Brave Warrior Advisors

Q3 2021 13F · by Glenn Greenberg, portfolio manager

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $2.9B · prev $2.9B
Positions: 24 · prev 24
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%

Moves22 since the prior filing

+14.2 pp in · −14.2 pp out

New 3 +6.46 pp
Added 7 +7.72 pp
Trimmed 9 −10.90 pp
Exited 3 −3.26 pp

The book

Very concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 54% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions60% of US stock

ELV Elevance Health, Inc. added+2.89 pp added+2.8917.9%
FNF Fidelity National Financial, Inc. added+4.58 pp added+4.5814.0%
PRI Primerica, Inc. added+0.38 pp added+0.3810.2%
JPM JPMorgan Chase & Co. trimmed−0.28 pp trimmed−0.289.6%
VVV Valvoline Inc. added−0.13 pp added−0.138.3%

Positions24 in this filing · 3 exited


ELVElevance Health, Inc.	17.90%	1,371,262	$511M	added+20%	+2.89 pp	9 q
FNFFidelity National Financial, Inc.	13.96%	8,792,405	$399M	added+40%	+4.58 pp	2 q
PRIPrimerica, Inc.	10.23%	1,901,529	$292M	added+2%	+0.38 pp	34 q
JPMJPMorgan Chase & Co.	9.58%	1,672,125	$274M	trimmed−9%	−0.28 pp	29 q
VVVValvoline Inc.	8.32%	7,618,013	$238M	added0%	−0.13 pp	3 q
RJFRaymond James Financial, Inc.	7.33%	2,268,517	$209M	trimmed−7%	+0.08 pp	13 q
PGRProgressive Corporation	7.23%	2,282,720	$206M	trimmed−3%	−0.69 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	6.55%	685,456	$187M	trimmed−2%	−0.09 pp	10 q
APONApollo Asset Management Inc	5.41%	2,507,036	$154M	new	+5.41 pp	new
HCAHCA Healthcare, Inc.	5.26%	619,387	$150M	trimmed−21%	−0.29 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.09%	226,121	$88M	trimmed−7%	−0.24 pp	8 q
SCHWThe Charles Schwab Corporation	1.81%	707,943	$52M	trimmed−2%	+0.01 pp	34 q
AONAon plc Class A	1.15%	114,865	$33M	trimmed−91%	−9.10 pp	5 q
ATHAthene Holding Ltd-class A	1.04%	430,322	$30M	new	+1.04 pp	new
AMAntero Midstream Corporation	0.89%	2,433,484	$25M	trimmed−27%	−0.30 pp	11 q
CMCSAComcast Corp	0.06%	31,094	$2M	held	—	32 q
GOOGLAlphabet Inc. Class A	0.05%	565	$2M	added0%	0.00 pp	16 q
MCOMoody's Corporation	0.04%	3,279	$1M	held	—	13 q
GOOGAlphabet Inc. Class C	0.03%	345	$920,000	held	—	13 q
BACBank of America Corporation	0.02%	14,532	$617,000	held	—	32 q
MARMarriott International Class A	0.02%	3,244	$480,000	added+1%	0.00 pp	7 q
AMZNAmazon.Com Inc	0.01%	70	$230,000	added+1%	0.00 pp	5 q
METAMeta Platforms, Inc. Class A	0.01%	1,246	$423,000	held	—	7 q
FAFFirst American Financial Corporation	0.01%	4,000	$268,000	new	+0.01 pp	new
DLTRDollar Tree Inc.	—	−949,378	—	exited	−3.24 pp	—
MAMastercard Incorporated	—	−558	—	exited	−0.01 pp	—
8DTSquarespace Inc - Class A	—	−6,000	—	exited	−0.01 pp	—