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Larry Robbins is the founder of Glenview Capital. He founded the hedge fund in 2001. Prior to launching Glenview, he worked as a trader at Leon Cooperman’s Omega Advisors. Since its inception till 2010, Larry Robbins’ Glenview returned 301% after fees and expenses. In 2008, Glenview lost as much as 50% of their $9 billion hedge fund. However, the fund managed to recover the following year as it returned 82.7%. In 2010, Glenview Capital returned 15.7%, performing better than average hedge funds and S&P 500 index.

During the second quarter, Larry Robbins reduced seven of his top 25 holdings. These companies include McKesson (MCK), Thermo Fisher Scientific (TMO), Fidelity National Info Svcs (FIS), Tyco International (TYC), Aetna Inc (AET), Aon Corp (AON), Cigna (CI), and Wellpoint (WLP). His largest reduction was Wellpoint, which he cut his position by 38%. Joel Greenblatt’s Gotham Asset Management initiated a brand new stake in the company during the second quarter (view Joel Greenblatt’s latest stocks). Since the end of June, Wellpoint lost 23%. Along with Wellpoint, the remaining six companies reduced by Larry Robbins also realized negative returns since the end of the second quarter. Moreover, since the end of June, Glenview Capital’s top 13F holdings have returned -14.8% vs. -10.6% for SPY. Here are Glenview Capital’s top stock picks as of June:

Company

Ticker

Value (x1000)

Activity

Return Since June

LIFE TECHNOLOGIES CORP

(LIFE)

664538

42%

-24%

MCKESSON H B O C INC

(MCK)

454395

-9%

-9%

AIG

(AIG)

286001

New

-21%

THERMO FISHER SCIENTIFIC

(TMO)

262258

-5%

-17%

XEROX CORP

(XRX)

247038

8%

-26%

FLEXTRONICS INTERNATIONAL

(FLEX)

242716

37%

-14%

CROWN CASTLE INTL

(CCI)

242676

New

2%

FIDELITY NATIONAL INFO SVCS

(FIS)

238102

-9%

-11%

TYCO INTL

(TYC)

235483

-16%

-18%

AETNA INC NEW

(AET)

231249

-19%

-13%

AON CORP

(AON)

222567

-6%

-10%

GOODRICH CORP

(GR)

211364

5%

-10%

EXPEDIA INC

(EXPE)

208104

1%

-3%

CITIGROUP INC

(C)

176246

49%

-28%

B M C SOFTWARE INC

(BMC)

173297

17%

-28%

TARGET CORP

(TGT)

170437

1%

9%

U R S CORP NEW

(URS)

170388

37%

-24%

APPLE INC

(AAPL)

161846

New

14%

C I G N A CORP

(CI)

157457

-18%

-13%

CARDINAL HEALTH INC

(CAH)

146797

43%

-10%

VIACOM INC NEW

(VIA.B)

141275

11%

-4%

WELLPOINT INC

(WLP)

138226

-38%

-23%

TIME WARNER CABLE INC

(TWC)

131692

2%

-19%

UNITEDHEALTH GROUP INC

(UNH)

130425

87%

-11%

MERITOR INC

(MTOR)

120040

New

-52%

American International Group Inc (AIG) lost 21% since the end of June. Despite the disappointing returns, AIG is still one of hedge funds’ top favorites. Robert Rodriguez, Steven Cohen, Andreas Halvorsen, and Jim Simons all have stake in the company. During the second quarter, Glenview Capital added American International Group Inc (AIG) to its equity portfolio. As of now, Glenview has the second highest position in the company. The highest position is held by Bruce Berkowitz’s Fairholme. Berkowitz increased his stake in AIG by 133% during the second quarter (check out Bruce Berkowitz’s bullish stock picks).

Life Technologies Corp (LIFE) is the top holding of Glenview Capital’s equity portfolio. Glenview also has the largest stake in the company. During the second quarter, Larry Robbins increased Life Technologies by 42%. Since the end of June, the company has lost 24%. In the second quarter, John Paulson initiated a $391 Million position in the company. Paulson’s Paulson & Co currently has the second largest position in Life Technologies (view the latest equity portfolio of John Paulson’s Paulson & Co).

Glenview Capital has been bullish about McKesson (MCK), however, Larry Robbins sold of 9% of his stake in MCK during the second quarter. The company is still Glenview’s second largest holding. Since the end of June, the company lost 9%. Steven Cohen’s SAC Capital Advisors also has a stake in the company. Cohen has $87 million invested in MCK (see Steven Cohen’s bullish stock picks).

Crown Castle Intl (CCI) is also a new addition to Glenview’s equity portfolio. During the second quarter, Larry Robbins built a $242.6 million position in CCI. He has the third largest position in the company. Larry Robbins has profited from his new position as Crown Capital gained 2% since the end of June. Stephen Mandel’s Lone Pine Capital has the second largest position in Crown Castle. He has $493 invested in the company (check out Stephen Mandel’s stakes in other companies).

Glenview's other interesting trades were a brand new position in AAPL and a 49% boost in Citigroup (C) position. We think Glenview initiated the AAPL position as the stock price moved down to $315 during the second quarter.

We like Glenview Capital’s stock picks and wrote about their investment in Expedia before the stock went on to gain 30+% in a short period of time. We believe investors can beat the market by selectively investing in Glenview’s best ideas.

Source: Glenview Capital's Top Stock Picks