Here are Leon Cooperman's favorite stocks right now according to his latest letter

Key Points
  • Cooperman believes his hedge fund's "portfolio of names will do quite well" in the next year.
  • The fund added several new positions in the March quarter such as AMC Networks, Footlocker and WPX Energy.
Leon Cooperman
Adam Jeffery | CNBC

Leon Cooperman, chairman and CEO of Omega Advisors, told his investors how he is positioning his portfolio for the rest of the year and shared his hedge fund's top holdings.

Although the portfolio manager expects the "U.S. equity market to rest" the next few months, he predicts many stocks will outperform.

"If our economic outlook and equity market expectations are correct and active management has the various tail winds ... we believe our portfolio of names will do quite well over the coming year," Cooperman wrote in the April 7 letter to clients.

The hedge fund manager cited how the portfolio's top 25 holdings have a 2017 estimated price-to-earnings average multiple of 11 times versus the 17 times.

Here are the fund's top positions as of March quarter end.

More In Pro News and Analysis

CNBC ProGoldman names its top global stock picks for the rest of the year
CNBC ProBill Miller likes these stocks, including one that he thinks will make ‘multiple times your money’
CNBC ProValue investor Bill Miller is finding some opportunities in the SPAC sell-off