Larry Robbins, who runs hedge fund firm Glenview Capital, on Wednesday told attendees of a New York conference that he's betting hospitals stocks will get a big lift from health care reform — even if the Supreme Court overturns some of its elements. Glenview manages about $7 billion, but Robbins' pep talk didn't lift local hospital stocks Wednesday.
In September, the fund bought more than 1 million BMTI shares, bringing its stake in the company to 5.3 percent. According to a recent filing with the SEC, that percentage has fallen to 4.
The two largest publicly traded companies headquartered in Middle Tennessee were in favor with two prominent money managers during the third quarter. Barry Rosenstein at Jana Partners snapped up 4.1 million shares of hospital chain HCA Holdings, which fell markedly (Ticker: HCA) following the company's Q2 earnings report but have since recovered a bit. Rosenstein is known to be an activist, but it's not clear he's out to shake up things at HCA.
Discount retailer Dollar General has been in demand at Steven Cohen's SAC Capital. SAC had dabbled in Dollar General (Ticker: DG) before the summer — it held about 53,000 shares as of June 30 — but it dove in to the tune of almost $90 million during Q3, adding more than 2.3 million shares. Dollar General is up about 30 percent year to date.
In the wake of Jetstream Capital founder Gary Dean’s planned launch of three hedge funds — perhaps more clearly stated as one hedge fund delivered in three parts — comes news that Joel Dobberpuhl, Dean’s former partner at Jetstream, is closing a few of his.
HFMWeek, an online hedge fund trade publication, reports that Dobberpuhl is winding down an estimated $500 million in assets with a goal to completely disburse all fund assets by the end of February.
Jetstream management could not immediately reached for comment prior to this posting. In a letter sent to investors, Dobberpuhl — who is a co-owner of the Nashville Predators — said family transitions played a role in his decision according to HFMWeek.
New York hedge fund Millennium Management has in recent weeks acquired more than 1 million shares of local medical device maker BioMimetic Therapeutics. Millennium, which is run by Izzy Englander, now controls 5.3 percent of BioMimetic, making it the fourth 5 percent owner of the Franklin-based company. The fund held about 1.2 percent of the company as of June 30.
SEE ALSO: A July Journal story about Englander's talks to sell a stake in Millennium
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