Glenview Fund Said to Lose 12% Last Month on Health Careby
Glenview Capital's main hedge fund returned 43% in 2013
Benefits from Supreme Court ruling upholding health-care act
Glenview Capital Management, the hedge fund firm led by Larry Robbins, lost 12.4 percent in its main fund in September as bets on health-care companies suffered.
The performance leaves the fund down 12.9 percent in 2015 through last month, according to a person with knowledge of the returns who asked not to be named because the information is private. Taylor Ingraham, a spokesman for the New York-based Glenview at ASC Advisors, declined to comment on the losses.
Glenview, which wagers on and against stocks, has been reaping gains on investments in health-care companies for years. Those investments propelled the hedge fund to returns of 43 percent in 2013. Glenview was also among the big winners following a Supreme Court decision in June that upheld a key piece of President Barack Obama’s Affordable Care Act.
Health-care stocks have slid since the summer, with the Standard & Poor’s 500 Health Care Sector Index falling 14 percent since hitting a high on July 20. The index has fallen 3 percent year-to-date.