Omega Advisors' Q1 2026 13F shows new $50M+ stakes in Capital One and Amazon, exits from CVS and Occidental, and 30-40% cuts to Broadcom and NVIDIA.
Leon Cooperman's Omega Advisors reshuffled its equity portfolio in the first quarter of 2026, adding two new positions of notable size while trimming exposure to energy and semiconductor names. The Q1 2026 13F filing, covering U.S.-listed equity holdings as of March 31, shows a portfolio tilting toward mega-cap tech and high-ROE financials. The changes reflect a manager adapting to a market where rate cuts remain delayed and earnings dispersion is widening between sectors.
Omega Advisors opened a $50 million to $75 million stake in Capital One Financial (COF) during the quarter. The bet rests on consumer credit resilience and the bank's scale advantages as the card landscape consolidates. Capital One's pending acquisition of Discover Financial Services, expected to close in late 2026 or early 2027, gives the stock a distinct catalyst that separates it from regional bank peers. Cooperman's history favors high-ROE financials with pricing power, and Capital One fits that profile.
The second major new buy is Amazon (AMZN), a name Omega had avoided in recent years despite its dominant market position. The entry point suggests Cooperman sees the e-commerce and cloud giant's logistics cost normalization and accelerating free cash flow as a stronger narrative than the near-term regulatory overhang. Amazon's cloud segment, AWS, remains the profit engine, and margin expansion there directly supports the investment case. The position is an admission that the valuation discount relative to mega-cap peers had narrowed too far.
Omega exited several positions entirely, with CVS Health (CVS) heading the list. The pharmacy giant continues to face margin pressure from its health insurance segment, Aetna, and reimbursement model strain in the pharmacy benefit management business. Cooperman sold an earlier thesis that CVS could integrate care delivery profitably. The exit suggests confidence in that convergence story has evaporated. The stock has been a value trap for multiple quarters.
Occidental Petroleum (OXY) was also sold down sharply. The reduction likely reflects a tactical view that oil prices near the mid-$70s range do not offer enough upside to justify the capital allocation risk, especially with the U.S. strategic petroleum reserve refill program tapering. Omega had held OXY as a play on carbon capture and shareholder returns. The reduction implies the timing on those catalysts has pushed further out.
On the technology side, Omega cut its Broadcom (AVGO) and NVIDIA (NVDA) positions by a combined 30% to 40%. This is not a bearish call on AI infrastructure spending. Both stocks remain top holdings. The reduction is a rotation within the semiconductor basket after a run that pushed valuations into forward P/E territory that leaves little room for error on guidance. The cut funds the new Amazon stake while lowering single-name concentration in the most volatile segment of the portfolio.
Omega Advisors' top five positions as of Q1 2026 are Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), NVIDIA (NVDA), and Amazon (AMZN). The last now vaults into the top tier on the strength of the new buy. These five holdings collectively account for 45% to 50% of the reported equity portfolio. That concentration level reflects Cooperman's conviction-style approach. It also exposes the fund to a single-factor drawdown if mega-cap tech corrects broadly.
Berkshire Hathaway (BRK.B) and JPMorgan Chase (JPM) remain core positions, each representing roughly 5% to 7% of the portfolio. The financial sector weighting overall has increased. The Capital One buy adds to existing JPMorgan and Bank of America (BAC) stakes that were left unchanged. That tilt positions Omega for an environment where net interest margins stabilize and buyback activity accelerates.
For investors tracking hedge fund 13F filings, Cooperman's shifts fit a pattern seen across several value-oriented managers this quarter: rotate out of energy and downstream healthcare into large-cap tech and high-ROE financials. The common thread is a search for pricing power and cash flow visibility in a macro environment where rate cuts are delayed and earnings dispersion is widening between sectors. Bank of America analysts recently noted that financials screen well on free cash flow yield relative to the S&P 500, a metric Cooperman has historically weighted heavily.
One position to watch is Meta Platforms (META). Omega increased its stake slightly in the quarter even as the stock traded at 21x forward earnings, above its five-year average. The bet rests on a specific mechanism: Meta's advertising revenue growth is accelerating on AI-driven ad targeting, and the Reality Labs segment losses are narrowing per the company's own 2026 guidance. If that loss trajectory reverses course, the multiple could contract sharply. Cooperman appears to be betting the margin expansion in core-Facebook will outrun the drag.
The next 13F filing, covering Q2 2026 positions as of June 30, will show whether the new Amazon and Capital One bets were initial positions or anchors of a longer rotation. A further reduction in semiconductor exposure, particularly if NVIDIA or Broadcom report soft guidance in their May quarter prints, would confirm Cooperman views AI infrastructure spending as nearing a peak investment cycle. Conversely, an increase in the CVS or Occidental stakes would signal the exit was a tax-loss or redemption-driven trim rather than a conviction change.
For stock market analysis readers, Cooperman's filing is a reminder that even long-tenured value investors are adapting to a market where the largest returns are concentrated in a handful of mega-cap compounders. The diversification within Omega is increasingly not across sectors but across business models inside the technology and financial industries.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.