Insights into the Investment Moves of a Wall Street Veteran
Wall Street veteran Leon Cooperman (Trades, Portfolio), through his family office Omega Advisors, has revealed his latest investment moves in the fourth quarter of 2023. A Columbia University alumnus and former CEO and Chairman of Goldman Sachs Asset Management, Cooperman is known for his combination of macroeconomic perspectives and fundamental valuation in his investment strategy. Despite converting his hedge fund into a family office in 2018, Cooperman remains an influential figure in the investment world, closely monitoring market valuations and occasionally attempting to predict market directions.
Summary of New Buys
Leon Cooperman (Trades, Portfolio)'s portfolio welcomed a new entrant in the fourth quarter:
- Franklin FTSE Canada ETF (FLCA, Financial) was the most significant addition with 5,750 shares, representing 0.01% of the portfolio and a total value of $191,130.
Key Position Increases
Cooperman's Omega Advisors increased its stakes in 19 stocks, with notable adjustments including:
- Regal Rexnord Corp (RRX, Financial) saw an additional 135,334 shares, bringing the total to 600,000 shares. This represents a 29.13% increase in share count and a 0.95% impact on the current portfolio, with a total value of $88,812,000.
- Fidelis Insurance Holdings Ltd (FIHL, Financial) had an additional 1,054,567 shares, bringing the total to 1,966,358. This adjustment marks a 115.66% increase in share count, with a total value of $24,913,760.
Summary of Sold Out Positions
During the quarter, Cooperman exited five holdings:
- Bank of America Corp (BAC, Financial) was completely sold off, with 400,000 shares liquidated, impacting the portfolio by -0.57%.
- Banyan Acquisition Corp (BYN, Financial) also saw a complete exit with all 275,295 shares sold, causing a -0.15% impact on the portfolio.
Key Position Reductions
Reductions were made in six stocks, with significant changes in:
- Pioneer Natural Resources Co (PXD, Financial) was reduced by 93,546 shares, leading to a -31.87% decrease in shares and a -1.12% impact on the portfolio. The stock traded at an average price of $234.39 during the quarter and has seen a -3.14% return over the past three months and a 0.66% year-to-date return.
- Citigroup Inc (C, Financial) saw a reduction of 400,000 shares, a -57.14% decrease, and a -0.86% impact on the portfolio. The stock's average trading price was $44.27 during the quarter, with a 22.68% return over the past three months and a 5.79% year-to-date return.
Portfolio Overview
As of the fourth quarter of 2023, Leon Cooperman (Trades, Portfolio)'s portfolio comprised 50 stocks. The top holdings included 9.47% in Mr. Cooper Group Inc (COOP, Financial), 7.92% in Energy Transfer LP (ET, Financial), 7.21% in Apollo Global Management Inc (APO, Financial), 6.52% in Lithia Motors Inc (LAD, Financial), and 6.33% in WillScot Mobile Mini Holdings Corp (WSC, Financial). The investments span across 10 of the 11 industries, showing a diverse yet focused approach to value investing.
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.
