Tracking Leon Cooperman’s Omega Advisors Portfolio - Q1 2017 Update

• Leon Cooperman’s 13F portfolio value increased from $2.27B to $2.48B this quarter.
• Omega Advisors increased Alphabet & Time Inc. while reducing Allergan plc and dropping E*Trade.
• Alphabet, First Data Corp., and United Continental are the largest three individual stock positions.

Leon Cooperman’s US long portfolio value increased ~10% from $2.27B to $2.48B this quarter. Although the 13F report has ~70 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), United Continental (UAL), AerCap Holdings (AER), and American International Group (AIG).

Below is a summary:

Alphabet Inc. (GOOG): GOOG is now the largest 13F positon at 5.42% of the portfolio. The bulk of the original stake was purchased in Q2 & Q3 2015 at prices between $530 and $675. It had since been sold down. This quarter saw a ~15% increase at prices between $787 and $852. The stock is now at $966.

Allergan plc (AGN): AGN is a medium-sized stake at 2.84% of the portfolio. The original position was built in H1 2014 at prices between $168 and $224. Q1 2016 had seen a ~28% reduction at prices between $266 and $313. The stance reversed the following quarter: ~20% increase at prices between $202 and $278. Q3 2016 saw a ~20% selling at prices between $230 and $260 and that was followed with another one-third reduction last quarter at prices between $189 and $243. There was another ~20% selling this quarter at prices between $210 and $250. The stock is now at $247.

American International Group (AIG): The large (top five) ~4% 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 ~1.4M shares. 2016 saw a ~70% reduction at prices between $51 and $66. The stock is now at $63.

Dow Chemical (DOW): DOW is a 3.49% of the US long portfolio stake. The bulk of the position was purchased in Q1 2015 at prices between $44 and $53. Q2 2016 saw a ~10% trimming and that was followed with another ~20% selling the following quarter at prices between $48 and $54. The stock currently trades at $63.47. There was another ~12% trimming last quarter.

Below is a spreadsheet that shows the changes to Leon Cooperman's Omega Advisors US long portfolio holdings as of Q1 2017. For a look at how the portfolio has progressed, see our previous update:

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