Larry Robbins’ Glenview Capital Bets $250 Million on $FLEX

Larry Robbins’ Glenview Capital disclosed a 40.3 Million share position in Flextronics International (FLEX). The position is worth more than $250 Million at this moment. At the end of March Robbins had 27.5 Million shares of FLEX, valued at $206 Million at the time. FLEX lost around 15% since then and this might have triggered Glenview’s new $80 Million purchase. Robbins probably paid around $6.20 for these additional shares.

Larry Robbins is the largest holder of FLEX among the 300+ hedge funds we are tracking. Thomas Claugus’ GMT Capital, Ron Gutfleish’s Elm Ridge Capital, D.E. Shaw, and Jim Simons’ Renaissance are among the hedge funds with large FLEX positions.

Larry Robbins’ Glenview returned 301% after fees and expenses between January 2001 and December 2010. Glenview Capital also returned 15.7% in 2010, performing better than average hedge funds and the S&P 500 index. Insider Monkey follows talented/informed investors like Larry Robbins to gain insights about the future of the financial markets and develop investment themes.

Larry Robbins is extremely bullish about the stock market in the medium term. “We remain constructive on the investment environment over the medium term supported by attractive valuations, excessive corporate liquidity, a growing economy and ample global liquidity,” Robbins said in his latest investor letter. In December Robbins predicted the stock market to increase by more than 50% over the next three years.

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