Invest After A Drawdown: Glenview Creates New Hedge Fund, Zero Fees

Larry Robbins, founder of Glenview Capital Management, has had a “exceedingly disappointing” and “frustrating” 90 days, he told investors in a letter dated October 26 reviewed by ValueWalk. Not only did he lose his own money, but investors took a haircut. To rectify the situation, the fund manager is offering existing investors an opportunity to invest in the hedge fund on a drawdown – and do so on favorable terms. To accomplish this, a new healthcare focused hedge fund is being created that includes exposure to liquid assets that will operate without fees being charged. Unlike some other fund managers who have blamed poor performance on the Fed, the weather, risk parity, unicorns, or other factors, Robbins apologized to...