market folly

Larry Robbins' hedge fund Glenview Capital has disclosed an updated stake in Punch Taverns (LON: PUB) due to trading on October 28th. Per UK regulatory filings, the hedge fund now owns 16.77% of PUB shares outstanding and this is an increase from their previous ownership of 13.01%. We'll be updating the rest of the latest changes in Glenview's portfolio in our Hedge Fund Wisdom newsletter when our new issue comes out in two weeks.

This is the second time we've seen Glenview raise its stake in Punch. We originally highlighted their additional purchase of shares in July. In fact, Robbins seems to like the UK pubs theme in general, as he's also invested in Enterprise Inns (LON: ETI) last we checked.

Taken from Google Finance, Punch Taverns is "engaged in the operation of public houses under either the leased model or as directly managed by the Company. The Company operates in two business segments: punch partnerships, a leased estate and punch pub company, a managed estate. Punch Partnerships is the Company’s leased division, comprising 6,841 pubs nationwide. Punch Pub Company is its managed division, comprising 835 pubs nationwide."

To see Glenview's other investments in the second quarter (and soon to be updated with the third quarter), head to our newsletter.