Glenview Capital Management is headed by CEO and portfolio manager Lawrence Michael Robbins, and it employs a GARP (growth at a reasonable price) stock picking strategy. It currently has $11.8 billion invested in 65 stocks, compared to $10.9 billion invested in 61 stocks last quarter.
Glenview Capital’s new positions
Glenview opened large new positions with Advance Auto Parts, Inc. (NYSE:AAP) this quarter (2.7 million shares worth $224 million), American Tower Corp (NYSE:AMT) (1.8 million shares worth $132 million), and Dollar General Corp. (NYSE:DG) (2.2 million shares worth $125 million). It also opened positions with CenterPoint Energy, Inc. (NYSE:CNP) (1.6 million shares worth $39 million), Evertec Inc (NYSE:EVTC) (2.1 million shares worth $47 million), Family Dollar Stores, Inc. (NYSE:FDO) (1.3 million shares worth $84 million), Global Payments Inc (NYSE:GPN) (1.5 million shares worth $76 million), Monsanto Company (NYSE:MON) (645,000 shares worth $67 million), NRG Energy Inc (NYSE:NRG) (525,000 shares worth $14 million), and ADT Corp (NYSE:ADT) (2 million shares worth $82 million).
Glenview Capital’s closed positions
Glenview also closed its position on Charter Communications Inc (300,000 shares), Clearwire Corp (NASDAQ:CLWR) (32 million shares), LIBERTY GLOBAL PLC (NASDAQ:LBTYA) (1 million shares) and a particularly large position on NetApp Inc. (NASDAQ:NTAP) – 2.9 million shares that were worth $108 million at the beginning of the quarter.
The hedge fund went deep on J.C. Penney Company, Inc. (NYSE:JCP), increasing its shares from 8.4 million to 12 million, while the value of its position fell from $144 million to $109 million. J.C. Penney has had interest from a number of institutional investors who think that it is currently undervalued. Its biggest increase was in Crown Castle International Corp. (NYSE:CCI), going from 1.7 million shares last quarter to 5.6 million, now worth $411 million. Glenview also increased its Microsoft Corporation (NASDAQ:MSFT) holdings from 2.9 million shares to 8.6 million, now worth $288 million, and its holdings of PVH Corp (NYSE:PVH) from 546,000 shares to 1.8 million shares, now worth $209 million. It also increased Canadian Pacific Railway Limited (TSE:CP) (NYSE:CP) (262,000 shares to 748,000, now worth $92 million), Carter’s, Inc. (NYSE:CRI) (523,000 shares to 807,000, now worth $61 million), and Lamar Advertising Co (NASDAQ:LAMR) (700,000 shares to 1.2 million now worth $58 million).
Glenview’s biggest decrease was in Life Technologies Corp. (NASDAQ:LIFE), going from 10.2 million shares last quarter to 4.2 million shares worth $318 million now. It also reduced Constellation Brands, Inc. (NYSE:STZ) (1 million shares to 655,000 now worth $36 million), Calpine Corporation (NYSE:CPN) (6.1 million shares to 4.4 million now worth $86 million), and Xerox Corporation (NYSE:XRX) (33 million shares to 25 million now worth $259 million).
