Leon Cooperman Portfolio Q3'2025: Top Holdings & Recent Changes
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Leon Cooperman’s latest 13F filing for Q3 2025 shows a disciplined value investor leaning further into cash-generative energy, insurance, and healthcare names while trimming selectively where upside looks more limited. His Q3 2025 portfolio totals $3.2 billion across 41 positions, with meaningful adds to names like Mirion Technologies, Elevance Health, and Cigna, balanced by reductions in MP Materials and OneMain Holdings as he recalibrates risk and reward within a relatively low-turnover book.
Portfolio Overview: A Value Investor’s Concentrated Core
Portfolio Highlights (Q3 2025): - Market Value: $3,203.1M
- Top 10 Holdings: 67.6%
- Portfolio Size: 41 +1
- Average Holding Period: 15 quarters
- Turnover: 7.3%
Cooperman’s Q3 2025 portfolio remains firmly in “high-conviction core plus smaller satellites” territory, with the top 10 positions controlling 67.6% of capital despite a total of 41 holdings. This level of concentration signals that a relatively small group of companies—headed by MR COOPER GROUP INC, Vertiv Holdings, and Energy Transfer—drive most of the long-term performance expectations, while smaller positions give him flexibility to express more tactical or developing ideas.
At the same time, the 15‑quarter average holding period and modest 7.3% turnover show that this is not a trading-heavy strategy but one grounded in fundamental research and patience. Adjustments this quarter within the Cooperman portfolio—notably sizable adds in healthcare and insurance alongside trims in selected financials and materials—reflect valuation resets and evolving risk-reward profiles rather than wholesale sector shifts.
Finally, a portfolio size of 41 positions (+1 vs. prior quarter) suggests Cooperman is comfortable expanding his opportunity set slightly while still keeping the bulk of capital in fewer than a dozen names. For investors watching the Cooperman book, the message is clear: concentration in best ideas, incremental rotation at the margin, and continued emphasis on businesses with durable cash flows.
Top Holdings & Recent Moves: Energy, Healthcare, and Insurance Step Up
The most notable changes this quarter are clustered in mid-sized core holdings, where Cooperman either leaned harder into high-conviction names or pulled back from positions where near-term upside appears more constrained.
Within the top 10, MP Materials represents 6.3% of the portfolio after a Reduce 7.41% move to 3,000,000 shares and $201.2M in value. That trim indicates some profit-taking or a reassessment of risk around rare earth exposure while still maintaining a sizable stake. In contrast, Mirion Technologies at 6.1% of the portfolio ($195.0M, 8,383,441 shares) saw an Add 17.66%, a clear sign of rising conviction in its radiation detection and measurement business as a compounder within the industrial-tech niche.
Insurance and healthcare were key areas of activity. Fidelis Insurance Holdings now stands at 3.8% of the portfolio ($120.9M, 6,662,469 shares) after an Add 14.75%, while Elevance Health is 3.4% ($110.2M, 340,900 shares) following a robust Add 21.36%. Both moves suggest Cooperman is leaning further into cash-generative, scale-driven insurers and managed care franchises that can navigate complex regulatory environments while still growing earnings.
Outside the top 10, activity was even more pronounced in several mid-sized holdings. Cigna at 2.9% ($93.7M, 325,000 shares) saw a striking Add 53.30%, reinforcing the healthcare theme and signaling strong conviction in diversified health benefits and pharmacy services. In energy infrastructure, Sunoco LP at 2.5% ($81.0M, 1,620,000 shares) received an Add 10.20%, while Atlas Energy Solutions at 1.9% ($61.0M, 5,366,363 shares) was modestly increased with an Add 3.96%, aligning with Cooperman’s long-standing preference for high-yielding, asset-backed energy plays.
On the reduction side, OneMain Holdings at 1.5% ($47.4M, 839,000 shares) was cut via a Reduce 26.34% move, signaling a more cautious stance on consumer finance exposure amid uncertain credit cycles. In contrast, Cooperman substantially boosted his exposure to healthcare technology and diagnostics via GE HealthCare Technologies, now 1.4% of the portfolio ($45.1M, 600,000 shares) after an aggressive Add 50.00%.
Rounding out the key activity, Manchester United remains a smaller, special-situation style position at 1.4% ($43.3M, 2,857,877 shares) with a marginal Add 0.64%, indicating Cooperman is maintaining optionality around potential corporate events or strategic changes rather than dramatically increasing exposure. Meanwhile, core unchanged holdings such as MR COOPER GROUP INC at 18.8% $603.0M, Vertiv at 10.2% $325.5M, Energy Transfer at 7.0% $224.7M, Apollo Global Management at 5.6% $178.2M, and Regal Rexnord at 3.3% $105.5M anchor the book, reflecting long-standing convictions that have not required incremental adjustment this quarter.
What the Portfolio Reveals About Cooperman’s Current Strategy
Several themes stand out from the latest configuration of the Leon Cooperman portfolio:
- Quality, cash flow, and yield over pure growth
Many of Cooperman’s largest positions—MR COOPER GROUP INC, Energy Transfer, Sunoco, and Fidelis—share strong free cash flow profiles, often paired with attractive dividends or distributions, underscoring a focus on total return rather than headline growth alone. - Sector tilts toward energy, financials, and healthcare
Cooperman is clearly comfortable with cyclical exposure, but he pairs it with resilient businesses like Elevance, Cigna, and GE HealthCare that can compound earnings through economic cycles, balancing out the volatility of energy and materials names such as MP Materials and Atlas Energy Solutions. - US-centric, with selective international or special situations
The portfolio skews heavily toward US-listed names, with limited international or special-situation exposure exemplified by Manchester United, where the thesis is more event-driven than purely fundamental. - Risk management via trims and position sizing
Reductions in MP Materials and OneMain Holdings show a willingness to dial back risk where credit or commodity-linked volatility could impair returns, while still keeping these names in the portfolio rather than exiting entirely.
Overall, the Q3 2025 configuration reflects a veteran value investor balancing cyclical opportunities with defensive cash-flow compounders, favoring businesses that can return capital through buybacks and dividends while maintaining growth runways.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| MR COOPER GROUP INC | $603.0M | 18.8% | No change |
| Vertiv Holdings Co (VRT) | $325.5M | 10.2% | No change |
| Energy Transfer LP (ET) | $224.7M | 7.0% | No change |
| MP Materials Corp. (MP) | $201.2M | 6.3% | Reduce 7.41% |
| Mirion Technologies, Inc. (MIR) | $195.0M | 6.1% | Add 17.66% |
| Apollo Global Management, Inc. (APO) | $178.2M | 5.6% | No change |
| Fidelis Insurance Holdings Limited (FIHL) | $120.9M | 3.8% | Add 14.75% |
| Elevance Health Inc. (ELV) | $110.2M | 3.4% | Add 21.36% |
| Regal Rexnord Corporation (RRX) | $105.5M | 3.3% | No change |
The table underscores just how concentrated Cooperman is at the top: MR COOPER GROUP INC alone is nearly one-fifth of the portfolio, and the top three names together exceed 35% of assets. This degree of focus means individual stock selection and thesis accuracy matter far more than in a diversified index-style portfolio.
Within the top 10, however, there is meaningful differentiation between “core and steady” (MR COOPER GROUP INC, Vertiv, Energy Transfer, Apollo, Regal Rexnord) and “actively sized conviction builders” (Mirion, Fidelis, Elevance, MP Materials). Add and reduce actions in this group show that Cooperman is still refining the weight of high-conviction names rather than letting them drift purely with price.
Investment Lessons from Leon Cooperman’s Strategy
Investors studying the Leon Cooperman portfolio can draw several practical lessons:
- Concentrate when you truly know the business
Allowing MR COOPER GROUP INC, Vertiv, and Energy Transfer to occupy large weights shows the power—and responsibility—of concentration when homework and conviction are high. - Holding periods are a core part of the edge
A 15‑quarter average holding period highlights that much of Cooperman’s alpha likely comes from patience: letting intrinsic value compound rather than trading around noise. - Refine positions, don’t churn the portfolio
With only 7.3% turnover, most changes are meaningful refinements—such as the large additions to Cigna and GE HealthCare—rather than wholesale strategy shifts. - Blend cyclical upside with defensive cash flows
Pairing energy and materials names like MP Materials and Atlas Energy Solutions with healthcare and insurance leaders such as Elevance and Fidelis helps balance upside potential with resilience. - Use trims and adds as risk management tools
The Reduce 26.34% in OneMain Holdings and Reduce 7.41% in MP Materials illustrate how adjusting position size can manage risk without abandoning a thesis entirely.
Looking Ahead: What Comes Next for the Cooperman Portfolio?
Based on the current configuration of the Q3 2025 Cooperman portfolio, several forward-looking implications stand out:
- Room for further healthcare and insurance expansion
Recent sizable adds to Elevance, Cigna, and GE HealthCare suggest Cooperman could continue to build out this defensive growth sleeve if valuations remain attractive. - Monitoring credit and consumer risk
The reduction in OneMain Holdings points to heightened attention on consumer credit quality and funding costs—an area to watch closely if macro conditions tighten. - Potential for further rationalization in cyclical names
If volatility increases in commodities or rates, additional trims or reallocations around MP Materials, Atlas Energy Solutions, and Sunoco would not be surprising as Cooperman balances upside with drawdown risk. - Event-driven optionality remains on the table
Smaller special situations like Manchester United could see outsized impact from corporate actions, even though they represent modest percentages of the overall portfolio.
For investors tracking his moves, future 13F filings will reveal whether Cooperman continues to lean into healthcare and insurance, or rotates further within energy and financials as valuations and macro data evolve.
FAQ about Leon Cooperman’s Portfolio
Q: What were the biggest changes in Leon Cooperman’s Q3 2025 portfolio?
The most notable changes were aggressive additions to Cigna (Add 53.30%), GE HealthCare Technologies (Add 50.00%), Elevance Health (Add 21.36%), and Mirion Technologies (Add 17.66%), alongside reductions in OneMain Holdings (Reduce 26.34%) and MP Materials (Reduce 7.41%).
Q: How concentrated is Leon Cooperman’s portfolio?
Cooperman holds 41 positions, but the top 10 account for 67.6% of total market value, with MR COOPER GROUP INC alone at 18.8% and the top three positions exceeding one-third of the portfolio—indicating a highly concentrated, high-conviction approach.
Q: What sectors does Cooperman emphasize today?
The Q3 2025 filing shows meaningful exposure to energy and energy infrastructure, insurance and financials, and healthcare (including both payors and med-tech/diagnostics), reflecting a blend of cyclical upside and defensive cash-flow compounders.
Q: Which specific holdings best reflect Cooperman’s current themes?
Core names such as MR COOPER GROUP INC, Vertiv, Energy Transfer, Apollo Global Management, Fidelis, Elevance, Cigna, and GE HealthCare together showcase his focus on cash flow, scale advantages, and attractive valuations.
Q: How can I track Leon Cooperman’s portfolio and future changes?
You can follow quarterly 13F filings, which institutional managers must file with the SEC within 45 days of each quarter-end. Because of this 45‑day reporting lag, positions may change after the reporting date. ValueSense’s superinvestor tracker for Cooperman provides updated holdings, position changes, historical data, and visualizations to help you interpret each new filing.
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