Brave Warrior Advisors

Q3 2023 13F · by Glenn Greenberg, portfolio manager

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $4.0B · prev $3.8B
Positions: 34 · prev 32
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%

Moves21 since the prior filing

+9.3 pp in · −9.2 pp out

New 3 +5.48 pp
Added 3 +3.77 pp
Trimmed 14 −9.21 pp
Exited 1 −0.01 pp

The book

Concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions59% of US stock

ELV Elevance Health, Inc. added+2.18 pp added+2.1817.7%
APO Apollo Global Management, Inc. trimmed−0.76 pp trimmed−0.7615.2%
PRI Primerica, Inc. trimmed−0.95 pp trimmed−0.9510.3%
FNF Fidelity National Financial, Inc. added+1.14 pp added+1.149.8%
LAD Lithia Motors, Inc. trimmed−2.71 pp trimmed−2.716.5%

Positions34 in this filing · 1 exited


ELVElevance Health, Inc.	17.69%	1,627,598	$709M	added+23%	+2.18 pp	17 q
APOApollo Global Management, Inc.	15.22%	6,790,296	$609M	trimmed−14%	−0.76 pp	7 q
PRIPrimerica, Inc.	10.25%	2,116,006	$411M	trimmed−1%	−0.95 pp	42 q
FNFFidelity National Financial, Inc.	9.79%	9,496,172	$392M	added+4%	+1.14 pp	10 q
LADLithia Motors, Inc.	6.51%	882,908	$261M	trimmed−23%	−2.71 pp	7 q
JPMJPMorgan Chase & Co.	6.02%	1,663,540	$241M	trimmed−1%	−0.47 pp	37 q
RJFRaymond James Financial, Inc.	5.37%	2,140,707	$215M	trimmed−1%	−0.56 pp	21 q
OMFOneMain Holdings, Inc.	5.30%	5,298,634	$212M	trimmed−1%	−0.88 pp	6 q
DFSDiscover Financial Services	5.15%	2,381,258	$206M	new	+5.15 pp	new
FGF&G Annuities & Life, Inc.	4.69%	6,689,916	$188M	trimmed−2%	+0.24 pp	4 q
URIUnited Rentals, Inc.	4.65%	418,615	$186M	trimmed−20%	−1.51 pp	7 q
DHID.R. Horton Inc.	3.25%	1,209,787	$130M	trimmed−15%	−1.33 pp	7 q
LENLennar Corporation Class A	2.84%	1,013,938	$114M	added+40%	+0.45 pp	7 q
ABGAsbury Automotive Group, Inc.	1.58%	275,266	$63M	trimmed−0%	−0.18 pp	5 q
AMAntero Midstream Corporation	0.67%	2,233,155	$27M	trimmed−1%	−0.02 pp	19 q
ANAutoNation, Inc.	0.45%	119,707	$18M	trimmed−1%	−0.08 pp	4 q
LPXLouisiana-Pacific Corp.	0.32%	231,070	$13M	new	+0.32 pp	new
GOOGLAlphabet Inc. Class A	0.07%	21,838	$3M	held	—	24 q
CMCSAComcast Corp	0.03%	31,094	$1M	held	—	40 q
GOOGAlphabet Inc. Class C	0.02%	6,900	$909,765	held	—	21 q
MCOMoody's Corporation	0.02%	3,150	$995,935	held	—	21 q
AMZNAmazon.Com Inc	0.01%	2,700	$343,224	held	—	3 q
BACBank of America Corporation	0.01%	14,532	$397,886	held	—	40 q
BCBrunswick Corporation	0.01%	6,828	$539,412	held	—	3 q
EPDEnterprise Products Partners L.P.	0.01%	10,000	$273,700	new	+0.01 pp	new
FAFFirst American Financial Corporation	0.01%	6,000	$338,940	trimmed−6%	0.00 pp	9 q
HCAHCA Healthcare, Inc.	0.01%	1,373	$337,731	held	—	15 q
MPLXMplx LP	0.01%	12,000	$426,840	held	—	2 q
MARMarriott International Class A	0.01%	1,194	$234,693	held	—	2 q
MSFTMicrosoft Corp	0.01%	1,225	$386,794	held	—	4 q
PGRProgressive Corporation	0.01%	1,746	$243,218	held	—	16 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	710	$357,975	trimmed−36%	0.00 pp	16 q
WFCWells Fargo & Co.	0.01%	5,250	$214,515	held	—	2 q
ICLRIcon Plc	0.01%	950	$233,937	held	—	2 q
CMAComerica Incorporated	—	−7,500	—	exited	−0.01 pp	—