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Insights from Glenview Capital Management's Latest 13F Filing

Larry Robbins (Trades, Portfolio), the founder of Glenview Capital Management, has made notable adjustments to his investment portfolio in the third quarter of 2024. Established in 2000, Glenview Capital is renowned for its rigorous fundamental research and strategic investment in primarily U.S. markets, with some exposure in Western Europe. The firm operates through two main funds: the Glenview Funds and the Glenview Opportunity Funds, focusing on long/short and concentrated opportunistic investments respectively.

• Warning! GuruFocus has detected 3 Warning Signs with CVS.

Summary of New Buys

Larry Robbins (Trades, Portfolio) expanded his portfolio by adding six new stocks during the quarter. Noteworthy new positions include:

• Seagate Technology Holdings PLC (NASDAQ:STX), purchasing 402,771 shares, which now comprise 0.85% of the portfolio, valued at $44.12 million.

• Western Digital Corp (NASDAQ:WDC), with 434,276 shares, making up about 0.57% of the portfolio, valued at $29.66 million.

• DuPont de Nemours Inc (NYSE:DD), adding 275,491 shares, accounting for 0.47% of the portfolio, with a total value of $24.55 million.

Key Position Increases

Significant enhancements were made to existing holdings, including:

• A major increase in CVS Health Corp (NYSE:CVS), with an additional 2,784,410 shares, bringing the total to 11,946,799 shares. This adjustment increased the share count by 30.39%, impacting the portfolio by 3.39%, and bringing the total value to $751.21 million.

• Global Payments Inc (NYSE:GPN) saw an addition of 1,022,840 shares, resulting in a total of 4,141,160 shares. This represents a 32.8% increase in share count, valued at $424.14 million.

Summary of Sold Out Positions

The third quarter also saw complete exits from several stocks, including:

• Centene Corp (NYSE:CNC), where all 1,431,312 shares were sold, impacting the portfolio by -1.87%.

• HCA Healthcare Inc (NYSE:HCA), with all 195,585 shares liquidated, resulting in a -1.24% portfolio impact.

Key Position Reductions

Reductions were also prominent in Robbins' strategy, particularly:

• Tenet Healthcare Corp (NYSE:THC) saw a reduction of 2,006,942 shares, a -43.01% decrease, impacting the portfolio by -5.26%. The stock had an average trading price of $151.24 during the quarter and has seen a 5.62% return over the past three months and a 115.23% year-to-date return.

• Alight Inc (NYSE:ALIT) was reduced by 13,144,110 shares, a -42.6% decrease, impacting the portfolio by -1.91%. The stock traded at an average price of $7.18 during the quarter, with a 16.03% return over the past three months and a -7.50% year-to-date return.

Portfolio Overview

As of the third quarter of 2024, Larry Robbins (Trades, Portfolio)' portfolio comprised 46 stocks. The top holdings included 14.53% in CVS Health Corp (NYSE:CVS), 8.55% in Tenet Healthcare Corp (NYSE:THC), 8.21% in Global Payments Inc (NYSE:GPN), 7.05% in The Cigna Group (NYSE:CI), and 5.96% in Corteva Inc (NYSE:CTVA). The investments are mainly concentrated in eight industries: Healthcare, Technology, Industrials, Basic Materials, Consumer Cyclical, Consumer Defensive, Financial Services, and Communication Services.

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.

This article first appeared on GuruFocus.