Glenview's Robbins Kicks Off Sohn Imploring Investors to Hang Onby
Lots of reasons for 'fear and doubt' from China to oil
Robbins likens hedge fund criticism to game of dodgeball
Larry Robbins, founder of the $8.2 billion hedge fund firm Glenview Capital Management, kicked off the Sohn Investment Conference in New York by imploring the 3,000 in attendance to ignore market pressures and see their investments through.
“Just hang on,” Robbins said Wednesday. “We just want to get from Point A to Point B, and frankly, as long as the fundamentals are tracking what we want them to be doing, we will get safely through our journey.”
Robbins, whose flagship fund lost about 12 percent in the first three months of 2016, cited a dozen causes for “fear and doubt” in the market, including China, oil, drug pricing, the U.S. presidential election, hedge fund positioning, monetary pricing and the Zika virus. He likened the ongoing criticism of the $2.9 trillion hedge fund industry -- which is having its worst start to a year in terms of performance and client withdrawals since 2009 -- to a game of dodgeball.
Glenview’s main fund lost 18 percent last year, according to an investor document obtained by Bloomberg. A spokesman for the firm declined to comment.
Robbins recommended companies he owns, including VCA Inc., Thermo Fisher Scientific Inc., AbbVie Inc., and Anthem Inc., saying their share prices don’t reflect their fundamentals.