Thursday, 31 July 2014
Last updated 17 hours ago
Jan 8 2014 | 1:40pm ET
Glenview Capital Partners was the best-performing large hedge fund of 2013, according to Bloomberg Markets magazine's annual ranking.
The New York-based hedge fund's $1.8 billion Opportunity Fund soared 84.2% in the first 10 months of last year, topping Matrix Capital Management (up 56%), Paulson & Co.'s Recovery Fund and Lansdowne Partners. SAC Capital Advisors, which was last year's most profitable hedge fund, was cut from the list because it has agreed to become a family office as part of its guilty plea on insider-trading charges.
The Children's Investment Fund Management and Owl Creek Asset Management also made the top 10. Third Point came in 12th place, up 28.8%. Paulson had four other entries among the top 100.
Bloomberg Markets named Rima Senvest Management's Senvest Partners the best-performing mid-sized hedge fund of 2013, with a 58.8% return through Oct. 31.
Glenview's returns were driven by its bets on healthcare stocks; founder Larry Robbins became bullish on the sector after the U.S. Supreme Court in 2012 refused to strike down President Barack Obama's signature healthcare reform, which Robbins believes will lead to increased hospital profits. And Robbins, who returned 30% in 2012, remains optimistic about the future.
"The current environment is opportunity-heavy, and it's return heavy," he told Bloomberg Markets. "We've been taking advantage of it rather than having our bats on our shoulders while they're throwing underhanded softballs."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…