Brave Warrior Advisors

Q2 2025 13F · by Glenn Greenberg, portfolio manager

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $4.4B · prev $4.4B
Positions: 35 · prev 35
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%

Moves26 since the prior filing

+12.7 pp in · −12.7 pp out

New 3 +0.03 pp
Added 8 +12.68 pp
Trimmed 12 −3.87 pp
Exited 3 −8.87 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions49% of US stock

SNX TD SYNNEX Corporation trimmed+2.01 pp trimmed+2.0111.7%
OMF OneMain Holdings, Inc. added+2.06 pp added+2.0610.3%
ELV Elevance Health, Inc. trimmed−5.83 pp trimmed−5.839.9%
COF Capital One Financial added+6.35 pp added+6.358.9%
SLM SLM Corporation added+1.56 pp added+1.567.9%

Positions35 in this filing · 3 exited


SNXTD SYNNEX Corporation	11.72%	3,768,551	$511M	trimmed−8%	+2.01 pp	6 q
OMFOneMain Holdings, Inc.	10.28%	7,870,085	$449M	added+7%	+2.06 pp	13 q
ELVElevance Health, Inc.	9.89%	1,109,653	$432M	trimmed−30%	−5.83 pp	24 q
COFCapital One Financial	8.94%	1,832,991	$390M	added×2.9	+6.35 pp	3 q
SLMSLM Corporation	7.92%	10,540,905	$346M	added+11%	+1.56 pp	2 q
RYAAYRyanair Holdings plc	7.11%	5,379,089	$310M	trimmed−2%	+1.80 pp	7 q
ANAutoNation, Inc.	5.53%	1,214,510	$241M	added+7%	+1.34 pp	11 q
LENLennar Corporation Class A	5.47%	2,157,127	$239M	trimmed−1%	−0.29 pp	14 q
PRIPrimerica, Inc.	5.17%	823,992	$226M	trimmed−1%	−0.27 pp	49 q
MRPMillrose Properties, Inc.	5.14%	7,861,690	$224M	trimmed−1%	+0.31 pp	2 q
MPLXMplx LP	5.05%	4,275,033	$220M	trimmed−2%	−0.30 pp	9 q
BLDRBuilders FirstSource, Inc.	4.89%	1,827,261	$213M	added+47%	+1.34 pp	2 q
FNFFidelity National Financial, Inc.	4.48%	3,487,158	$195M	trimmed−1%	−0.79 pp	17 q
FGF&G Annuities & Life, Inc.	3.83%	5,222,765	$167M	trimmed−1%	−0.54 pp	11 q
DHID.R. Horton Inc.	3.42%	1,156,272	$149M	trimmed−2%	0.00 pp	14 q
AMAntero Midstream Corporation	0.82%	1,897,776	$36M	trimmed−1%	+0.03 pp	26 q
GOOGLAlphabet Inc. Class A	0.09%	21,858	$4M	held	—	31 q
JPMJPMorgan Chase & Co.	0.04%	5,643	$2M	held	—	44 q
BACBank of America Corporation	0.03%	26,532	$1M	added+83%	+0.02 pp	47 q
CMCSAComcast Corp	0.03%	31,094	$1M	held	—	47 q
HCAHCA Healthcare, Inc.	0.03%	3,923	$2M	added×2.0	+0.01 pp	22 q
GOOGAlphabet Inc. Class C	0.02%	3,790	$672,308	held	—	28 q
USBU.S. Bancorp	0.02%	15,000	$678,750	new	+0.02 pp	new
ICLRIcon Plc	0.02%	5,000	$727,250	held	—	3 q
AMZNAmazon.Com Inc	0.01%	1,400	$307,146	held	—	10 q
METAMeta Platforms, Inc. Class A	0.01%	338	$249,474	new	+0.01 pp	new
MARMarriott International Class A	0.01%	1,194	$326,213	held	—	9 q
MAMastercard Incorporated	0.01%	422	$237,139	held	—	4 q
MSFTMicrosoft Corp	0.01%	525	$261,140	trimmed−59%	0.00 pp	11 q
MCOMoody's Corporation	0.01%	471	$236,249	held	—	4 q
PGRProgressive Corporation	0.01%	1,746	$465,938	held	—	23 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	1,499	$467,643	added×3.0	0.00 pp	23 q
VVISA Inc.	0.01%	618	$219,421	held	—	2 q
SPGIS&P Global Inc.	0.00%	401	$211,443	held	—	2 q
TXNTexas Instruments Incorporated	0.00%	1,010	$209,696	new	0.00 pp	new
DFSDiscover Financial Services	—	−1,608,880	—	exited	−6.29 pp	—
LADLithia Motors, Inc.	—	−381,889	—	exited	−2.57 pp	—
ALLYAlly Financial Inc.	—	−10,000	—	exited	−0.01 pp	—