What Are Leon Cooperman’s Top Holdings?

Last week, billionaire investor Leon Cooperman filed a Form 13F with the SEC. Cooperman recently made headlines for criticizing Elizabeth Warren’s proposed economic policies. During the November 14 Fast Money Halftime Report on CNBC, the billionaire hedge fund manager opined that Warren’s wealth tax “is probably unconstitutional.” 

What Are Leon Cooperman’s Top Holdings?

Cooperman commented that a 25% fall in the stock market could be possible if Warren sits in the White House. On September 19, he said during the Delivering Alpha Conference, “They won’t open the stock market if Elizabeth Warren is the next president.”

Yesterday, a CNBC report stated that Pimco’s John Studzinski predicted a “material” fall in the stock market if Warren receives the Democratic Party’s nomination for the 2020 presidential election. Cooperman was among the fund managers who expected a 20%–30% drop in the stock market if she becomes the Democratic nominee.

Cooperman’s top holdings

In the third quarter, Fiserv (FISV), Alphabet (GOOGL), United Continental Holdings (UAL), Chimera Investment Corporation (CIM), and Cigna Corporation (CI) were Cooperman’s top holdings. These stocks constituted 12.9%, 7.9%, 6.1%, 5.6%, and 5%, respectively, of the fund’s total portfolio of publicly traded securities.

So far in 2019, FISV stock has risen 55.8%. It outperformed the Financial Select Sector SPDR ETF by 30.7 percentage points. In Q3 2019, SSGA Funds and T. Rowe Price also bought FISV, adding 3.8 million and 3.3 million shares, respectively. 

Cooperman’s top sells

In Q3 2019, Cooperman’s fund reduced its holdings in Thermo Fisher (TMO), AMC Networks (AMCX) and Loral Space & Communications (LORL). Cooperman reduced his fund’s holdings in these stocks by 1.6, 1.3, and 0.6 percentage points, respectively. Also, the fund exited Nielsen Holdings (NLSN). In Q2 2019, NLSN constituted 3.4% of the fund’s total portfolio of publicly traded securities.

Top buys

In Q3 2019, Cooperman bought a fresh stake in the SPDR Gold Shares ETF (GLD). GLD constituted around 1.2% of the fund’s total portfolio of publicly traded securities. So far this year, active gold futures have risen 15.1%. In August, gold prices have outperformed the S&P 500.

In that month, the trade war’s escalation dragged the equity market. However, gold might limit the downside risk in the event of an equity market decline. To learn more, please read With Dow’s 800-Point Fall, Strategists See Gold at $2,000

Cooperman’s other top buys in the third quarter included New Media Investment Group (NEWM), WPX Energy (WPX), and VICI Properties (VICI). The fund increased its stake in these securities by 1.25, 0.8, and 0.6 percentage points, respectively. A possible rebound in crude oil prices might benefit WPX’s stock prices. Please read Chesapeake Energy: What’s the Latest Outlook? to know more about the energy commodities’ outlook.