Billionaire Larry Robbins' Glenview Capital lost 7% in its flagship fund in January after the fund soared 30% in 2019. The firm, which runs more than $7 billion across multiple funds, has made big bets on healthcare-related companies, like Cigna and HCA Healthcare. The firm joins managers like Carlson Capital and known Tesla shorts like David Einhorn's Greenlight Capital that lost big in January. Visit Business Insider's homepage for more stories.
After a sizzling 2019, Larry Robbins' flagship fund has come back down to Earth. Glenview Capital's main hedge fund lost roughly 7% in January, sources tell Business Insider, after returning nearly 30% in 2019. The average hedge fund last month was flat as concerns around coronavirus' economic impact took hold, according to Hedge Fund Research. Glenview, the firm founded by Robbins in 2000, declined to comment. The New York-based manager has been a big investor in healthcare-related companies, like insurer Cigna and hospital administrator HCA Healthcare. Those two companies were the flagship fund's biggest holdings as of the end of 2019, according to regulatory filings. Both of those companies started 2020 by losing roughly $10 off their share prices in January, but have rebounded in February. Cigna is trading at one of the highest prices — roughly $220 a share — it has reached in the last five years. Glenview Capital's poor January was not as bad as other well-known funds like Carlson Capital, which lost 20% in its stock-picking fund, and Greenlight Capital, which has been for betting against Tesla's surging stock. The firm's strong showing was a big bounceback after Glenview saw around $2 billion of assets leave the firm in the year ending March 2019, thanks to poor performance in 2018. SEE ALSO: Billionaire Larry Robbins' Glenview Capital crushes 2019 with eye-popping returns after a year that lost the firm billions SEE ALSO: Carlson Capital's stock-picking fund drops more than 20% in a disastrous January Join the conversation about this story » NOW WATCH: WeWork went from a $47 billion valuation to a failed IPO. Here's how the company makes money.