Leon Cooperman Portfolio Q2'2025: Top Holdings & Recent Changes
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Leon Cooperman, the legendary investor and founder of Omega Advisors, continues to demonstrate his value-oriented investment philosophy through his Q2 2025 portfolio, which stands at $2.85 billion across 40 carefully selected positions. Known for his outspoken market commentary and contrarian bets, Cooperman's recent portfolio adjustments reveal strategic positioning across energy infrastructure, industrial technology, and healthcare sectors—areas he believes offer compelling risk-reward opportunities in today's volatile market environment.
The Big Picture: Disciplined Concentration with Tactical Adjustments
Portfolio Highlights (Q2 2025): - Market Value: $2,845.2M - Top 10 Holdings: 64.2% - Portfolio Size: 40 -1 - Average Holding Period: 15 quarters - Turnover: 17.5%
Cooperman's portfolio reflects his trademark approach of concentrated conviction combined with opportunistic trading. With 64.2% of assets allocated to his top ten positions, he maintains meaningful stakes while preserving the flexibility to capitalize on market dislocations. The portfolio's 17.5% turnover rate indicates measured activity—not the hyperactive trading of momentum investors, but rather the calculated adjustments of someone who knows when to lean in and when to step back.
What stands out in this quarter's positioning is Cooperman's continued emphasis on businesses with tangible assets, predictable cash flows, and management teams that allocate capital intelligently. His average holding period of 15 quarters—nearly four years—underscores a commitment to long-term value creation rather than short-term speculation. The reduction of one position from the previous quarter suggests disciplined portfolio management, likely reflecting either a completed thesis or capital reallocation to more compelling opportunities.
The portfolio's structure reveals a sophisticated understanding of market cycles. Rather than chasing the latest technology fads or AI-driven narratives, Cooperman has positioned himself in foundational businesses that benefit from secular trends like data center infrastructure, energy transition, and healthcare cost management. This positioning reflects both patience and conviction—two qualities that have defined his five-decade career on Wall Street.
Top Holdings Analysis: Value Across Cyclical and Defensive Sectors
Cooperman's Q2 2025 portfolio showcases his ability to identify value across diverse sectors. Vertiv Holdings 9.7% received a 2.75% addition, reflecting confidence in the critical digital infrastructure provider's growth trajectory as data center demand accelerates. Energy Transfer LP 8.3% saw a modest 0.73% increase, maintaining its position as a core energy infrastructure holding that provides attractive yield and inflation protection.
The portfolio's largest position, MR Cooper Group 15.0%, remained unchanged at $426.8 million, demonstrating unwavering conviction in the mortgage servicer's business model and valuation. Apollo Global Management 6.7% experienced a 3.60% reduction, suggesting some profit-taking after the alternative asset manager's strong performance. Mirion Technologies 5.4% received a 1.42% addition, indicating growing confidence in the radiation detection and measurement solutions provider.
WillScot Holdings Corporation 3.9% remained stable with no changes, while Elevance Health 3.8% saw a 0.90% increase, reflecting opportunistic accumulation in the healthcare insurance space. MP Materials 3.8% stood out with a significant 10% reduction, potentially signaling concerns about near-term rare earth pricing or valuation discipline. Lithia Motors 3.8% remained unchanged, maintaining exposure to automotive retail consolidation.
Beyond the top ten, Regal Rexnord 3.7% received a 1.38% addition, benefiting from industrial automation demand. Fidelis Insurance Holdings 3.4% saw the most dramatic increase at 20.97%, suggesting either a new position being built or strong conviction in the specialty insurer's prospects. Ashland 3.0% gained 0.35%, while KBR 2.9% received a meaningful 4.17% boost, reflecting confidence in the government services and engineering contractor.
What the Portfolio Reveals About Current Strategy
Cooperman's Q2 positioning illuminates several strategic themes that define his current market outlook:
Infrastructure and Industrial Exposure: The significant allocations to Vertiv, Energy Transfer, and Regal Rexnord demonstrate conviction that infrastructure spending—both digital and physical—will drive earnings growth. These aren't speculative plays on emerging technologies, but rather established businesses providing essential services and equipment to industries undergoing transformation.
Income Generation Focus: With Energy Transfer and other dividend-paying positions prominent in the portfolio, Cooperman is clearly valuing current income alongside capital appreciation potential. This approach provides downside protection while waiting for market recognition of intrinsic value.
Opportunistic Healthcare Positioning: The addition to Elevance Health suggests Cooperman sees value in healthcare insurance businesses that have been unfairly punished by market volatility. His willingness to increase exposure when others flee demonstrates classic contrarian instincts.
Selective Profit-Taking: The reductions in Apollo Global Management and MP Materials indicate disciplined capital allocation. Rather than falling in love with winners, Cooperman appears willing to trim positions that have either reached fair value or face near-term headwinds.
Quality Over Speculation: Notably absent from the portfolio are the high-flying, unprofitable growth stocks that dominate many headlines. Instead, Cooperman focuses on businesses with established track records, tangible assets, and the ability to generate cash flow across economic cycles.
The Cooperman Edge: Decades of Market Wisdom
At 82 years old, Leon Cooperman brings an invaluable perspective forged through multiple market cycles, economic crises, and investment regimes. His career spans from Goldman Sachs, where he built a reputation as one of Wall Street's premier research analysts, to founding Omega Advisors in 1991, which he managed successfully for nearly three decades before converting it to a family office.
Cooperman's investment approach is grounded in fundamental analysis, with an emphasis on understanding business quality, management integrity, and valuation discipline. Unlike many modern investors who rely heavily on quantitative models or momentum strategies, he believes in doing the homework—reading financial statements, meeting management teams, and understanding competitive dynamics. His willingness to take concentrated positions reflects confidence born from deep research rather than portfolio theory calculations.
What makes Cooperman particularly interesting to follow is his transparency. Through interviews, conference appearances, and his legendary memos, he shares his thinking on markets, policy, and individual investment opportunities. This educational aspect of his public persona makes tracking his 13F filings especially valuable—you're not just seeing position changes, but learning from someone who has successfully navigated markets for over five decades.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| MR COOPER GROUP INC | $426.8M | 15.0% | No change |
| Vertiv Holdings Co | $277.1M | 9.7% | Add 2.75% |
| Energy Transfer LP | $237.4M | 8.3% | Add 0.73% |
| APOLLO GLOBAL MANAGEMENT INC | $189.7M | 6.7% | Reduce 3.60% |
| Mirion Technologies, Inc. | $153.4M | 5.4% | Add 1.42% |
| WillScot Holdings Corporation | $110.4M | 3.9% | No change |
| Elevance Health Inc. | $109.3M | 3.8% | Add 0.90% |
| MP Materials Corp. | $107.8M | 3.8% | Reduce 10.00% |
| Lithia Motors, Inc. | $107.3M | 3.8% | No change |
The concentration analysis reveals Cooperman's conviction-weighted approach to portfolio construction. MR Cooper Group's commanding 15% position—more than 50% larger than the second-largest holding—signals extraordinary confidence in the mortgage servicer's business model and growth prospects. This isn't passive index-hugging; it's active management at its finest.
The clustering of positions 7 through 10 at approximately 3.8% each demonstrates thoughtful position sizing. These holdings are meaningful enough to impact performance if the theses play out, yet sized conservatively enough to manage downside risk. The active management visible in this quarter's adjustments—five positions seeing additions, two experiencing reductions, and three held unchanged—illustrates ongoing portfolio optimization rather than set-it-and-forget-it investing.
Investment Lessons from Leon Cooperman's Approach
Concentration Reflects Conviction: Cooperman's willingness to allocate 15% of his portfolio to MR Cooper Group demonstrates that true conviction requires meaningful position sizing. When you've done the work and understand the business, hiding behind excessive diversification only dilutes returns without meaningfully reducing risk.
Patience Compounds Returns: An average holding period of 15 quarters—nearly four years—proves that short-term market noise shouldn't dictate investment decisions. Value creation takes time, and allowing management teams to execute their strategies without constant interference often produces superior outcomes.
Income Provides Ballast: The portfolio's emphasis on dividend-paying positions like Energy Transfer LP creates a cash flow cushion during volatile markets. While growth investors obsess over price appreciation, value investors recognize that current income reduces risk and provides tangible returns while waiting for market recognition.
Active Management Matters: The 17.5% turnover rate strikes a balance between patient capital allocation and opportunistic trading. Cooperman isn't a buy-and-hold-forever investor, nor is he a trader chasing momentum. He adjusts positions based on evolving fundamentals and relative value, demonstrating that active management—when done thoughtfully—adds value.
Quality Businesses Deserve Premium Valuations: While known as a value investor, Cooperman doesn't simply buy the cheapest stocks. His holdings in Vertiv and other market leaders demonstrate recognition that quality businesses with competitive advantages, strong management, and growth potential merit higher multiples than mediocre companies trading at seemingly attractive prices.
Looking Ahead: What Comes Next?
Cooperman's current positioning suggests cautious optimism tempered by awareness of macroeconomic challenges. The portfolio's tilt toward businesses with tangible assets and predictable cash flows indicates preparation for continued volatility rather than aggressive risk-taking. His selective additions to industrial and infrastructure names like Vertiv and KBR signal belief that these sectors offer attractive risk-reward as the economy navigates inflation concerns and interest rate uncertainty.
The 10% reduction in MP Materials warrants attention. As one of the largest domestic rare earth producers, MP Materials has been a beneficiary of supply chain reshoring narratives. Cooperman's trimming could reflect valuation discipline, concerns about Chinese competition, or simply profit-taking after a strong run. Regardless, it demonstrates his willingness to question even compelling secular themes when valuations stretch.
The substantial 20.97% increase in Fidelis Insurance Holdings represents the most aggressive move in the portfolio. Whether this reflects a new position being established or doubling down on an existing holding, it signals strong conviction in the specialty insurance space. Given the hardening insurance market and increased demand for catastrophic coverage, this positioning could prove prescient.
With the portfolio maintaining 40 positions, Cooperman retains flexibility to redeploy capital as opportunities emerge. His track record suggests he'll continue seeking businesses trading below intrinsic value while avoiding the siren song of speculative growth stocks that promise everything and deliver little. For investors following his moves, the lesson is clear: focus on business quality, demand margin of safety, and maintain the courage to act when others are fearful.
FAQ about Leon Cooperman's Portfolio
Q: How often does Leon Cooperman adjust his portfolio holdings?
Cooperman maintains a relatively stable portfolio with a 17.5% quarterly turnover rate, which translates to complete portfolio turnover approximately every 5-6 quarters. This moderate activity level reflects his value-oriented philosophy—he makes changes when fundamentals shift or better opportunities emerge, but avoids hyperactive trading. His average holding period of 15 quarters demonstrates commitment to long-term value creation rather than short-term speculation.
Q: Why is MR Cooper Group such a large position in the portfolio?
MR Cooper Group's 15% allocation—the largest position in Cooperman's portfolio—reflects extraordinary conviction in the mortgage servicing business model. The company benefits from recurring revenue streams, improving operating efficiency, and a leadership position in a consolidated industry. Cooperman likely sees significant value in the stock relative to its intrinsic worth, prompting the concentrated bet. This position sizing demonstrates classic value investing: when you find compelling opportunities backed by thorough research, make meaningful allocations.
Q: What does the reduction in MP Materials signal about rare earth investing?
The 10% reduction in MP Materials could indicate several things: valuation discipline after strong performance, concerns about near-term rare earth pricing, or simply portfolio rebalancing. Cooperman's trimming doesn't necessarily mean abandoning the thesis—he still maintains 3.8% exposure—but rather managing position size relative to risk and opportunity cost. For investors following rare earth trends, this serves as a reminder that even compelling secular themes require valuation discipline.
Q: How can individual investors track Leon Cooperman's portfolio changes?
Investors can monitor Cooperman's portfolio through quarterly 13F filings, which institutional investors managing over $100 million must file within 45 days of each quarter's end. ValueSense provides easy access to these filings through its superinvestor tracking platform, allowing you to see position changes, portfolio composition, and holdings history. Keep in mind that 13F filings represent a snapshot from 45-90 days ago, so they may not reflect current positioning, especially for more active traders.
Q: Should investors copy Leon Cooperman's portfolio exactly?
While studying successful investors like Cooperman provides valuable insights, blindly copying portfolios isn't advisable. Your personal financial situation, risk tolerance, time horizon, and investment goals likely differ significantly from a billionaire running a family office. Additionally, 13F filings are backward-looking—positions may have changed by the time you see them. Instead, use superinvestor portfolios as idea generation sources, then conduct your own due diligence before making investment decisions. The real lesson from following Cooperman isn't which stocks he owns, but rather his disciplined approach to valuation, patience, and conviction-weighted position sizing.
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