Brave Warrior Advisors

Q4 2021 13F · by Glenn Greenberg, portfolio manager

As of: Dec 31, 2021
Filed: Feb 14, 2022
US stock: $3.1B · prev $2.9B
Positions: 23 · 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%

Moves17 since the prior filing

+1.9 pp in · −1.9 pp out

New 1 +0.01 pp
Added 3 +1.91 pp
Trimmed 11 −0.09 pp
Exited 2 −1.82 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.5% a year, about 10.5 years per position

Low
Moderate
High

Top 5 positions61% of US stock

ELV Elevance Health, Inc. trimmed+2.27 pp trimmed+2.2720.2%
FNF Fidelity National Financial, Inc. trimmed+0.41 pp trimmed+0.4114.4%
PRI Primerica, Inc. added−0.81 pp added−0.819.4%
VVV Valvoline Inc. trimmed+0.59 pp trimmed+0.598.9%
APON Apollo Asset Management Inc added+2.31 pp added+2.317.7%

Positions23 in this filing · 2 exited


ELVElevance Health, Inc.	20.17%	1,365,785	$633M	trimmed−0%	+2.27 pp	10 q
FNFFidelity National Financial, Inc.	14.37%	8,639,966	$451M	trimmed−2%	+0.41 pp	3 q
PRIPrimerica, Inc.	9.42%	1,929,120	$296M	added+1%	−0.81 pp	35 q
VVVValvoline Inc.	8.91%	7,495,661	$280M	trimmed−2%	+0.59 pp	4 q
APONApollo Asset Management Inc	7.72%	3,346,129	$242M	added+33%	+2.31 pp	2 q
JPMJPMorgan Chase & Co.	7.54%	1,494,992	$237M	trimmed−11%	−2.04 pp	30 q
PGRProgressive Corporation	7.34%	2,242,456	$230M	trimmed−2%	+0.11 pp	9 q
RJFRaymond James Financial, Inc.	7.14%	2,232,515	$224M	trimmed−2%	−0.19 pp	14 q
BRK.BBERKSHIRE HATHAWAY Class B	6.40%	671,870	$201M	trimmed−2%	−0.15 pp	11 q
HCAHCA Healthcare, Inc.	4.98%	608,397	$156M	trimmed−2%	−0.28 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.55%	221,661	$111M	trimmed−2%	+0.46 pp	9 q
ATHAthene Holding Ltd-class A	1.45%	546,330	$46M	added+27%	+0.41 pp	2 q
AMAntero Midstream Corporation	0.74%	2,403,809	$23M	trimmed−1%	−0.15 pp	12 q
GOOGLAlphabet Inc. Class A	0.05%	565	$2M	held	—	17 q
CMCSAComcast Corp	0.05%	31,094	$2M	held	—	33 q
MCOMoody's Corporation	0.04%	3,279	$1M	held	—	14 q
GOOGAlphabet Inc. Class C	0.03%	345	$998,000	held	—	14 q
AONAon plc Class A	0.03%	2,732	$821,000	trimmed−98%	−1.12 pp	6 q
BACBank of America Corporation	0.02%	14,532	$647,000	held	—	33 q
MARMarriott International Class A	0.02%	3,244	$536,000	held	—	8 q
AMZNAmazon.Com Inc	0.01%	70	$233,000	held	—	6 q
FAFFirst American Financial Corporation	0.01%	4,000	$313,000	held	—	2 q
MAMastercard Incorporated	0.01%	569	$204,000	new	+0.01 pp	new
SCHWThe Charles Schwab Corporation	—	−707,943	—	exited	−1.81 pp	—
METAMeta Platforms, Inc. Class A	—	−1,246	—	exited	−0.01 pp	—