Brave Warrior Advisors

Q1 2023 13F · by Glenn Greenberg, portfolio manager

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $3.2B · prev $3.2B
Positions: 28 · prev 26
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%

Moves23 since the prior filing

+1.8 pp in · −1.8 pp out

New 3 +0.05 pp
Added 5 +1.72 pp
Trimmed 14 −1.78 pp
Exited 1 −0.01 pp

The book

Concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions60% of US stock

Positions28 in this filing · 1 exited


APOApollo Global Management, Inc.	15.45%	7,910,138	$500M	trimmed−0%	−0.50 pp	5 q
ELVElevance Health, Inc.	15.43%	1,084,768	$499M	added+24%	+1.33 pp	15 q
PRIPrimerica, Inc.	11.46%	2,151,149	$371M	trimmed−0%	+1.80 pp	40 q
FNFFidelity National Financial, Inc.	9.82%	9,085,684	$317M	trimmed−2%	−1.12 pp	8 q
LADLithia Motors, Inc.	7.57%	1,069,822	$245M	trimmed−1%	+0.57 pp	5 q
JPMJPMorgan Chase & Co.	6.84%	1,697,747	$221M	trimmed−1%	−0.38 pp	35 q
RJFRaymond James Financial, Inc.	6.28%	2,176,510	$203M	trimmed−1%	−1.09 pp	19 q
OMFOneMain Holdings, Inc.	6.07%	5,293,592	$196M	trimmed−0%	+0.49 pp	4 q
URIUnited Rentals, Inc.	5.40%	440,771	$174M	trimmed−0%	+0.44 pp	5 q
DHID.R. Horton Inc.	4.78%	1,580,567	$154M	trimmed−1%	+0.32 pp	5 q
FGF&G Annuities & Life, Inc.	3.83%	6,833,958	$124M	added+13%	+0.03 pp	2 q
LENLennar Corporation Class A	2.84%	874,890	$92M	trimmed−0%	+0.33 pp	5 q
ABGAsbury Automotive Group, Inc.	1.80%	276,935	$58M	trimmed−0%	+0.23 pp	3 q
ANAutoNation, Inc.	1.04%	250,280	$34M	added+9%	+0.26 pp	2 q
AMAntero Midstream Corporation	0.73%	2,251,866	$24M	trimmed−2%	−0.05 pp	17 q
HCAHCA Healthcare, Inc.	0.32%	38,652	$10M	trimmed−91%	−2.82 pp	13 q
FAFFirst American Financial Corporation	0.08%	47,900	$3M	added×6.4	+0.07 pp	7 q
GOOGLAlphabet Inc. Class A	0.07%	23,088	$2M	added+75%	+0.03 pp	22 q
CMCSAComcast Corp	0.04%	31,094	$1M	held	—	38 q
GOOGAlphabet Inc. Class C	0.03%	8,150	$847,600	held	—	19 q
BCBrunswick Corporation	0.03%	12,328	$1M	new	+0.03 pp	new
MCOMoody's Corporation	0.03%	3,150	$963,963	held	—	19 q
MSFTMicrosoft Corp	0.02%	1,700	$490,110	held	—	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	1,106	$522,685	trimmed−8%	0.00 pp	14 q
AMZNAmazon.Com Inc	0.01%	3,200	$330,528	new	+0.01 pp	new
BACBank of America Corporation	0.01%	14,532	$415,615	held	—	38 q
PGRProgressive Corporation	0.01%	1,746	$249,783	held	—	14 q
SCHWThe Charles Schwab Corporation	0.01%	5,250	$274,995	new	+0.01 pp	new
METAMeta Platforms, Inc. Class A	—	−1,838	—	exited	−0.01 pp	—