Brave Warrior Advisors

Q1 2024 13F · by Glenn Greenberg, portfolio manager

As of: Mar 31, 2024
Filed: May 15, 2024
US stock: $4.8B · prev $4.2B
Positions: 29 · prev 30
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

+15.9 pp in · −15.9 pp out

New 2 +7.24 pp
Added 6 +8.68 pp
Trimmed 10 −8.74 pp
Exited 3 −7.18 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 48% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions57% of US stock

ELV Elevance Health, Inc. trimmed−1.91 pp trimmed−1.9117.9%
PRI Primerica, Inc. trimmed+0.28 pp trimmed+0.2810.7%
FNF Fidelity National Financial, Inc. trimmed−1.42 pp trimmed−1.4210.1%
DFS Discover Financial Services added+2.02 pp added+2.029.1%
APO Apollo Global Management, Inc. trimmed−1.06 pp trimmed−1.068.9%

Positions29 in this filing · 3 exited


ELVElevance Health, Inc.	17.85%	1,645,837	$853M	trimmed−6%	−1.91 pp	19 q
PRIPrimerica, Inc.	10.66%	2,015,052	$510M	trimmed−5%	+0.28 pp	44 q
FNFFidelity National Financial, Inc.	10.08%	9,076,731	$482M	trimmed−4%	−1.42 pp	12 q
DFSDiscover Financial Services	9.08%	3,310,077	$434M	added+26%	+2.02 pp	3 q
APOApollo Global Management, Inc.	8.95%	3,804,384	$428M	trimmed−16%	−1.06 pp	9 q
SNXTD SYNNEX Corporation	7.24%	3,061,083	$346M	new	+7.24 pp	new
OMFOneMain Holdings, Inc.	7.13%	6,672,264	$341M	added+4%	−0.40 pp	8 q
JPMJPMorgan Chase & Co.	5.44%	1,298,628	$260M	trimmed−22%	−1.28 pp	39 q
FGF&G Annuities & Life, Inc.	5.16%	6,087,883	$247M	trimmed−2%	−1.66 pp	6 q
LADLithia Motors, Inc.	4.83%	767,501	$231M	trimmed−7%	−1.64 pp	9 q
LENLennar Corporation Class A	3.65%	1,014,441	$174M	added+77%	+1.62 pp	9 q
ANAutoNation, Inc.	3.25%	937,763	$155M	added×7.7	+2.81 pp	6 q
DHID.R. Horton Inc.	2.79%	810,136	$133M	added+6%	+0.01 pp	9 q
MPLXMplx LP	2.63%	3,025,609	$126M	added×178.0	+2.62 pp	4 q
AMAntero Midstream Corporation	0.63%	2,149,129	$30M	trimmed−3%	−0.04 pp	21 q
LPXLouisiana-Pacific Corp.	0.39%	224,598	$19M	trimmed−2%	0.00 pp	3 q
GOOGLAlphabet Inc. Class A	0.07%	21,858	$3M	held	—	26 q
CMCSAComcast Corp	0.03%	31,094	$1M	held	—	42 q
HCAHCA Healthcare, Inc.	0.03%	3,873	$1M	held	—	17 q
BACBank of America Corporation	0.02%	22,532	$854,413	held	—	42 q
RYAAYRyanair Holdings plc	0.02%	6,526	$950,120	held	—	2 q
GOOGAlphabet Inc. Class C	0.01%	3,790	$577,065	held	—	23 q
AMZNAmazon.Com Inc	0.01%	2,700	$487,026	held	—	5 q
MARMarriott International Class A	0.01%	1,194	$301,258	held	—	4 q
PGRProgressive Corporation	0.01%	1,746	$361,108	held	—	18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	610	$301,767	held	—	18 q
WFCWells Fargo & Co.	0.01%	5,250	$304,290	held	—	4 q
MAMastercard Incorporated	0.00%	422	$203,223	new	0.00 pp	new
MSFTMicrosoft Corp	0.00%	525	$220,878	trimmed−49%	−0.01 pp	6 q
RJFRaymond James Financial, Inc.	—	−2,137,186	—	exited	−5.69 pp	—
ABGAsbury Automotive Group, Inc.	—	−278,367	—	exited	−1.49 pp	—
KEYKeyCorp	—	−10,000	—	exited	0.00 pp	—