Insight into Robbins' Q4 Moves: Major Buys, Sells, and Portfolio Adjustments
Larry Robbins (Trades, Portfolio), the renowned investor behind Glenview Capital Management, has made significant changes to his investment portfolio in the fourth quarter of 2023. Known for his deep fundamental research and a focus on delivering attractive absolute returns, Robbins' latest 13F filing reveals strategic moves in various sectors, with a particular emphasis on healthcare. Glenview, which operates both long/short and concentrated, opportunistic funds, has a primary investment focus in the U.S. and some exposure in Western Europe.
Summary of New Buys
Larry Robbins (Trades, Portfolio) expanded his portfolio with six new stocks in the last quarter. Noteworthy additions include:
- Viatris Inc (VTRS, Financial), a significant new holding with 6,065,047 shares, making up 1.41% of the portfolio and valued at $65.68 million.
- CVS Health Corp (CVS, Financial), with 746,144 shares, representing 1.27% of the portfolio and a total value of $58.92 million.
- Teva Pharmaceutical Industries Ltd (TEVA, Financial), comprising 1,604,633 shares, accounting for 0.36% of the portfolio and valued at $16.75 million.
Key Position Increases
Robbins also ramped up his investments in 14 existing holdings, with the most significant boosts in:
- The Cigna Group (CI, Financial), where he added 593,707 shares, bringing the total to 2,142,526 shares. This increase represents a substantial 38.33% rise in share count and a 3.82% impact on the current portfolio, with a total value of $641.58 million.
- Corteva Inc (CTVA, Financial), with an additional 2,529,539 shares, resulting in a total of 4,698,725 shares. This adjustment marks a 116.61% increase in share count, with a total value of $225.16 million.
Summary of Sold Out Positions
The fourth quarter also saw Robbins exit 12 positions entirely, including:
- Activision Blizzard Inc (ATVI, Financial), where he sold all 1,181,744 shares, impacting the portfolio by -2.52%.
- Aptiv PLC (APTV, Financial), with the liquidation of all 823,537 shares, leading to a -1.85% portfolio impact.
Key Position Reductions
Reductions were made in 17 stocks, with the most notable trims in:
- Intel Corp (INTC, Financial), reduced by 1,744,329 shares, resulting in an -83.52% decrease in shares and a -1.41% impact on the portfolio. The stock traded at an average price of $40.62 during the quarter and has returned 12.46% over the past three months and -11.80% year-to-date.
- Fiserv Inc (FISV), cut by 326,656 shares, leading to a -25.72% reduction in shares and a -0.84% impact on the portfolio. The stock's average trading price was $122.71 during the quarter, with a return of 18.68% over the past three months and 9.14% year-to-date.
Portfolio Overview
As of the end of the fourth quarter of 2023, Larry Robbins (Trades, Portfolio)' portfolio contained 43 stocks. The top holdings were 13.79% in The Cigna Group (CI, Financial), 12.57% in Tenet Healthcare Corp (THC, Financial), 6.39% in DXC Technology Co (DXC, Financial), 5.57% in Universal Health Services Inc (UHS, Financial), and 5.32% in Global Payments Inc (GPN, Financial). The investments are predominantly concentrated in nine industries: Healthcare, Technology, Industrials, Basic Materials, Consumer Cyclical, Communication Services, Energy, Consumer Defensive, and Financial 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.
