Insights from Glenview Capital Management's Q1 2024 13F Filing
Larry Robbins (Trades, Portfolio), the founder of Glenview Capital Management, has made notable changes to his investment portfolio in the first quarter of 2024. Established in 2000, Glenview is renowned for its rigorous fundamental research and strategic investment in primarily U.S. markets, with some exposure in Western Europe. The firm's latest 13F filing reveals a series of strategic buys, sells, and adjustments that reflect its dynamic investment approach.
New Additions to the Portfolio
Larry Robbins (Trades, Portfolio) expanded his portfolio by adding six new stocks in the first quarter of 2024. Noteworthy new positions include:
- Array Technologies Inc (ARRY, Financial), purchasing 2,204,685 shares, which now comprise 0.57% of the portfolio, valued at approximately $32.87 million.
- Ginkgo Bioworks Holdings Inc (DNA, Financial), with a new holding of 24,000,000 shares, making up about 0.49% of the portfolio, valued at around $27.84 million.
- Broadcom Inc (AVGO, Financial), where Robbins acquired 20,027 shares, accounting for 0.46% of the portfolio, with a total investment of approximately $26.54 million.
Significant Increases in Existing Positions
Robbins also strategically increased his stakes in 14 existing holdings. Key increases include:
- Corteva Inc (CTVA, Financial), with an additional 2,087,548 shares, bringing the total to 6,786,273 shares. This adjustment represents a 44.43% increase in share count and a 2.1% impact on the current portfolio, valued at approximately $391.36 million.
- Element Solutions Inc (ESI, Financial), increasing by 4,596,029 shares to a total of 8,358,649 shares. This represents a 122.15% increase in share count, with a total value of approximately $208.80 million.
Complete Exits from Certain Holdings
In the first quarter of 2024, Larry Robbins (Trades, Portfolio) decided to exit completely from three holdings:
- Charter Communications Inc (CHTR, Financial), selling all 116,933 shares, which had a -0.98% impact on the portfolio.
- Cardinal Health Inc (CAH, Financial), liquidating all 203,254 shares, resulting in a -0.44% impact on the portfolio.
Reductions in Key Positions
Robbins reduced his positions in 15 stocks, with significant reductions in:
- The Cigna Group (CI, Financial), reducing his stake by 670,951 shares, a -31.32% decrease, impacting the portfolio by -4.32%. The stock traded at an average price of $329.18 during the quarter and has seen a 1.63% return over the past three months and 15.12% year-to-date.
- Tenet Healthcare Corp (THC, Financial), cutting back by 1,415,119 shares, a -18.28% reduction, with a -2.3% impact on the portfolio. The stock's average trading price was $89.86 during the quarter, with a 48.06% return over the past three months and 76.14% year-to-date.
Portfolio Overview and Sector Allocation
As of the first quarter of 2024, Larry Robbins (Trades, Portfolio)' portfolio included 45 stocks. The top holdings were 11.63% in Tenet Healthcare Corp (THC), 9.35% in The Cigna Group (CI), 6.84% in Corteva Inc (CTVA, Financial), 6.55% in Universal Health Services Inc (UHS, Financial), and 5.58% in Global Payments Inc (GPN, Financial). The investments are mainly concentrated across nine industries, including Healthcare, Technology, and Financial Services, among others.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
