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Leon Cooperman says he's closed positions in Citi and Netflix, buying junk bonds

Investor Leon Cooperman said Wednesday his firm's exposure to stocks is unusually low now, and some names just aren't making the cut.

Currently, he said, his Omega Advisors is only about 65 percent exposed to equities, versus its typical exposure of 85 to 90 percent. Rather than holding cash, Omega is investing in credit, with about 8 to 10 percent of his portfolio in select high-yield credits. So-called junk bonds have gained about 8 percent this year.

The stock market is currently "fairly but fully valued," Cooperman said on CNBC's "Fast Money: Halftime Report."

"I would not expect the market to do that much on the upside."

In the current low-growth, low-interest rate world, investors will be lucky to earn 5 to 6 percent in the stock market, he added.

Cooperman, who is chairman and CEO of the investment firm, believes the time is approaching when banks can once again turn...