Brave Warrior Advisors

Q3 2020 13F · by Glenn Greenberg, portfolio manager

As of: Sep 30, 2020
Filed: Nov 16, 2020
US stock: $2.2B · prev $2.0B
Positions: 23 · prev 21
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves21 since the prior filing

+20.1 pp in · −20.1 pp out

New 4 +14.36 pp
Added 5 +5.76 pp
Trimmed 10 −12.76 pp
Exited 2 −7.35 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 81% a year, about 1.2 years per position

Low
Moderate
High

Top 5 positions54% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−4.51 pp trimmed−4.5113.8%
AON Aon plc Class A new+12.19 pp new+12.1912.2%
JPM JPMorgan Chase & Co. added+0.34 pp added+0.349.7%
ELV Elevance Health, Inc. trimmed−0.93 pp trimmed−0.939.2%
HCA HCA Healthcare, Inc. trimmed+1.08 pp trimmed+1.089.1%

Positions23 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	13.81%	1,452,624	$309M	trimmed−30%	−4.51 pp	6 q
AONAon plc Class A	12.19%	1,323,535	$273M	new	+12.19 pp	new
JPMJPMorgan Chase & Co.	9.65%	2,245,142	$216M	added+13%	+0.34 pp	25 q
ELVElevance Health, Inc.	9.16%	763,927	$205M	trimmed−1%	−0.93 pp	5 q
HCAHCA Healthcare, Inc.	9.11%	1,637,772	$204M	trimmed−2%	+1.08 pp	3 q
PRIPrimerica, Inc.	8.45%	1,672,920	$189M	added+7%	−0.58 pp	30 q
PGRProgressive Corporation	7.00%	1,655,588	$157M	trimmed−6%	−0.05 pp	4 q
RJFRaymond James Financial, Inc.	6.81%	2,098,460	$153M	trimmed−5%	−0.72 pp	9 q
GOOGLAlphabet Inc. Class A	5.15%	78,730	$115M	trimmed−52%	−6.47 pp	12 q
SCHWThe Charles Schwab Corporation	4.14%	2,560,691	$93M	added+78%	+1.73 pp	30 q
DLTRDollar Tree Inc.	4.09%	1,002,275	$92M	added×89.1	+4.04 pp	4 q
METAMeta Platforms, Inc. Class A	3.04%	259,985	$68M	trimmed−26%	−0.93 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.23%	159,901	$50M	trimmed−3%	−0.20 pp	4 q
CACCCredit Acceptance Corp	2.14%	141,794	$48M	new	+2.14 pp	new
AMAntero Midstream Corporation	2.03%	8,464,881	$45M	added+20%	+0.23 pp	7 q
RYAAYRyanair Holdings plc	0.83%	226,506	$19M	trimmed−9%	+0.01 pp	2 q
CMCSAComcast Corp	0.06%	31,094	$1M	held	—	28 q
MCOMoody's Corporation	0.04%	3,129	$907,000	held	—	9 q
GOOGAlphabet Inc. Class C	0.03%	524	$770,000	trimmed−44%	−0.04 pp	9 q
BACBank of America Corporation	0.02%	14,532	$350,000	held	—	28 q
CDKCDK Global, Inc.	0.02%	7,847	$342,000	new	+0.02 pp	new
AMZNAmazon.Com Inc	0.01%	69	$217,000	new	+0.01 pp	new
MARMarriott International Class A	0.01%	2,897	$268,000	held	—	3 q
LENLennar Corporation Class A	—	−1,208,285	—	exited	−3.70 pp	—
DHID.R. Horton Inc.	—	−1,324,702	—	exited	−3.65 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001172661-20-002161
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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