Insights from the 2024 Q1 13F Filing Reveal Significant Portfolio Adjustments
Leon Cooperman (Trades, Portfolio), a distinguished figure in the investment world, recently disclosed his first quarter 2024 portfolio adjustments through the latest 13F filing. Before establishing Omega Advisors, Cooperman honed his expertise at Columbia University and later as CEO and Chairman of Goldman Sachs Asset Management. Transitioning his hedge fund into a family office in 2018, Cooperman employs a blend of macroeconomic outlooks and fundamental valuation to guide his investment decisions, focusing keenly on market valuations without attempting to predict market directions.
Summary of New Buys
Leon Cooperman (Trades, Portfolio) introduced three new stocks to his portfolio this quarter:
- KBR Inc (KBR, Financial) was the standout addition with 550,000 shares, making up 1.46% of the portfolio and valued at $35 million.
- Sea Ltd (SE, Financial) followed, with 240,000 shares representing 0.54% of the portfolio, totaling approximately $12.89 million.
- The smallest new entry was PHX Minerals Inc (PHX, Financial), with 8,950 shares valued at $30,520.
Key Position Increases
Significant expansions were made in several existing positions:
- ADT Inc (ADT, Financial) saw an addition of 3,050,000 shares, bringing the total to 6,150,000 shares. This adjustment marks a 98.39% increase in share count and impacts the portfolio by 0.85%, with a total value of $41.33 million.
- Manchester United PLC (MANU, Financial) also saw an increase with an additional 354,397 shares, bringing the total to 1,912,495 shares. This represents a 22.75% increase in share count, valued at approximately $26.7 million.
Summary of Sold Out Positions
Leon Cooperman (Trades, Portfolio) exited two positions entirely:
- Pioneer Natural Resources Co (PXD, Financial): All 200,000 shares were sold, impacting the portfolio by -2.14%.
- Schwab Short-Term U.S. Treasury ETF (SCHO, Financial): All 13,864 shares were liquidated, causing a -0.03% impact on the portfolio.
Key Position Reductions
Reductions were also noted in two key holdings:
- Vertiv Holdings Co (VRT, Financial) was reduced by 250,000 shares, a -10.64% decrease, impacting the portfolio by -0.57%. The stock traded at an average price of $62.83 during the quarter and has seen a return of 64.49% over the past three months and 115.21% year-to-date.
- Ellington Financial Inc (EFC, Financial) saw a reduction of 125,000 shares, a -45.45% decrease, impacting the portfolio by -0.08%. The stock traded at an average price of $12.02 during the quarter and returned 2.12% over the past three months and -0.91% year-to-date.
Portfolio Overview
As of the first quarter of 2024, Leon Cooperman (Trades, Portfolio)'s portfolio comprised 51 stocks. The top holdings included 9.92% in Mr. Cooper Group Inc (COOP, Financial), 7.9% in Energy Transfer LP (ET, Financial), 7.61% in Apollo Global Management Inc (APO, Financial), 7.15% in Vertiv Holdings Co (VRT), and 5.79% in WillScot Mobile Mini Holdings Corp (WSC, Financial). The investments span across 10 of the 11 industries, with significant concentrations in Industrials, Financial Services, Energy, Technology, Consumer Cyclical, Healthcare, Communication Services, Basic Materials, Consumer Defensive, and Real Estate.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
