Glenview Capital 13F (2026 Q1): An Activist's Healthcare Book

An activist's book, still built around healthcare

Glenview Capital Management, the hedge fund led by Larry Robbins, has long been associated with deep, sometimes activist bets on the healthcare sector, and its 2026Q1 13F shows that DNA intact even as the firm reshapes the portfolio. The filing lists about 43 long positions, and the top of the book is dominated by healthcare and healthcare-adjacent names: CVS Health anchors the portfolio at 14.78% of reported value, followed by payments processor Global Payments at 10.91%, hospital operator Tenet Healthcare at 7.22%, and, further down, Cigna, Teva Pharmaceutical, and Viatris. This is a concentrated, conviction-driven book, not a diversified index, and it carries the imprint of a manager willing to make large, sector-focused wagers.

One note for readers: as a hedge fund, Glenview runs both long and short positions, but a 13F discloses only its long US equity holdings. The picture here is the long book, which is the part that reflects where the firm is making its positive bets.

Doubling down on managed care, cutting generics

The quarter's share-count changes tell a clear story of repositioning within healthcare. Glenview leaned hard into managed care: it increased Cigna by a striking 79% of shares and held its large CVS stake steady, deepening a bet on health insurers and pharmacy-benefit managers. At the same time, it cut its generic-drug exposure sharply, trimming Teva by 60% and Viatris by 18%, and pared hospital operator Tenet by 23%. The rotation, toward integrated managed-care and away from generics and hospitals, suggests a sharpened view on which parts of the healthcare system the firm finds most attractive.

And reaching into technology

Beyond healthcare, the filing shows Glenview adding meaningfully to technology. It increased Advanced Micro Devices by 65% of shares and Amazon by 16%, and established a new position in the Nasdaq-100 ETF, a way to add broad large-cap-growth exposure quickly. These additions broaden a book that has historically leaned heavily on healthcare, suggesting the firm is balancing its concentrated sector bets with exposure to the technology and growth names driving the broader market.

How to read a concentrated activist book

A filing like Glenview's rewards attention to the largest positions and the biggest moves, because that is where a concentrated activist expresses its thesis. The 14.78% CVS stake is effectively a cornerstone bet; the 79% increase in Cigna and the 60% cut to Teva are deliberate, high-conviction decisions, not incidental rebalancing. Because the firm runs a focused book, these moves carry more signal than the same percentage changes would at a diversified manager. For investors who follow activist and concentrated hedge funds for ideas, Glenview's long book is a window into a sharpened healthcare thesis, anchored in managed care, lightened in generics and hospitals, and increasingly paired with large-cap technology. You can explore the full holdings, the position changes, and the longer history on the Glenview Capital filer page.