August 7, 2017 / 5:04 PM / 2 years ago

Omega's Cooperman tells CNBC his biggest position is Alphabet

FILE PHOTO - Leon G. Cooperman, CEO of Omega Advisors, Inc., speaks on a panel at the annual Skybridge Alternatives Conference (SALT) in Las Vegas, Nevada, U.S. on May 7, 2015. REUTERS/Rick Wilking/File Photo

NEW YORK (Reuters) - Hedge fund investor Leon Cooperman, the chief executive of Omega Advisors, told cable television network CNBC on Monday that his firm’s biggest position was a bullish bet on Google parent Alphabet Inc.

Cooperman said that his position in Alphabet shares constituted between 4-4.5 percent of his fund and cited the company’s excess cash and strong earnings growth as reasons for its being “not expensive.” He also said First Data Corp was one of his fund’s second-largest holdings.

Reporting by Sam Forgione; Editing by Chizu Nomiyama

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