Omega Advisors is an NYC-based hedge fund that was launched back in 1991 by now renowned investor and billionaire, Leon Cooperman. The fund utilizes a long/short investment strategy and at the end of June 2018, it managed around $3.6 billion in assets. Last year, Leon Cooperman announced it is planning to close Omega Advisors’ doors to the outside investors making it a family business. Leon Cooperman cut his teeth at Goldman Sachs, where, over time, he reached a position of the general partner, chairman and CEO of Goldman Sachs Asset Management. He graduated with a Bachelor of Arts/Science from Hunter College and with Master of Business Administration from Columbia Business School. In this article, we are going to observe, the fund’s first quarter portfolio changes.
Insider Monkey’s flagship strategy identifies the best performing 100 hedge funds at the end of each quarter and invests in their consensus stock picks. This way it is always invested in the best ideas of the best performing hedge funds and is able to generate much higher returns than the market. Since its inception in May 2014, our flagship strategy generated a cumulative return of 103%, beating the S&P 500 ETF (SPY) by nearly 38 percentage points (see the details here). Our best performing hedge funds strategy also returned 26.4% year-to-date and outperformed the S&P 500 Index by nearly 12 percentage points. We take a closer look at hedge funds like Omega Advisors in order to identify their best and worst ideas.
At the end of the first quarter of 2019, Omega Advisors portfolio was valued $1.64 billion, and it counted 55 long positions. Among the new additions were Twin River Worldwide Holdings, Inc. (NYSE:TRWH), Centene Corporation (NYSE:CNC), Adobe Inc. (NASDAQ:ADBE), and Par Pacific Holdings, Inc. (NYSE:PARR). There were stakes Omega Advisors decided to raise during the quarter, among which were Alphabet Inc. (NASDAQ:GOOGL), First Data Corporation (NYSE:FDC), Cigna Corporation (NYSE:CI), and Chimera Investment Corporation (NYSE:CIM).
On the other side of the spectrum – stocks the fund lowered in Q1, counted CVS Health Corporation (NYSE:CVS), Loral Space & Communications Inc. (NASDAQ:LORL), PennyMac Financial Services, Inc. (NYSE:PFSI), and UnitedHealth Group Incorporated (NYSE:UNH).
This article is originally published at Insider Monkey.