On a dreary Monday morning in May, rain pelts the windows of Omega Advisors Inc.’s 31st-floor conference room in New York. Inside, Leon Cooperman and his 14 analysts are trying to come up with ways to make money amid squalling markets. In a single dismal month, half of the hedge fund’s gains for the year have evaporated.
The stock market’s decline this year is healthy and the Standard & Poor’s 500 Index probably will end 2014 higher, Leon Cooperman, chairman of hedge fund Omega Advisors Inc., said on Bloomberg Television.
The February 2013 issue of Bloomberg Markets magazine contains our annual rankings of the world's richest hedge funds. The following 100 comprise our list of best-performing hedge funds managing $1 billion or more. Our rankings are based on data compiled by Bloomberg specialist Anibal Arrascue and information supplied by hedge-fund research firms, hedge funds and investors. Assets and returns are for the 10 months ended on Oct. 31, 2012. Click here for a PDF and here for the accompanying story.
PennyMac Financial Services Inc., the mortgage company founded by former Countrywide Financial Corp. executives, rose 9 percent after Omega Advisors Inc.’s Leon Cooperman disclosed his hedge funds control a 22 percent stake.
Leon Cooperman’s Omega Advisors Inc. bought General Motors Co. and EBay Inc. shares while exiting its stake in exchange-traded funds tracking equities in Japan and Canada during the fourth quarter, a regulatory filing showed.