Brave Warrior Advisors

Q4 2023 13F · by Glenn Greenberg, portfolio manager

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $4.2B · prev $4.0B
Positions: 30 · prev 34
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%

Moves31 since the prior filing

+6.2 pp in · −6.2 pp out

New 2 +0.02 pp
Added 9 +6.14 pp
Trimmed 14 −1.48 pp
Exited 6 −4.71 pp

The book

Very concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions59% of US stock

ELV Elevance Health, Inc. added+2.07 pp added+2.0719.8%
FNF Fidelity National Financial, Inc. trimmed+1.71 pp trimmed+1.7111.5%
PRI Primerica, Inc. trimmed+0.13 pp trimmed+0.1310.4%
APO Apollo Global Management, Inc. trimmed−5.21 pp trimmed−5.2110.0%
OMF OneMain Holdings, Inc. added+2.23 pp added+2.237.5%

Positions30 in this filing · 6 exited


ELVElevance Health, Inc.	19.76%	1,756,653	$828M	added+8%	+2.07 pp	18 q
FNFFidelity National Financial, Inc.	11.50%	9,450,324	$482M	trimmed−0%	+1.71 pp	11 q
PRIPrimerica, Inc.	10.38%	2,113,726	$435M	trimmed−0%	+0.13 pp	43 q
APOApollo Global Management, Inc.	10.01%	4,503,321	$420M	trimmed−34%	−5.21 pp	8 q
OMFOneMain Holdings, Inc.	7.53%	6,416,800	$316M	added+21%	+2.23 pp	7 q
DFSDiscover Financial Services	7.06%	2,633,167	$296M	added+11%	+1.91 pp	2 q
FGF&G Annuities & Life, Inc.	6.82%	6,217,094	$286M	trimmed−7%	+2.13 pp	5 q
JPMJPMorgan Chase & Co.	6.72%	1,656,158	$282M	trimmed−0%	+0.70 pp	38 q
LADLithia Motors, Inc.	6.47%	823,982	$271M	trimmed−7%	−0.04 pp	8 q
RJFRaymond James Financial, Inc.	5.69%	2,137,186	$238M	trimmed−0%	+0.32 pp	22 q
DHID.R. Horton Inc.	2.78%	767,358	$117M	trimmed−37%	−0.47 pp	8 q
LENLennar Corporation Class A	2.03%	571,567	$85M	trimmed−44%	−0.81 pp	8 q
ABGAsbury Automotive Group, Inc.	1.49%	278,367	$63M	added+1%	−0.09 pp	6 q
AMAntero Midstream Corporation	0.67%	2,225,260	$28M	trimmed−0%	0.00 pp	20 q
ANAutoNation, Inc.	0.44%	122,435	$18M	added+2%	−0.01 pp	5 q
LPXLouisiana-Pacific Corp.	0.39%	229,739	$16M	trimmed−1%	+0.07 pp	2 q
GOOGLAlphabet Inc. Class A	0.07%	21,858	$3M	added0%	0.00 pp	25 q
CMCSAComcast Corp	0.03%	31,094	$1M	held	—	41 q
HCAHCA Healthcare, Inc.	0.03%	3,873	$1M	added×2.8	+0.02 pp	16 q
BACBank of America Corporation	0.02%	22,532	$758,652	added+55%	+0.01 pp	41 q
RYAAYRyanair Holdings plc	0.02%	6,526	$870,307	new	+0.02 pp	new
GOOGAlphabet Inc. Class C	0.01%	3,790	$534,125	trimmed−45%	−0.01 pp	22 q
AMZNAmazon.Com Inc	0.01%	2,700	$410,238	held	—	4 q
MPLXMplx LP	0.01%	17,000	$624,240	added+42%	0.00 pp	3 q
MARMarriott International Class A	0.01%	1,194	$269,259	held	—	3 q
MSFTMicrosoft Corp	0.01%	1,025	$385,441	trimmed−16%	0.00 pp	5 q
PGRProgressive Corporation	0.01%	1,746	$278,103	held	—	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	610	$321,147	trimmed−14%	0.00 pp	17 q
WFCWells Fargo & Co.	0.01%	5,250	$258,405	held	—	3 q
KEYKeyCorp	0.00%	10,000	$144,000	new	0.00 pp	new
URIUnited Rentals, Inc.	—	−418,615	—	exited	−4.65 pp	—
MCOMoody's Corporation	—	−3,150	—	exited	−0.02 pp	—
BCBrunswick Corporation	—	−6,828	—	exited	−0.01 pp	—
EPDEnterprise Products Partners L.P.	—	−10,000	—	exited	−0.01 pp	—
FAFFirst American Financial Corporation	—	−6,000	—	exited	−0.01 pp	—
ICLRIcon Plc	—	−950	—	exited	−0.01 pp	—