Brave Warrior Advisors

Q2 2024 13F · by Glenn Greenberg, portfolio manager

As of: Jun 30, 2024
Filed: Aug 14, 2024
US stock: $4.5B · prev $4.8B
Positions: 27 · prev 29
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

+6.2 pp in · −6.2 pp out

New 1 +0.01 pp
Added 8 +6.15 pp
Trimmed 9 −5.75 pp
Exited 3 −0.40 pp

The book

Concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions58% of US stock

ELV Elevance Health, Inc. trimmed+1.76 pp trimmed+1.7619.6%
DFS Discover Financial Services added+0.95 pp added+0.9510.0%
PRI Primerica, Inc. trimmed−0.75 pp trimmed−0.759.9%
APO Apollo Global Management, Inc. trimmed+0.94 pp trimmed+0.949.9%
SNX TD SYNNEX Corporation added+1.26 pp added+1.268.5%

Positions27 in this filing · 3 exited


ELVElevance Health, Inc.	19.61%	1,633,127	$885M	trimmed−1%	+1.76 pp	20 q
DFSDiscover Financial Services	10.03%	3,460,972	$453M	added+5%	+0.95 pp	4 q
PRIPrimerica, Inc.	9.91%	1,890,013	$447M	trimmed−6%	−0.75 pp	45 q
APOApollo Global Management, Inc.	9.89%	3,779,701	$446M	trimmed−1%	+0.94 pp	10 q
SNXTD SYNNEX Corporation	8.50%	3,322,046	$383M	added+9%	+1.26 pp	2 q
FNFFidelity National Financial, Inc.	8.07%	7,367,533	$364M	trimmed−19%	−2.01 pp	13 q
OMFOneMain Holdings, Inc.	7.81%	7,270,177	$353M	added+9%	+0.68 pp	9 q
LENLennar Corporation Class A	5.27%	1,585,312	$238M	added+56%	+1.62 pp	10 q
FGF&G Annuities & Life, Inc.	5.10%	6,049,364	$230M	trimmed−1%	−0.06 pp	7 q
LADLithia Motors, Inc.	4.78%	855,172	$216M	added+11%	−0.05 pp	10 q
MPLXMplx LP	4.00%	4,235,478	$180M	added+40%	+1.37 pp	5 q
ANAutoNation, Inc.	3.46%	979,235	$156M	added+4%	+0.21 pp	7 q
DHID.R. Horton Inc.	2.52%	805,923	$114M	trimmed−1%	−0.27 pp	10 q
AMAntero Midstream Corporation	0.68%	2,090,289	$31M	trimmed−3%	+0.05 pp	22 q
RYAAYRyanair Holdings plc	0.13%	49,640	$6M	added×7.6	+0.11 pp	3 q
GOOGLAlphabet Inc. Class A	0.09%	21,858	$4M	held	—	27 q
CMCSAComcast Corp	0.03%	31,094	$1M	held	—	43 q
HCAHCA Healthcare, Inc.	0.03%	3,873	$1M	held	—	18 q
JPMJPMorgan Chase & Co.	0.03%	5,643	$1M	trimmed−100%	−5.41 pp	40 q
GOOGAlphabet Inc. Class C	0.02%	3,790	$695,162	held	—	24 q
BACBank of America Corporation	0.02%	22,532	$896,098	held	—	43 q
AMZNAmazon.Com Inc	0.01%	2,200	$425,150	trimmed−19%	0.00 pp	6 q
AMATApplied Materials Inc	0.01%	961	$226,786	new	+0.01 pp	new
MARMarriott International Class A	0.01%	1,194	$288,673	held	—	5 q
MSFTMicrosoft Corp	0.01%	525	$234,649	held	—	7 q
PGRProgressive Corporation	0.01%	1,746	$362,662	held	—	19 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	610	$310,649	held	—	19 q
LPXLouisiana-Pacific Corp.	—	−224,598	—	exited	−0.39 pp	—
WFCWells Fargo & Co.	—	−5,250	—	exited	−0.01 pp	—
MAMastercard Incorporated	—	−422	—	exited	0.00 pp	—