Larry Robbins' Glenview Capital Aggressively Adds PHH ~ market folly

Monday, July 19, 2010

Larry Robbins' Glenview Capital Aggressively Adds PHH

Larry Robbins' hedge fund firm Glenview Capital just filed a 13G with the SEC regarding shares of PHH Corp (PHH). Due to portfolio activity on July 8th, 2010, Glenview has disclosed a 5.23% ownership stake in the company with 2,898,578 shares. This is an increase in their stake as they owned 1,012,464 shares back on March 31st, 2010. Glenview has boosted its position by 186%, adding 1,886,114 more shares. In terms of other hedge funds invested in PHH, we've noted for a while that Dan Loeb's Third Point holds a position as well.

For other investment ideas from this hedge fund, Larry Robbins recently highlighted some plays at the Ira Sohn Conference. Additionally, we've previously highlighted Robbins' thoughts on the case for global equities in 2010 at a hedge fund panel.

Taken from Google Finance, PHH Corporation "conducts its business through three operating segments: Mortgage Production, Mortgage Servicing and Fleet Management Services. The Company's Mortgage Production segment originates, purchases and sells mortgage loans through PHH Mortgage Corporation and its subsidiaries (PHH Mortgage). Its Mortgage Servicing segment services mortgage loans originated by PHH Mortgage and PHH Home Loans, purchases MSRs and acts as a subservicer for certain clients that own the underlying mortgage servicing rights (MSRs). The Company’s Fleet Management Services segment provides commercial fleet management services to corporate clients and government agencies throughout the United States and Canada through its wholly owned subsidiary, PHH Vehicle Management Services Group LLC."

For more from hedge fund Glenview, head to Robbins' other stock picks.

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