Leon Cooperman’s latest 13F (as of 30 June 2025) reiterates a classic high-conviction, value-tilted playbook. The disclosed U.S. equity book spans only forty lines at roughly $2.85 billion, yet the top sleeves carry real weight: Mr. Cooper Group, Vertiv and Energy Transfer together account for roughly a third of the portfolio, while the first ten names cluster around two-thirds of assets. It is a long-only snapshot with a regulatory lag and without cash, shorts or derivatives, but the signal is clear enough—cash generators over glamour and operating leverage over multiple expansion.

Portfolio snapshot and positioning

The largest position, Mr. Cooper Group, underscores a willingness to own complex, capital-disciplined financials. Servicing economics, active buybacks and prudent balance-sheet management continue to anchor the thesis even as the housing cycle normalizes. Vertiv is the flagship way to monetize AI-driven data-center capex across power and thermal management; the company benefits less from the exact pace of AI adoption and more from the non-discretionary plumbing that must follow it. Energy Transfer complements this with midstream stability, throughput growth and a visible capital-return profile. A second tier of convictions—Mirion Technologies, WillScot Mobile Mini and Elevance Health—adds diversified cash flows from radiation measurement, modular storage and U.S. managed care.

Quarterly moves that matter

The most striking activity in Q2 was a material scale-up in Sunoco, effectively upgrading the portfolio’s income engine via fuels distribution and associated margins. Cooperman also leaned into credit and specialty finance through incremental OneMain Financial and maintained exposure to payments infrastructure via Fiserv. He introduced Atlas Energy Solutions and GE HealthCare, sharpening the barbell between hard-asset cash yields and healthcare technology. On the other side of the ledger, he cut Alphabet decisively and trimmed positions such as Citigroup and MP Materials, signalling a de-risk from mega-cap tech beta and a cooler stance on rare-earth cyclicality. The result is a book that is more cash-yielding, more infrastructure-tethered and less dependent on market-multiple froth.

Strategic themes

Three investment themes dominate. First, “cash first” value: midstream pipelines, downstream distribution and modular industrials foreground free cash flow, distributions and buyback capacity. Second, “AI picks-and-shovels”: Vertiv and Motorola Solutions are not bets on which model wins but on the physical and security layers every model needs—power, cooling, networking resilience and mission-critical communications. Third, “select financials with underwriting edge”: Cooper, OneMain and Apollo signal a preference for operators that price risk and allocate capital with discipline rather than chase loan growth at any cost.

Risk framework and catalysts

The book’s factor loadings concentrate risk in interest-rate path, consumer credit and energy margins. A softer labor market or a faster-than-expected normalization in delinquencies would test OneMain and auto-exposed Lithia Motors. Fuel spreads and utilization rates drive Sunoco’s earnings cadence, while regulatory dynamics and medical loss ratios remain the key swing variables for Elevance. For Vertiv, the catalyst path remains robust as data-center capex broadens from hyperscalers to enterprise AI; any pause in buildouts would compress near-term growth but not the multi-year electrification thesis. MP Materials keeps optionality on a strategic commodity but also injects volatility; trimming here reflects a tighter risk budget. Across the portfolio, capital-return programs—distributions in midstream, buybacks at Mr. Cooper, and dividend growth across cash-rich industrials—are designed to pay investors while they wait.

What to watch next

Into the back half of 2025, the investment question is less “growth or value” and more “cash flow or narrative.” If rates drift lower without a hard landing, mortgage origination could re-accelerate even as servicing marks compress, a mix Mr. Cooper has navigated before through hedging and buybacks. If AI-capex remains the corporate priority, Vertiv’s backlog should extend and adjacent beneficiaries in communications and security should continue compounding. A sharper consumer slowdown would hurt credit names but could improve refining and downstream spreads, cushioning Sunoco. The portfolio is constructed to lean into those cross-currents rather than to fight them.

The bottom line is uncomplicated. Cooperman’s Q2-2025 posture is a deliberate rejection of momentum dependency and a recommitment to durable cash economics. The exposures cluster around infrastructure for energy and computation, specialty finance with tangible returns, and select healthcare and industrial assets where execution, not hype, does the heavy lifting. For readers benchmarking to the S&P 500’s mega-cap leadership, the differences are the point: this is a concentrated, income-aware, operating-leverage portfolio designed to compound through cycles rather than win beauty contests quarter to quarter.