Tracking Leon Cooperman’s Omega Advisors Portfolio – Q4 2018 Update

• Leon Cooperman’s 13F portfolio value decreased from $2.31B to $1.02B this quarter. 
• Omega Advisors reduced United Continental (UAL) & AMC Networks (AMCX) while increasing CVS Health (CVS) & Cigna (CI). 
• United Continental (UAL), Alphabet Inc. (GOOG), and AMC Networks (AMCX) are the largest three individual stock positions. 

Leon Cooperman’s 13F portfolio value decreased ~55% from $2.87B to $1.02B this quarter as they converted to a Family Office structure (no more outside money). Although the 13F report has ~70 positions, the portfolio is concentrated with the top five holdings accounting for over one-third of the entire portfolio: United Continental Holdings (UAL), Alphabet Inc. (GOOG), Nielsen NV (NLSN), Ashland Global (ASH), and CVS Health (CVS).

Note: On UAL, Cooperman said in October that the stock has doubled ($85 PPS at the time) but expects it to reach $120 in twelve to eighteen months. The stock is currently at ~$81.45.

Below is a summary:

Alphabet Inc. (GOOG): GOOG is now the third-largest 13F positon at 8.41% 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. Q1 2017 saw a ~15% increase at prices between $787 and $852. The stock is now at $1191. Last two quarter saw a ~50% selling at prices between $976 and $1270.

DowDupont(DWDP): DWDP is a 4.89% of the 13F 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 $55.52. Last quarter saw a ~11% trimming and that was followed with a similar selling this quarter.

Below is a spreadsheet that shows the changes to Leon Cooperman's Omega Advisors 13F portfolio holdings as of Q4 2018. For a look at how the portfolio has progressed, see our previous update:

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