Lee Cooperman Ramps Up Chimera Position ~ market folly

Wednesday, February 26, 2014

Lee Cooperman Ramps Up Chimera Position

Lee Cooperman of Omega Advisors has filed a 13D with the SEC regarding shares of Chimera Investment Corp (CIM).  Per the filing, Cooperman now owns 7.6% of the company with over 77.8 million shares.

This marks a sizable increase of over 62.1 million shares since the end of 2013 when he only owned 15.7 million shares.  The filing was required due to activity on February 24th.

The activist filing indicates Cooperman has met with management and talked with them "regarding the Issuer’s operations, business, strategies and strategic direction. These discussions have reviewed, and may continue to review, options for enhancing shareholder value through various strategic alternatives, improving the Issuer’s operational and financial execution, and general corporate matters."

Per Google Finance, Chimera Investment Corp is "a specialty finance company that invests, either directly or indirectly through its subsidiaries, in residential mortgage-backed securities (RMBS), residential mortgage loans, commercial mortgage loans, real estate-related securities and various other asset classes. The Company is managed by Fixed Income Discount Advisory Company (FIDAC), an investment advisor registered with the Securities and Exchange Commission (SEC)."

For more on this manager, check out some of Lee Cooperman's other recent portfolio activity here.

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