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Larry Robbins, founder and CEO of Glenview Capital, is called the L-Train. Driven and blunt, Robbins was once honored as one of the top 100 hedge fund traders by Trader Monthly. Before founding Glenview in 2001, Robbins gained investment and trading experience at Leon Cooperman’s Omega Advisors. His Glenview Capital suffered in the tough financial environment in 2008, losing almost half of its assets and laying off 12 employees before Christmas that year. But it seems that the bad days are behind Robbins. The fund returned 82.7% in 2009 and 15.7% in 2010, better than average hedge funds and the S&P 500 index. Between 2001 and 2010, Glenview Capital returned 301% after fees and expenses.

Below are the activities of the top 20 positions of Glenview Capital in the third quarter (see the 13F filing).

Company Name

Ticker

Value

Activity

LIFE TECHNOLOGIES

LIFE

543949

11%

MCKESSON

MCK

432595

10%

CROWN CASTLE INTL

CCI

262659

9%

TYCO INTERNATIONAL

TYC

241417

24%

FLEXTRONICS INTL

FLEX

232549

9%

THERMO FISHER SCIENTIFIC

TMO

218915

6%

B M C SOFTWARE INC

BMC

217095

78%

FIDELITY NATIONAL

FIS

193201

3%

TARGET CORP

TGT

187984

6%

AON CORP

AON

175835

-3%

AMERICAN INTL GROUP

AIG

174890

-18%

XEROX CORP

XRX

165458

0%

HCA HOLDINGS INC

HCA

158140

143%

FISERV INC

FISV

142390

53%

AMERICAN TOWER CORP

AMT

132883

30%

LINCARE HOLDINGS INC

LNCR

126707

82%

U R S CORP NEW

URS

117406

4%

CARDINAL HEALTH INC

CAH

116510

-14%

C I G N A CORP

CI

113226

-12%

TIME WARNER CABLE INC

TWC

105755

0%

Robbins reduced his portfolio value from $7.4 billion at the end of the second quarter to $5.5 billion at the end of September. He also reduced the number of positions. Glenview had had 60 positions at the end of June. Now it has 58 positions. Over the third quarter, the fund sold out its position in Aetna Inc (NYSE:AET). It had $231 million invested in this stock at the end of June. AET returned 9.67% since the end of September, versus 7.80% of SPY. Glenview also sold out $211 million Goodrich Corp (NYSE:GR), which returned only 2.07% since the end of September, and $162 million Apple Inc (NASDAQ:AAPL), which lost 1.67% in the same period. In addition, Robbins also sold out Wellpoint Inc (NYSE:WLP), Unitedhealth Group Inc (NYSE:UNH), Bank of America Corp (NYSE:BAC), Hartford Financial Services Group (NYSE:HIG), Metlife Inc (NYSE:MET), Hewlett Packard Co (NYSE:HPQ), and Computer Sciences Corp (NYSE:CSC).

Robbins increased his stakes in HCA Holdings Inc (NYSE:HCA) by 143% to $158 million. The stock returned 25.00% since the end of September, beating the index by over 17 percentage points. Robbins also increased his position in Lincare Holdings Inc (NASDAQ:LNCR) by 82% and his position in Lowes Cos Inc (NYSE:LOW) by 49%. LNCR returned 4.26% and LOW returned 21.34% since the end of the third quarter.

During the third quarter, Robbins bought new shares in Sealed Air Corp (NYSE:SEE). Glenview did not disclose to own any shares of SEE at the end of June and it reported to hold $72 million worth of the stock at the end of September. SEE returned 1.08% so far since the end of the third quarter. In addition to SEE, Robbins also opened new position in Laboratory Corp American Holdings (NYSE:LH). Glenview Capital sold out its position in LH over the second quarter but it initiated $60.7 million LH shares in the third quarter. LH returned 2.45% so far since the end of September. Robbins also opened new positions in Liberty Global Inc (NASDAQ:LBTYB), Agilent Technologies Inc (NYSE:A), Coca Cola Enterprises Inc (NYSE:CCE), Goldman Sachs Group Inc (NYSE:GS), Pharmaceutical Product Development Inc (NASDAQ:PPDI), Morgan Stanley (NYSE:MS), and Openwave System Inc (OPWV). Boykin Curry is extremely bullish on GS. We also think that financial stocks are undervalued.

We like Robbins. Though hit hard by the financial crisis in 2008, his Glenview Capital had strong performances in other years since its inception. We believe that by focusing on Robbins’ best stock picks, investors will be able to generate better-than-market return in the long term.

Source: Glenview Capital's Top Stock Picks