Leon Cooperman (Trades, Portfolio), the founder of Omega Advisors, recently filed his 13F report for the second quarter of 2023, which ended on June 30, 2023. Cooperman, a Columbia University graduate and former CEO and Chairman of Goldman Sachs Asset Management, converted his hedge fund into a family office in 2018. Known for his value-oriented investment philosophy, Cooperman's portfolio contained 54 stocks with a total value of $1.84 billion.
Portfolio Overview
The top holdings in Cooperman's portfolio were COOP (8.39%), ET (8.20%), and LAD (6.84%).
Top Three Trades of the Quarter
Cooperman's top three trades of the quarter included new positions and reductions in existing holdings. Here's a closer look at these transactions:
Elevance Health Inc (ELV, Financial)
Cooperman established a new position in Elevance Health Inc (ELV), purchasing 60,000 shares. This gave the stock a 1.45% weight in the equity portfolio. Shares traded for an average price of $461.29 during the quarter. As of August 30, 2023, ELV had a market cap of $108.30 billion and a stock price of $459.57. Despite a -4.51% return over the past year, GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 8 out of 10. ELV's valuation ratios include a price-earnings ratio of 17.21, a price-book ratio of 2.84, a PEG ratio of 1.17, a EV-to-Ebitda ratio of 11.05, and a price-sales ratio of 0.66.
Alphabet Inc (GOOGL, Financial)
Cooperman reduced his investment in Alphabet Inc (GOOGL) by 200,000 shares, impacting the equity portfolio by 1.25%. The stock traded for an average price of $114.92 during the quarter. As of August 30, 2023, GOOGL had a market cap of $1,718.70 billion and a stock price of $135.88. The stock has returned 24.65% over the past year. GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 10 out of 10. GOOGL's valuation ratios include a price-earnings ratio of 28.79, a price-book ratio of 6.42, a PEG ratio of 1.13, a EV-to-Ebitda ratio of 18.21, and a price-sales ratio of 6.18.
Chimera Investment Corp (CIM, Financial)
Cooperman also reduced his investment in Chimera Investment Corp (CIM) by 2,511,494 shares, impacting the equity portfolio by 0.88%. The stock traded for an average price of $5.31 during the quarter. As of August 30, 2023, CIM had a market cap of $1.35 billion and a stock price of $5.95. The stock has returned -19.58% over the past year. GuruFocus gives the company a financial strength rating of 2 out of 10 and a profitability rating of 4 out of 10. CIM's valuation ratios include a price-book ratio of 0.52 and a price-sales ratio of 14.46.
In conclusion, Leon Cooperman (Trades, Portfolio)'s Q2 2023 13F filing reveals a diverse portfolio with a mix of new positions and reductions in existing holdings. His investment decisions reflect his value-oriented investment philosophy and provide valuable insights for investors.
