(CNBC) In a candid letter to investors, hedge fund manager Larry Robbins apologized for a year-to-date loss in his flagship fund of more than 20 percent through Monday’s close, writing that “I’ve failed to protect your capital, and mine…despite a flat market.” Robbins , who is known for his at-times wildly successful calls in the health-care sector at Glenview Capital Management, wrote that he continues to believe his company’s health-care investments are lower risk and of higher potential than the broad market.
Still, he said, the gyrations of August, which he regarded as “rotational” rather than “systemic,” and his misperception that Glenview’s health-care stocks at the time were “a rock-bed of strength,” look arrogant in retrospect.
