Brave Warrior Advisors

Q1 2020 13F · by Glenn Greenberg, portfolio manager

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+10.6 pp in · −10.6 pp out

Concentrated · behaves like 10 equal-sized positions

Low turnover · 24% a year, about 4.2 years per position


BRK.BBERKSHIRE HATHAWAY Class B	18.36%	1,744,715	$319M	added+18%	+0.72 pp	4 q
GOOGLAlphabet Inc. Class A	11.80%	176,380	$205M	trimmed−24%	−4.72 pp	10 q
ELVElevance Health, Inc.	11.44%	875,467	$199M	added+39%	+1.42 pp	3 q
JPMJPMorgan Chase & Co.	9.90%	1,909,245	$172M	added+4%	−3.66 pp	23 q
RJFRaymond James Financial, Inc.	8.12%	2,230,758	$141M	trimmed−7%	−3.21 pp	7 q
PRIPrimerica, Inc.	7.48%	1,467,585	$130M	added×2.1	+2.55 pp	28 q
PGRProgressive Corporation	7.31%	1,718,989	$127M	trimmed−0%	+0.71 pp	2 q
HCAHCA Healthcare, Inc.	7.15%	1,381,943	$124M	new	+7.15 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.78%	263,100	$66M	added+65%	+1.31 pp	2 q
LENLennar Corporation Class A	3.69%	1,677,451	$64M	trimmed−29%	−3.30 pp	7 q
SCHWThe Charles Schwab Corporation	3.64%	1,881,990	$63M	added+1%	−1.03 pp	28 q
DHID.R. Horton Inc.	3.20%	1,635,442	$56M	added+43%	+0.01 pp	7 q
METAMeta Platforms, Inc. Class A	3.18%	330,862	$55M	new	+3.18 pp	new
AMAntero Midstream Corporation	0.36%	2,961,561	$6M	added+73%	−0.33 pp	5 q
ARAntero Resources Corporation	0.35%	8,518,664	$6M	added+20%	−0.72 pp	20 q
GOOGAlphabet Inc. Class C	0.06%	936	$1M	trimmed−15%	−0.02 pp	7 q
CMCSAComcast Corp	0.06%	31,094	$1M	held	—	26 q
DLTRDollar Tree Inc.	0.05%	11,249	$826,000	added+44%	+0.01 pp	2 q
MCOMoody's Corporation	0.04%	3,129	$662,000	trimmed−41%	−0.03 pp	7 q
BACBank of America Corporation	0.02%	14,532	$309,000	held	—	26 q
LEN.BLennar Corporation Class B	0.02%	9,708	$281,000	trimmed−27%	−0.01 pp	6 q
MARMarriott International Class A	0.01%	2,897	$217,000	new	+0.01 pp	new