Brave Warrior Advisors

Q4 2022 13F · by Glenn Greenberg, portfolio manager

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $3.2B · prev $2.9B
Positions: 26 · prev 25
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%

Moves26 since the prior filing

+8.5 pp in · −8.5 pp out

New 4 +4.60 pp
Added 6 +3.87 pp
Trimmed 13 −3.67 pp
Exited 3 −4.80 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.8 years per position

Low
Moderate
High

Top 5 positions58% of US stock

APO Apollo Global Management, Inc. added+3.33 pp added+3.3315.9%
ELV Elevance Health, Inc. trimmed−4.58 pp trimmed−4.5814.1%
FNF Fidelity National Financial, Inc. trimmed−0.81 pp trimmed−0.8110.9%
PRI Primerica, Inc. trimmed+0.28 pp trimmed+0.289.7%
RJF Raymond James Financial, Inc. trimmed−0.28 pp trimmed−0.287.4%

Positions26 in this filing · 3 exited


APOApollo Global Management, Inc.	15.95%	7,935,934	$506M	added+1%	+3.33 pp	4 q
ELVElevance Health, Inc.	14.10%	872,415	$448M	trimmed−27%	−4.58 pp	14 q
FNFFidelity National Financial, Inc.	10.94%	9,224,770	$347M	trimmed−2%	−0.81 pp	7 q
PRIPrimerica, Inc.	9.66%	2,160,660	$306M	trimmed−2%	+0.28 pp	39 q
RJFRaymond James Financial, Inc.	7.37%	2,187,451	$234M	trimmed−2%	−0.28 pp	18 q
JPMJPMorgan Chase & Co.	7.22%	1,709,165	$229M	trimmed−2%	+0.95 pp	34 q
LADLithia Motors, Inc.	7.00%	1,084,461	$222M	trimmed−5%	−1.43 pp	4 q
OMFOneMain Holdings, Inc.	5.58%	5,312,546	$177M	trimmed−1%	+0.09 pp	3 q
URIUnited Rentals, Inc.	4.96%	442,750	$157M	trimmed−2%	+0.74 pp	4 q
DHID.R. Horton Inc.	4.46%	1,589,460	$142M	trimmed−2%	+0.69 pp	4 q
FGF&G Annuities & Life, Inc.	3.80%	6,032,140	$121M	new	+3.80 pp	new
HCAHCA Healthcare, Inc.	3.14%	415,014	$100M	trimmed−1%	+0.47 pp	12 q
LENLennar Corporation Class A	2.51%	878,465	$80M	trimmed−2%	+0.20 pp	4 q
ABGAsbury Automotive Group, Inc.	1.57%	277,836	$50M	added+39%	+0.52 pp	2 q
AMAntero Midstream Corporation	0.78%	2,295,807	$25M	trimmed−2%	+0.03 pp	16 q
ANAutoNation, Inc.	0.78%	230,468	$25M	new	+0.78 pp	new
GOOGLAlphabet Inc. Class A	0.04%	13,157	$1M	added×2.3	+0.02 pp	21 q
CMCSAComcast Corp	0.03%	31,094	$1M	held	—	37 q
MCOMoody's Corporation	0.03%	3,150	$877,653	added+1%	0.00 pp	18 q
GOOGAlphabet Inc. Class C	0.02%	8,150	$723,149	added+18%	0.00 pp	18 q
BACBank of America Corporation	0.02%	14,532	$481,300	held	—	37 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	1,206	$639,397	trimmed−51%	−0.02 pp	13 q
METAMeta Platforms, Inc. Class A	0.01%	1,838	$221,185	new	+0.01 pp	new
FAFFirst American Financial Corporation	0.01%	7,500	$392,550	added+36%	0.00 pp	6 q
MSFTMicrosoft Corp	0.01%	1,700	$407,694	new	+0.01 pp	new
PGRProgressive Corporation	0.01%	1,746	$226,474	held	—	13 q
VVVValvoline Inc.	—	−5,451,901	—	exited	−4.78 pp	—
AMZNAmazon.Com Inc	—	−1,900	—	exited	−0.01 pp	—
PHMPultegroup, Inc.	—	−6,200	—	exited	−0.01 pp	—