Billionaire investor Leon Cooperman thinks that it’s a stock picker’s market and only individual names will offer value for investors as the overall market struggles. A new filing just revealed his top selections. The chair and CEO of Omega Advisors held about $167 million worth of Energy Transfer at the end of the third quarter, making the midstream energy company his biggest holding, according to a regulatory filing. The energy bull also had sizable stakes in Devon Energy and Ashland Global Holdings . Cooperman became overweight the energy sector about two years ago when the group was still unloved. He has enjoyed a stellar run with these stocks, which have benefited from rising oil prices. The widely followed investor kept some of his favorite stocks unchanged in the last quarter, including mortgage company Mr. Cooper Group , car dealership Lithia Motors , Apollo Global Management and Alphabet. On the broader market, Cooperman recently said investors might not see a new high for a long time, partly because of the risk of a fiscal crisis. “Ultimately, we will have a crisis in public sector finance, and the market is not discounting a crisis. Overall, I expect very little from the market,” he said last month. He said he would be very surprised if the S & P 500 climbs above 4,600 anytime this year. The large-cap benchmark is up more than 18% this year, trading around 4,550.
