Larry Robbins is the founder of Glenview Capital. Prior to founding the hedge fund in 2001, Larry Robbins worked as a trader at Omega Advisors, managed by Leon Cooperman.
The 13F form, filed with the Securities and Exchange Commission on a quarterly basis, can help us take a look at aggregate and individual levels of hedge fund sentiment. Empirical studies have discovered that by following the sentiment of a particular subset of hedge funds, retail investors can outperform the broader indices by about 18 percentage points per year, over a long-term period.
With that in mind, let’s take a look at Glenview’s top five stock picks for the past quarter.
In first is Life Technologies Corp. (NASDAQ:LIFE). The hedge fund disclosed ownership of 10.2 million shares of the company, with the value of the stake amounting to $755.3 million. In comparison with the first quarter of the year, Glenview’s stake in Life Technologies Corp. (NASDAQ:LIFE) declined by over 4.3 million shares. Since the beginning of the year, the stock has returned over 52%, and at the same time, it sports a forward P/E of about 16.4x and a PEG ratio of 3.12.
At No. 2 is Thermo Fisher Scientific Inc. (NYSE:TMO). During the second quarter of the year, Glenview’s stake in Thermo Fisher Scientific Inc. (NYSE:TMO) included 8.5 million shares, and was worth about $720.1 million. The position of the hedge fund in Thermo Fisher surged during the quarter by more than 5.3 million, with the previous value of the stake amounting to $244.9 million. The stock has a year-to-date return of almost 44%.
In addition to the aforementioned companies, Glenview also disclosed a large stake in Health Management Associates Inc (NYSE:HMA). The stake amounts to $593.6 million and contains 37.8 million shares, unchanged over the quarter. In McKesson Corporation (NYSE:MCK), the hedge fund’s position contains 4.3 million shares, and is worth $488.2 million, an increase of 552,663 shares since the end of March. And in its fifth-largest stake, Glenview Capital disclosed it was long Flextronics International Ltd. (NASDAQ:FLEX): almost 59.1 million shares worth, up by 7 million shares over the quarter.
We’ll keep you updated on Glenview and the rest of funds’ filings during 13F season.