Reuters/Eduardo MunozLarry Robbins, CEO of Glenview Capital Management.Hedge fund billionaire Larry Robbins, creator of Glenview Capital Management, is having a tough start to the year.
Just last year, Glenview Capital had been one of the 20 worst-performing hedge resources, dropping 17percent through November 30, relating to performance data compiled by HSBC.
"I've failed to protect your capital, and my own, from a significant drawdown, despite an appartment marketplace, " Robbins typed inside third-quarter buyer letter.
The 46-year-old hedge investment supervisor went on to state he would "accept obligation to fix the damage."
Robbins' hedge fund was been a big buyer in managed attention, hospital, pharma, and veterinarian stocks. His top five equity holdings include Humana, Monsanto, Thermo Fisher Scientific, AbbVie, and Flextronics Global, in accordance with the most recent regulatory filing information.
In an attempt to make it to his people, Robbins stated into the letter however be opening a unique fund with no management or overall performance costs.
"My objective is your capital, not my income, " he blogged, "and I also believe i've an obligation to the office 100% free to recoup the losings I created for you."
The brand new investment is going to be a long-only car focused on health care.
Robbins, who may have approximately net worth of $2.3 billion, additionally informed people that he would "rightfully make absolutely nothing" for his 2015 overall performance.
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