Tracking Leon Cooperman’s Omega Advisors Portfolio - Q2 2016 Update

• Leon Cooperman’s 13F portfolio decreased from $3.82B to $3.57B this quarter.
• Omega Advisors dropped Gilead while adding to Allergan plc. 
• Alphabet Inc., First Data Corp., and Navient Corp. are the largest three individual stock positions. Those three stakes saw only very minor adjustments this quarter.

Leon Cooperman’s US long portfolio decreased 6.61% from $3.82B to $3.57B this quarter. Although the 13F report has 80 positions, the portfolio is concentrated with the top five holdings accounting for almost a quarter of the entire portfolio: Alphabet Inc. (GOOG), First Data (FDC), Navient Corp. (NAVI), AerCap Holdings (AER), and Allergan plc (AGN).

Below is a summary of the major moves this quarter:

Allergan plc (AGN): AGN is currently at top-five stake at 4.35% of the portfolio. The original position was built in H1 2014 at prices between $168 and $224. Last quarter had seen a ~28% reduction at prices between $266 and $313. The stance reversed this quarter: ~20% increase at prices between $202 and $278. The stock is now at $236. For investors attempting to follow Omega Advisors, AGN is a good option to consider for further research.

American International Group (AIG): The fairly large 4.30% portfolio position in AIG was established in the first three quarters of 2012 at a cost-basis of ~$30. At the time, the stake was huge at ~8M shares compared to the current position of ~2.9M shares. This year has seen a ~30% reduction at prices between $49 and $62. The stock is now at $58.67.

Dow Chemical (DOW): DOW is a 2.77% of the US long portfolio stake. The bulk of the position was purchased in Q1 2015 at prices between $44 and $53. This quarter saw a ~10% trimming and the stock currently trades at $53.41.

Ashland Inc. (ASH): ASH is a 2.65% position purchased in Q4 2014 at prices between $98 and $121. Q2 & Q3 2015 also saw a stake doubling at prices between $75 and $92. Last two quarters saw the pattern reverse: ~45% combined selling at prices between $89 and $118. The stock currently trades at ~$117.

Chimera Investment Corp. (CIM): CIM is a 2.46% portfolio stake. It was established in Q4 2012 and Q1 2013 at prices between $12.75 and $16.25. Last two quarters saw a ~60% selling at prices between $11.39 and $15.77. The stock is now at $16.03.

Below is a spreadsheet that shows the changes to Leon Cooperman's Omega Advisors US long portfolio holdings as of Q2 2016. For a look at how the portfolio has progressed, see our previous update:

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