For Hedge Funds, Start of 2016 Offers Little Relief From 2015
By
For the hedge fund titan Larry Robbins, positions in Monsanto, Cigna, the Laboratory Corporation of America and Teva Pharmaceutical Industries have caused investors a headache. CreditEduardo Munoz/Reuters
The hedge fund titan Larry Robbins did something out of character last year. He apologized to investors for losing their money and pledged to “right the ship as quickly as possible.” Then he solicited more money from them, raising $1 billion for a new fund and promised to waive the fees.
But he keeps on losing money.
Over the first two months of this year, his $9.2 billion Glenview Capital Management’s flagship portfolio lost 15 percent. The new fund — called GCM Equity Partners — is down 5.2 percent. Even worse, the Glenview Capital Opportunity fund, a $1.7 billion portfolio that uses leverage or borrowed money to enhance its bets, has lost 22.4 percent through the end of February…
For Hedge Funds, Start of 2016 Offers Little Relief From 2015
