Larry Robbins’s Glenview Turns It Around Late in the Year to Post Double-Digit Gains

The manager’s flagship hedge fund finished 2023 up more than 17 percent after having been down slightly as recently as October.


Illustration by II

Glenview Capital Management turned what was shaping up to be a very disappointing year into a profitable one.

Flagship Glenview Capital Partners finished 2023 up 17.35 percent after having been down 1.5 percent as recently as the end of October, according to a hedge fund database. It had been up nearly 14 percent in the first half of what proved to be a very volatile year.

The broader stock market took off in late October after Federal Reserve chairman Jerome Powell signaled the Fed could begin cutting interest rates in 2024.

Glenview Opportunity, a more concentrated fund, was up 11.7 percent for the year, says an investor. The hedge fund firm’s small health care fund, Glenview Healthcare Partners, jumped 23.8 percent, according to an investor.

Glenview declined to comment.

For many years, Glenview was known for its concentration on health care–related stocks. This has changed in the past couple of years; just four of its top-ten holdings at the end of the third quarter were health care stocks. In fact, its tenth-largest long position was Amazon, one of the Magnificent Seven stocks that have driven the broad market for more than a year. Amazon rose 14 percent in November and December.


Glenview also was helped in those months by two of its largest health care–related longs. Tenet Healthcare, an operator of hospitals and ambulatory surgery centers, surged more than 40 percent in the last two months of the year. It accounted for more than 11 percent of U.S. common stock long assets at the end of the third quarter, according to its most recent 13F regulatory filing.

No. 4 long position Universal Health Services, which provides hospital and health care services, gained more than 20 percent in 2023’s final two months. Another big winner during the late-year turnaround was Global Payments, a provider of payment technology and services, up nearly 20 percent over those months.

Glenview also benefited from two stocks whose stakes it sharply boosted in recent weeks or months. In November, Glenview increased its stake in IT services and consulting company DXC Technology by more than 13 percent; the stock is now Glenview’s third-largest U.S.-listed common stock long position. The shares gained 16 percent in the November–December period.

Alight, another big holding, surged by nearly 29 percent in the final two months of 2023. In mid-January, Glenview upped its stake by more than 50 percent in the software-based provider of health and wealth benefits and payroll solutions for large companies. It is now the firm’s sixth-largest long.