices were between $0.89 and $1.03, with an estimated average price of $0.96. The impact to his portfolio due to this purchase was 0.14%. His holdings were 10,000,000 shares as of 03/31/2011.

New Purchase: Retail Ventures Inc. (RVI)

Larry Robbins initiated holdings in Retail Ventures Inc.. His purchase prices were between $14.7 and $17.99, with an estimated average price of $16.37. The impact to his portfolio due to this purchase was 0.01%. His holdings were 21,500 shares as of 03/31/2011.

Reduced: Express Scripts Inc. (ESRX)

Larry Robbins reduced to his holdings in Express Scripts Inc. by 35.09%. His sale prices were between $51.8 and $58.74, with an estimated average price of $55.84. The impact to his portfolio due to this sale was -2.2%. Larry Robbins still held 4,877,388 shares as of 03/31/2011.

Reduced: Davita Inc. (DVA)

Larry Robbins reduced to his holdings in Davita Inc. by 57.11%. His sale prices were between $69.07 and $84.13, with an estimated average price of $76.87. The impact to his portfolio due to this sale was -1.68%. Larry Robbins still held 981,404 shares as of 03/31/2011.

Reduced: Viacom Inc. (VIA.B)

Larry Robbins reduced to his holdings in Viacom Inc. by 27.87%. His sale prices were between $39.61 and $47, with an estimated average price of $43.67. The impact to his portfolio due to this sale was -0.68%. Larry Robbins still held 2,499,518 shares as of 03/31/2011.

Reduced: Fiserv Inc. (FISV)

Larry Robbins reduced to his holdings in Fiserv Inc. by 38.25%. His sale prices were between $58.33 and $63.56, with an estimated average price of $61.23. The impact to his portfolio due to this sale was -0.66%. Larry Robbins still held 1,139,595 shares as of 03/31/2011.

Reduced: Corning Inc. (GLW)

Larry Robbins reduced to his holdings in Corning Inc. by 50.11%. His sale prices were between $18.98 and $23.37, with an estimated average price of $21.37. The impact to his portfolio due to this sale was -0.52%. Larry Robbins still held 1,692,500 shares as of 03/31/2011.

Reduced: Apollo Group Inc. (APOL)

Larry Robbins reduced to his holdings in Apollo Group Inc. by 40.58%. His sale prices were between $35.94 and $45.82, with an estimated average price of $42.25. The impact to his portfolio due to this sale was -0.25%. Larry Robbins still held 594,207 shares as of 03/31/2011.

Reduced: Radioshack Corp. (RSH)

Larry Robbins reduced to his holdings in Radioshack Corp. by 53.85%. His sale prices were between $13.93 and $18.56, with an estimated average price of $15.68. The impact to his portfolio due to this sale was -0.08%. Larry Robbins still held 300,000 shares as of 03/31/2011.

Sold Out: Pitney Bowes Inc. (PBI)

Larry Robbins sold out his holdings in Pitney Bowes Inc.. His sale prices were between $23.73 and $26.07, with an estimated average price of $24.58.

Sold Out: Baxter International Inc. (BAX)

Larry Robbins sold out his holdings in Baxter International Inc.. His sale prices were between $48.38 and $53.91, with an estimated average price of $51.16.

Sold Out: Cisco Systems Inc. (CSCO)

Larry Robbins sold out his holdings in Cisco Systems Inc.. His sale prices were between $17 and $22.05, with an estimated average price of $19.5.

Sold Out: American Int'l Group Inc (AIG)

Larry Robbins sold out his holdings in American Int'l Group Inc. His sale prices were between $34.95 and $61.18, with an estimated average price of $42.98.

Sold Out: Republic Services Inc. (RSG)

Larry Robbins sold out his holdings in Republic Services Inc.. His sale prices were between $28.56 and $31.29, with an estimated average price of $29.87.

Sold Out: General Motors Company (GM)

Larry Robbins sold out his holdings in General Motors Company. His sale prices were between $30.74 and $38.98, with an estimated average price of $35.03.

Sold Out: Waters Corp (WAT)

Larry Robbins sold out his holdings in Waters Corp. His sale prices were between $74.68 and $87.12, with an estimated average price of $80.45.

Sold Out: Live Nation Entertainment Inc. (LYV)

Larry Robbins sold out his holdings in Live Nation Entertainment Inc.. His sale prices were between $9.98 and $11.83, with an estimated average price of $10.8.

Sold Out: Staples Inc. (SPLS)

Larry Robbins sold out his holdings in Staples Inc.. His sale prices were between $19.33 and $23.68, with an estimated average price of $21.66.

Sold Out: Cit Group Inc. New (CIT)

Larry Robbins sold out his holdings in Cit Group Inc. New. His sale prices were between $41.82 and $49.01, with an estimated average price of $45.21.

Sold Out: Emc Corp. (EMC)

Larry Robbins sold out his holdings in Emc Corp.. His sale prices were between $22.9 and $27.35, with an estimated average price of $25.69.

Sold Out: Owens Corning (OC)

Larry Robbins sold out his holdings in Owens Corning. His sale prices were between $30.63 and $37.51, with an estimated average price of $33.99.

Sold Out: Chimera Investment Corp. (CIM)

Larry Robbins sold out his holdings in Chimera Investment Corp.. His sale prices were between $4.02 and $4.31, with an estimated average price of $4.19.

Sold Out: Louisianapacific Corp. (LPX)

Larry Robbins sold out his holdings in Louisianapacific Corp.. His sale prices were between $9.46 and $11.57, with an estimated average price of $10.2.

Sold Out: Talecris Biotherapeutics Holdings Corp. (TLCR)

Larry Robbins sold out his holdings in Talecris Biotherapeutics Holdings Corp.. His sale prices were between $22.77 and $26.66, with an estimated average price of $24.8.

Sold Out: Computer Sciences Corp. (CSC)

Larry Robbins sold out his holdings in Computer Sciences Corp.. His sale prices were between $45.79 and $56.54, with an estimated average price of $50.22.


Rating: 2.3/5 (13 votes)

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