Larry Robbins’ Glenview Capital disclosed three increases in its stakes on Monday. The fund boosted its exposure to Avis Budget Group Inc. (NASDAQ:CAR), Lithia Motors Inc (NYSE:LAD) and PVH Corp (NYSE:PVH) by approximately 38%, 20%, and 10%, correspondingly. All of these positions now surpass 5% of each company’s outstanding stock, but still stand below 6%.
Glenview Capital is a New York-based hedge fund founded by Larry Robbins in the year 2000. Its equity portfolio is currently worth more than $19.1 billion, and –although quite diversified- is mainly focused on healthcare stocks (37.9% of the total equity portfolio). Prior to founding Glenview Capital, Larry Robbins was a trader at Leon Cooperman’s Omega Advisors.
Avis Budget Group Inc. (NASDAQ:CAR), a $6.16 billion market cap car and truck rentals company, saw Glenview add 1.49 million shares to its holdings, taking them to 5.44 million shares of Common Stock, which represent 5.12% of the company’s shares outstanding.
For its part, Lithia Motors Inc (NYSE:LAD) witnessed a 237,364 shares purchase. The $2.28 billion market cap operator of automotive franchises and a retailer of new and used vehicles now has Glenview as the largest hedge fund investor –amongst those we track, and the second-largest institutional shareholder, only trailing Vanguard Group Inc. Glenview’s current 1.4 million shares of Class A Common Stock account for 5.92% of their class.
Finally, PVH Corp (NYSE:PVH), a $10.13 billion market cap apparel company that perceived a 10% increase in the fund’s exposure. Glenview now owns 4.53 million shares of Common Stock, representing 5.5% of the company’s shares outstanding.
Also betting in all three of these stocks is D. E. Shaw. The fund last disclosed (by the end of the third quarter) having doubled its exposure to Avis Budget Group Inc. (NASDAQ:CAR), holding 2.04 million shares; augmented by 108% its wage on Lithia Motors Inc (NYSE:LAD), which now comprises 36,149 (or $2.7 million in stock); and tripled its stake in PVH Corp (NYSE:PVH), of which it now owns 801,796 shares, worth almost $100 million.
On top of these companies, Mr. Robbins is bullish on PHH Corporation (NYSE:PHH), as it recently disclosed a passive stake that contains 3.86 million shares of the company -up from 2.86 million shares held earlier, which comprises 7.59% of PHH Corporation’s common stock. In addition, the investor likes Cadence Design Systems Inc (NASDAQ:CDNS), another company that saw him raise his bets from 11.92 million shares to 17.65 million shares, or roughly 6% of the company.
Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned