Brahman Pays a Price for Valeant and Pivots to New Targets

The New York hedge fund firm suffers outflows as a concentrated portfolio takes a hit from the drugmaker.

For many years Brahman Capital Corp. has lived and died on its big bet on Valeant Pharmaceuticals International.

And over the past six months, it has painfully experienced the downside of this stance. After racing to a 12.5 percent gain in the first half of 2015, one of Brahman’s funds — Brahman Partners II (BPII) — lost 11.6

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