Brave Warrior Advisors Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

Analyzing the scale of the institution, the reported value of $4,268,783,946 suggests a stable to slightly expanding capital base. However, the true story lies in the internal dynamics of the portfolio. With only 33 stocks, the average position size is roughly $129 million, but the reality is even more skewed. The top 10 holdings represent a staggering 78.24% of the total portfolio. This level of concentration is characteristic of "smart money" that prioritizes "depth of knowledge" over "breadth of exposure." When an institution holds nearly 80% of its assets in just ten names, every buy and sell decision carries immense weight, signaling a high degree of confidence in their internal research and valuation models.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

While Technology remains a significant part of the portfolio (11.14%), it is dominated by TD SYNNEX (SNX), a business process and distribution company, rather than high-flying software-as-a-service (SaaS) firms. This reflects a "value" approach to tech—investing in the infrastructure and distribution layers that facilitate tech adoption rather than chasing expensive multiples. The tiny new positions in Applied Materials (AMAT) and S&P Global (SPGI) might be "tracking positions," suggesting the firm is beginning to look at semiconductor equipment and financial data providers as potential future themes, perhaps as a way to play the "AI hardware" and "data-as-a-service" trends without overpaying.

Based on this allocation, we can infer that Brave Warrior Advisors is positioned for an economy that is moving past the fear of an immediate recession. The reduction in Energy (6.36%) and the exit from Kinetik Holdings (KNTK) suggest a move away from inflation-hedge assets, while the buildup in housing-related stocks (Real Estate and Industrials) suggests a belief that the "interest rate shock" to the housing market has been absorbed. The institution appears to be betting on a "normalization" cycle where credit remains available and the consumer remains the primary driver of GDP growth.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

The remainder of the top 10 reveals a "clustering" of themes. SLM (Sallie Mae) and Capital One (COF) reinforce the credit theme, while AutoNation (AN) , Lennar (LEN) , and Builders FirstSource (BLDR) form a powerful "Housing and Consumer Durables" block. The addition of Millrose Properties (MRP) at #6 is particularly noteworthy; a 60% increase in shares for a relatively new position (held for 0.75 years) indicates that Greenberg has found a new "high-conviction" target in the real estate space. MPLX provides a stable, high-yield energy component, acting as a "cash cow" within the portfolio.

The top 10 holdings show a clear preference for Large-Cap Value and Mid-Cap Cyclicals . There is almost no exposure to "pure growth" or "speculative tech." Instead, the portfolio is built on companies with tangible assets, dominant market shares, and the ability to generate significant free cash flow. The risk-return characteristic is one of "Concentrated Cyclicality"—the portfolio will likely outperform in a strengthening economy but could face significant volatility if credit markets tighten or consumer spending falters.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The "clustering" in this quarter is undeniable. Out of the top 8 additions, three are directly related to housing/construction (MRP, BLDR, LEN) and four are related to credit/financial services (SLM, COF, PRI, FG). This is a textbook example of "thematic investing." Greenberg is moving away from the "safety" of healthcare and energy and into the "cyclicality" of the domestic economy.

The total estimated addition amount across these top targets exceeds $320 million . Where did this money come from? It was largely funded by the reduction in Elevance Health (ELV) and the exit of Kinetik Holdings (KNTK). This is a classic "inventory reallocation." Greenberg is "selling the past" (managed care and energy infrastructure) to "buy the future" (housing and credit). This rotation increases the portfolio's offensiveness and its sensitivity to economic growth. It is a bold move that suggests the "Brave Warrior" is ready for a market rally driven by cyclical recovery rather than defensive stability.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The "quality" of these exits appears high. Greenberg is not "panic selling" distressed assets; rather, he is selling high-quality companies (ELV, RYAAY) that are facing changing industry dynamics or have reached a fair valuation. This is "active management" at its best—recycling capital from "stagnant" or "at-risk" sectors into "accelerating" ones. The exit of ICLR (ICON) and the minor trim of GOOGL are "tail cleanups," removing or reducing positions that were too small to move the needle for a $4B portfolio.

The overarching intent is clear: Concentration and Domestic Focus . Brave Warrior Advisors is narrowing its front lines. By exiting energy and managed care, the firm is becoming a "pure-play" on the US economic cycle. The reduction in SNX and OMF (minor) also suggests that Greenberg is willing to trim even his "favorites" to ensure he has enough capital to chase the new, higher-conviction opportunities in the housing and automotive sectors.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is as follows: 1. Sell the "Regulatory Trap" : Recognizing that managed care (ELV) faces a multi-year period of margin compression due to government policy. 2. Recycle into "Structural Shortages" : Identifying that the US housing market (LEN, BLDR, MRP) remains fundamentally undersupplied, creating a "floor" for earnings regardless of minor interest rate fluctuations. 3. Leverage the "Credit Resilient Consumer" : Doubling down on specialized lenders (SLM, OMF, COF) and automotive retail (AN), betting that the American consumer’s balance sheet is stronger than the "recession-callers" believe. 4. Maintain "Infrastructure Stability" : Keeping TD SYNNEX (SNX) as a core tech holding to capture the broad-based digital transformation without the "AI bubble" valuations.

For the retail investor, the reference value here is the courage to rotate . Many investors "marry" their winners (like ELV), holding them long after the fundamental environment has changed. Greenberg’s willingness to cut a top-3 position by 30% to fund new ideas is a masterclass in capital efficiency. However, his "concentrated" approach is institution-specific; he has the research depth to manage 33 stocks, whereas a retail investor might find such concentration dangerously volatile.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.