Brave Warrior Advisors

Q2 2023 13F · by Glenn Greenberg, portfolio manager

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $3.8B · prev $3.2B
Positions: 32 · prev 28
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%

Moves28 since the prior filing

+1.4 pp in · −1.4 pp out

New 5 +0.05 pp
Added 6 +1.39 pp
Trimmed 16 −1.42 pp
Exited 1 −0.01 pp

The book

Concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.7% a year, about 11.5 years per position

Low
Moderate
High

Top 5 positions61% of US stock

APO Apollo Global Management, Inc. trimmed+0.53 pp trimmed+0.5316.0%
ELV Elevance Health, Inc. added+0.08 pp added+0.0815.5%
PRI Primerica, Inc. trimmed−0.26 pp trimmed−0.2611.2%
LAD Lithia Motors, Inc. added+1.65 pp added+1.659.2%
FNF Fidelity National Financial, Inc. added−1.17 pp added−1.178.7%

Positions32 in this filing · 1 exited


APOApollo Global Management, Inc.	15.98%	7,874,383	$605M	trimmed−0%	+0.53 pp	6 q
ELVElevance Health, Inc.	15.51%	1,321,272	$587M	added+22%	+0.08 pp	16 q
PRIPrimerica, Inc.	11.20%	2,144,014	$424M	trimmed−0%	−0.26 pp	41 q
LADLithia Motors, Inc.	9.22%	1,147,259	$349M	added+7%	+1.65 pp	6 q
FNFFidelity National Financial, Inc.	8.65%	9,088,063	$327M	added0%	−1.17 pp	9 q
JPMJPMorgan Chase & Co.	6.49%	1,687,718	$245M	trimmed−1%	−0.35 pp	36 q
OMFOneMain Holdings, Inc.	6.18%	5,351,633	$234M	added+1%	+0.11 pp	5 q
URIUnited Rentals, Inc.	6.16%	523,827	$233M	added+19%	+0.76 pp	6 q
RJFRaymond James Financial, Inc.	5.93%	2,164,307	$225M	trimmed−1%	−0.35 pp	20 q
DHID.R. Horton Inc.	4.58%	1,423,724	$173M	trimmed−10%	−0.20 pp	6 q
FGF&G Annuities & Life, Inc.	4.45%	6,794,158	$168M	trimmed−1%	+0.62 pp	3 q
LENLennar Corporation Class A	2.39%	723,116	$91M	trimmed−17%	−0.45 pp	6 q
ABGAsbury Automotive Group, Inc.	1.76%	276,566	$66M	trimmed−0%	−0.04 pp	4 q
AMAntero Midstream Corporation	0.69%	2,252,402	$26M	added0%	−0.04 pp	18 q
ANAutoNation, Inc.	0.53%	121,178	$20M	trimmed−52%	−0.51 pp	3 q
GOOGLAlphabet Inc. Class A	0.07%	21,838	$3M	trimmed−5%	0.00 pp	23 q
CMCSAComcast Corp	0.03%	31,094	$1M	held	—	39 q
MCOMoody's Corporation	0.03%	3,150	$1M	held	—	20 q
GOOGAlphabet Inc. Class C	0.02%	6,900	$834,693	trimmed−15%	−0.01 pp	20 q
BCBrunswick Corporation	0.02%	6,828	$591,578	trimmed−45%	−0.01 pp	2 q
AMZNAmazon.Com Inc	0.01%	2,700	$351,972	trimmed−16%	0.00 pp	2 q
BACBank of America Corporation	0.01%	14,532	$416,923	held	—	39 q
CMAComerica Incorporated	0.01%	7,500	$317,700	new	+0.01 pp	new
FAFFirst American Financial Corporation	0.01%	6,400	$364,928	trimmed−87%	−0.07 pp	8 q
HCAHCA Healthcare, Inc.	0.01%	1,373	$416,678	trimmed−96%	−0.31 pp	14 q
MPLXMplx LP	0.01%	12,000	$407,280	new	+0.01 pp	new
MARMarriott International Class A	0.01%	1,194	$219,326	new	+0.01 pp	new
MSFTMicrosoft Corp	0.01%	1,225	$417,161	trimmed−28%	−0.01 pp	3 q
PGRProgressive Corporation	0.01%	1,746	$231,118	held	—	15 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	1,106	$531,588	held	—	15 q
WFCWells Fargo & Co.	0.01%	5,250	$224,070	new	+0.01 pp	new
ICLRIcon Plc	0.01%	950	$237,690	new	+0.01 pp	new
SCHWThe Charles Schwab Corporation	—	−5,250	—	exited	−0.01 pp	—