Reported portfolio
Glenn Greenberg
Brave Warrior Advisors, LLC
Last update 2026-08-14
- Reported portfolio value
- $4,588,428,000
- Current positions
- 40
- Top five concentration
- 46.2%
- Largest position
- 11.9%
- New positions
- 7
- Closed positions
- 3
Reported holdings
43 positions
| Company | Portfolio | Recent activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
ICLR ICON PUB LTD CO | 11.94% | Added 5.2% | 3,153,308+156,497 | $174 | $547,761,000+$216,134,000 | 13F2026-06-30 ↗ |
OMF ONEMAIN HLDGS INC | 10.08% | Reduced 1.5% | 7,585,152−118,155 | $61 | $462,467,000+$50,417,000 | 13F2026-06-30 ↗ |
SNX TD SYNNEX CORPORATION | 8.40% | Reduced 52.8% | 1,441,630−1,612,014 | $267 | $385,405,000−$129,775,000 | 13F2026-06-30 ↗ |
ELV ELEVANCE HEALTH INC FORMERLY | 8.23% | Reduced 13.0% | 976,885−145,423 | $387 | $377,791,000+$49,235,000 | 13F2026-06-30 ↗ |
SLM SLM CORP | 7.56% | Reduced 1.5% | 13,381,145−203,223 | $26 | $347,107,000+$56,266,000 | 13F2026-06-30 ↗ |
AJG GALLAGHER ARTHUR J & CO | 6.43% | New | 1,285,022+1,285,022 | $230 | $295,003,000+$295,003,000 | 13F2026-06-30 ↗ |
AN AUTONATION INC | 6.17% | Reduced 1.5% | 1,524,124−23,604 | $186 | $283,167,000−$19,042,000 | 13F2026-06-30 ↗ |
RYAAY RYANAIR HOLDINGS PLC | 5.59% | Added 30.2% | 3,958,684+919,308 | $65 | $256,325,000+$80,649,000 | 13F2026-06-30 ↗ |
PRI PRIMERICA INC | 5.36% | Reduced 1.5% | 865,863−13,460 | $284 | $246,078,000+$25,825,000 | 13F2026-06-30 ↗ |
LEN LENNAR CORP | 4.68% | Reduced 1.5% | 2,373,177−36,873 | $90 | $214,749,000+$5,460,000 | 13F2026-06-30 ↗ |
BLDR BUILDERS FIRSTSOURCE INC | 4.56% | Reduced 1.3% | 2,340,571−31,721 | $89 | $209,434,000+$14,123,000 | 13F2026-06-30 ↗ |
COF CAPITAL ONE FINL CORP | 4.32% | Reduced 1.5% | 988,973−15,331 | $201 | $198,408,000+$15,193,000 | 13F2026-06-30 ↗ |
MRP MILLROSE PPTYS INC | 3.95% | Reduced 29.2% | 6,030,725−2,485,172 | $30 | $181,223,000−$57,222,000 | 13F2026-06-30 ↗ |
MPLX MPLX LP | 3.90% | Reduced 2.2% | 3,180,534−72,990 | $56 | $179,159,000−$6,519,000 | 13F2026-06-30 ↗ |
FNF FIDELITY NATL FINL INC | 3.54% | Reduced 1.6% | 3,446,864−55,349 | $47 | $162,554,000+$121,000 | 13F2026-06-30 ↗ |
DHI D R HORTON INC | 2.43% | Reduced 1.3% | 684,478−9,083 | $163 | $111,488,000+$16,317,000 | 13F2026-06-30 ↗ |
FG F&G ANNUITIES & LIFE INC | 1.44% | Reduced 53.6% | 2,482,417−2,870,724 | $27 | $66,007,000−$69,534,000 | 13F2026-06-30 ↗ |
AM ANTERO MIDSTREAM CORP | 0.90% | Reduced 0.9% | 1,823,631−16,248 | $23 | $41,488,000−$462,000 | 13F2026-06-30 ↗ |
GOOGL ALPHABET INC | 0.16% | Unchanged | 20,258 | $357 | $7,240,000+$1,414,000 | 13F2026-06-30 ↗ |
HCA HCA HEALTHCARE INC | 0.04% | Added 262.6% | 4,833+3,500 | $390 | $1,884,000+$1,254,000 | 13F2026-06-30 ↗ |
JPM JPMORGAN CHASE & CO | 0.04% | Unchanged | 5,643 | $327 | $1,847,000+$187,000 | 13F2026-06-30 ↗ |
SUNB SUNBELT RENTALS HOLDINGS INC | 0.04% | Unchanged | 23,762 | $75 | $1,778,000+$231,000 | 13F2026-06-30 ↗ |
MSFT MICROSOFT CORP | 0.03% | Added 111.1% | 4,275+2,250 | $373 | $1,595,000+$845,000 | 13F2026-06-30 ↗ |
GOOG ALPHABET INC | 0.03% | Unchanged | 3,790 | $353 | $1,339,000+$252,000 | 13F2026-06-30 ↗ |
BAC BANK OF AMER CORP | 0.02% | Unchanged | 14,532 | $57 | $828,000+$120,000 | 13F2026-06-30 ↗ |
CMCSA COMCAST CORP NEW | 0.02% | Unchanged | 31,094 | $25 | $763,000−$129,000 | 13F2026-06-30 ↗ |
AMAT APPLIED MATLS INC | 0.02% | Unchanged | 961 | $723 | $695,000+$366,000 | 13F2026-06-30 ↗ |
AMZN AMAZON COM INC | 0.01% | Added 89.3% | 2,650+1,250 | $238 | $632,000+$340,000 | 13F2026-06-30 ↗ |
MA MASTERCARD INCORPORATED | 0.01% | Added 177.7% | 1,172+750 | $514 | $602,000+$391,000 | 13F2026-06-30 ↗ |
SPGI S&P GLOBAL INC | 0.01% | New | 1,401+1,401 | $407 | $571,000+$571,000 | 13F2026-06-30 ↗ |
NU NU HLDGS LTD | 0.01% | New | 40,000+40,000 | $13 | $534,000+$534,000 | 13F2026-06-30 ↗ |
MAR MARRIOTT INTL INC NEW | 0.01% | Unchanged | 1,194 | $371 | $442,000+$52,000 | 13F2026-06-30 ↗ |
PGR PROGRESSIVE CORP | 0.01% | Unchanged | 1,789 | $218 | $391,000+$36,000 | 13F2026-06-30 ↗ |
TXN TEXAS INSTRS INC | 0.01% | New | 1,010+1,010 | $298 | $301,000+$301,000 | 13F2026-06-30 ↗ |
ET ENERGY TRANSFER L P | 0.01% | Unchanged | 15,000 | $19 | $287,000−$3,000 | 13F2026-06-30 ↗ |
ADI ANALOG DEVICES INC | 0.01% | New | 612+612 | $397 | $243,000+$243,000 | 13F2026-06-30 ↗ |
MCO MOODYS CORP | 0.00% | Unchanged | 471 | $453 | $213,000+$8,000 | 13F2026-06-30 ↗ |
V VISA INC | 0.00% | New | 618+618 | $343 | $212,000+$212,000 | 13F2026-06-30 ↗ |
META META PLATFORMS INC | 0.00% | Unchanged | 373 | $563 | $210,000−$3,000 | 13F2026-06-30 ↗ |
UNH UNITEDHEALTH GROUP INC | 0.00% | New | 499+499 | $416 | $207,000+$207,000 | 13F2026-06-30 ↗ |
ARES ARES MANAGEMENT CORPORATION | 0.00% | Exited | 0−5,000 | $109 | $0−$546,000 | 13F2026-06-30 ↗ |
APO APOLLO GLOBAL MGMT INC | 0.00% | Exited | 0−4,500 | $111 | $0−$501,000 | 13F2026-06-30 ↗ |
FAF FIRST AMERN FINL CORP | 0.00% | Exited | 0−5,000 | $60 | $0−$301,000 | 13F2026-06-30 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ICLR | ICON PUB LTD CO | 11.94% | 3,153,308 | $547,761,000 |
| OMF | ONEMAIN HLDGS INC | 10.08% | 7,585,152 | $462,467,000 |
| SNX | TD SYNNEX CORPORATION | 8.40% | 1,441,630 | $385,405,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 8.23% | 976,885 | $377,791,000 |
| SLM | SLM CORP | 7.56% | 13,381,145 | $347,107,000 |
| AJG | GALLAGHER ARTHUR J & CO | 6.43% | 1,285,022 | $295,003,000 |
| AN | AUTONATION INC | 6.17% | 1,524,124 | $283,167,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 5.59% | 3,958,684 | $256,325,000 |
| PRI | PRIMERICA INC | 5.36% | 865,863 | $246,078,000 |
| LEN | LENNAR CORP | 4.68% | 2,373,177 | $214,749,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 4.56% | 2,340,571 | $209,434,000 |
| COF | CAPITAL ONE FINL CORP | 4.32% | 988,973 | $198,408,000 |
| MRP | MILLROSE PPTYS INC | 3.95% | 6,030,725 | $181,223,000 |
| MPLX | MPLX LP | 3.90% | 3,180,534 | $179,159,000 |
| FNF | FIDELITY NATL FINL INC | 3.54% | 3,446,864 | $162,554,000 |
| DHI | D R HORTON INC | 2.43% | 684,478 | $111,488,000 |
| FG | F&G ANNUITIES & LIFE INC | 1.44% | 2,482,417 | $66,007,000 |
| AM | ANTERO MIDSTREAM CORP | 0.90% | 1,823,631 | $41,488,000 |
| GOOGL | ALPHABET INC | 0.16% | 20,258 | $7,240,000 |
| HCA | HCA HEALTHCARE INC | 0.04% | 4,833 | $1,884,000 |
| JPM | JPMORGAN CHASE & CO | 0.04% | 5,643 | $1,847,000 |
| SUNB | SUNBELT RENTALS HOLDINGS INC | 0.04% | 23,762 | $1,778,000 |
| MSFT | MICROSOFT CORP | 0.03% | 4,275 | $1,595,000 |
| GOOG | ALPHABET INC | 0.03% | 3,790 | $1,339,000 |
| BAC | BANK OF AMER CORP | 0.02% | 14,532 | $828,000 |
| CMCSA | COMCAST CORP NEW | 0.02% | 31,094 | $763,000 |
| AMAT | APPLIED MATLS INC | 0.02% | 961 | $695,000 |
| AMZN | AMAZON COM INC | 0.01% | 2,650 | $632,000 |
| MA | MASTERCARD INCORPORATED | 0.01% | 1,172 | $602,000 |
| SPGI | S&P GLOBAL INC | 0.01% | 1,401 | $571,000 |
| NU | NU HLDGS LTD | 0.01% | 40,000 | $534,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $442,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,789 | $391,000 |
| TXN | TEXAS INSTRS INC | 0.01% | 1,010 | $301,000 |
| ET | ENERGY TRANSFER L P | 0.01% | 15,000 | $287,000 |
| ADI | ANALOG DEVICES INC | 0.01% | 612 | $243,000 |
| MCO | MOODYS CORP | 0.00% | 471 | $213,000 |
| V | VISA INC | 0.00% | 618 | $212,000 |
| META | META PLATFORMS INC | 0.00% | 373 | $210,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.00% | 499 | $207,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SNX | TD SYNNEX CORPORATION | 12.75% | 3,053,644 | $515,180,000 |
| OMF | ONEMAIN HLDGS INC | 10.20% | 7,703,307 | $412,050,000 |
| ICLR | ICON PLC | 8.21% | 2,996,811 | $331,627,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 8.13% | 1,122,308 | $328,556,000 |
| AN | AUTONATION INC | 7.48% | 1,547,728 | $302,209,000 |
| SLM | SLM CORP | 7.20% | 13,584,368 | $290,841,000 |
| MRP | MILLROSE PPTYS INC | 5.90% | 8,515,897 | $238,445,000 |
| PRI | PRIMERICA INC | 5.45% | 879,323 | $220,253,000 |
| LEN | LENNAR CORP | 5.18% | 2,410,050 | $209,289,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 4.83% | 2,372,292 | $195,311,000 |
| MPLX | MPLX LP | 4.60% | 3,253,524 | $185,679,000 |
| COF | CAPITAL ONE FINL CORP | 4.53% | 1,004,304 | $183,215,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 4.35% | 3,039,376 | $175,676,000 |
| FNF | FIDELITY NATL FINL INC | 4.02% | 3,502,213 | $162,433,000 |
| FG | F&G ANNUITIES & LIFE INC | 3.35% | 5,353,141 | $135,542,000 |
| DHI | D R HORTON INC | 2.36% | 693,561 | $95,170,000 |
| AM | ANTERO MIDSTREAM CORP | 1.04% | 1,839,879 | $41,949,000 |
| GOOGL | ALPHABET INC | 0.14% | 20,258 | $5,825,000 |
| JPM | JPMORGAN CHASE & CO | 0.04% | 5,643 | $1,660,000 |
| SUNB | SUNBELT RENTALS HOLDINGS INC | 0.04% | 23,762 | $1,547,000 |
| GOOG | ALPHABET INC | 0.03% | 3,790 | $1,087,000 |
| CMCSA | COMCAST CORP NEW | 0.02% | 31,094 | $893,000 |
| MSFT | MICROSOFT CORP | 0.02% | 2,025 | $750,000 |
| BAC | BANK AMERICA CORP | 0.02% | 14,532 | $708,000 |
| HCA | HCA HEALTHCARE INC | 0.02% | 1,333 | $631,000 |
| ARES | ARES MANAGEMENT CORPORATION | 0.01% | 5,000 | $546,000 |
| APO | APOLLO GLOBAL MGMT INC | 0.01% | 4,500 | $501,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $391,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,789 | $355,000 |
| AMAT | APPLIED MATLS INC | 0.01% | 961 | $328,000 |
| FAF | FIRST AMERN FINL CORP | 0.01% | 5,000 | $301,000 |
| AMZN | AMAZON COM INC | 0.01% | 1,400 | $292,000 |
| ET | ENERGY TRANSFER L P | 0.01% | 15,000 | $290,000 |
| META | META PLATFORMS INC | 0.01% | 373 | $213,000 |
| MA | MASTERCARD INCORPORATED | 0.01% | 422 | $211,000 |
| MCO | MOODYS CORP | 0.01% | 471 | $205,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| OMF | ONEMAIN HLDGS INC | 12.25% | 7,739,293 | $522,789,000 |
| SNX | TD SYNNEX CORPORATION | 11.13% | 3,163,239 | $475,213,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 10.28% | 1,251,803 | $438,820,000 |
| SLM | SLM CORP | 8.13% | 12,831,965 | $347,233,000 |
| AN | AUTONATION INC | 7.51% | 1,552,741 | $320,610,000 |
| MRP | MILLROSE PPTYS INC | 6.02% | 8,600,224 | $256,889,000 |
| LEN | LENNAR CORP | 5.81% | 2,411,414 | $247,893,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 5.73% | 2,379,145 | $244,790,000 |
| COF | CAPITAL ONE FINL CORP | 5.73% | 1,008,862 | $244,508,000 |
| MPLX | MPLX LP | 5.59% | 4,474,115 | $238,784,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 5.17% | 3,056,698 | $220,663,000 |
| PRI | PRIMERICA INC | 4.72% | 780,125 | $201,553,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 4.50% | 3,519,089 | $192,107,000 |
| FG | F&G ANNUITIES & LIFE INC | 3.89% | 5,377,029 | $165,881,000 |
| DHI | D R HORTON INC | 2.37% | 701,822 | $101,083,000 |
| AM | ANTERO MIDSTREAM CORP | 0.77% | 1,847,972 | $32,875,000 |
| GOOGL | ALPHABET INC | 0.15% | 20,258 | $6,341,000 |
| HCA | HCA HEALTHCARE INC | 0.04% | 3,923 | $1,831,000 |
| JPM | JPMORGAN CHASE & CO. | 0.04% | 5,643 | $1,818,000 |
| BAC | BANK AMERICA CORP | 0.03% | 26,532 | $1,459,000 |
| GOOG | ALPHABET INC | 0.03% | 3,790 | $1,189,000 |
| CMCSA | COMCAST CORP NEW | 0.02% | 31,094 | $929,000 |
| USB | US BANCORP DEL | 0.02% | 15,000 | $800,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $398,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $370,000 |
| AMZN | AMAZON COM INC | 0.01% | 1,400 | $323,000 |
| MSFT | MICROSOFT CORP | 0.01% | 525 | $254,000 |
| AMAT | APPLIED MATLS INC | 0.01% | 961 | $247,000 |
| MA | MASTERCARD INCORPORATED | 0.01% | 422 | $241,000 |
| MCO | MOODYS CORP | 0.01% | 471 | $241,000 |
| META | META PLATFORMS INC | 0.01% | 338 | $223,000 |
| V | VISA INC | 0.01% | 618 | $217,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 401 | $210,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ELEVANCE HEALTH INC FORMERLY | 13.76% | 1,834,002 | $592,603,000 |
| SNX | TD SYNNEX CORPORATION | 12.45% | 3,275,293 | $536,329,000 |
| OMF | ONEMAIN HLDGS INC | 10.22% | 7,794,270 | $440,064,000 |
| SLM | SLM CORP | 7.49% | 11,659,418 | $322,733,000 |
| AN | AUTONATION INC | 6.17% | 1,214,043 | $265,596,000 |
| LEN | LENNAR CORP | 5.87% | 2,005,506 | $252,774,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 5.71% | 4,084,246 | $245,953,000 |
| MPLX | MPLX LP | 5.18% | 4,467,474 | $223,150,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 5.08% | 1,805,381 | $218,902,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 4.90% | 3,489,314 | $211,069,000 |
| PRI | PRIMERICA INC | 4.85% | 752,989 | $209,022,000 |
| COF | CAPITAL ONE FINL CORP | 4.76% | 964,730 | $205,082,000 |
| MRP | MILLROSE PPTYS INC | 4.19% | 5,375,592 | $180,674,000 |
| FG | F&G ANNUITIES & LIFE INC | 3.79% | 5,218,977 | $163,197,000 |
| DHI | D R HORTON INC | 2.79% | 708,681 | $120,100,000 |
| KNTK | KINETIK HOLDINGS INC | 1.60% | 1,608,928 | $68,766,000 |
| AM | ANTERO MIDSTREAM CORP | 0.84% | 1,865,330 | $36,262,000 |
| GOOGL | ALPHABET INC | 0.12% | 21,858 | $5,314,000 |
| JPM | JPMORGAN CHASE & CO. | 0.04% | 5,643 | $1,780,000 |
| HCA | HCA HEALTHCARE INC | 0.04% | 3,923 | $1,672,000 |
| BAC | BANK AMERICA CORP | 0.03% | 26,532 | $1,369,000 |
| CMCSA | COMCAST CORP NEW | 0.02% | 31,094 | $977,000 |
| GOOG | ALPHABET INC | 0.02% | 3,790 | $923,000 |
| USB | US BANCORP DEL | 0.02% | 15,000 | $725,000 |
| ICLR | ICON PLC | 0.01% | 3,000 | $525,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $431,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $311,000 |
| AMZN | AMAZON COM INC | 0.01% | 1,400 | $307,000 |
| MSFT | MICROSOFT CORP | 0.01% | 525 | $272,000 |
| META | META PLATFORMS INC | 0.01% | 338 | $248,000 |
| MA | MASTERCARD INCORPORATED | 0.01% | 422 | $240,000 |
| MCO | MOODYS CORP | 0.01% | 471 | $224,000 |
| V | VISA INC | 0.00% | 618 | $211,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SNX | TD SYNNEX CORPORATION | 11.72% | 3,768,551 | $511,392,000 |
| OMF | ONEMAIN HLDGS INC | 10.28% | 7,870,085 | $448,595,000 |
| ELV | ELEVANCE HEALTH INC | 9.89% | 1,109,653 | $431,611,000 |
| COF | CAPITAL ONE FINL CORP | 8.94% | 1,832,991 | $389,987,000 |
| SLM | SLM CORP | 7.92% | 10,540,905 | $345,636,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 7.11% | 5,379,089 | $310,212,000 |
| AN | AUTONATION INC | 5.53% | 1,214,510 | $241,262,000 |
| LEN | LENNAR CORP | 5.47% | 2,157,127 | $238,600,000 |
| PRI | PRIMERICA INC | 5.17% | 823,992 | $225,502,000 |
| MRP | MILLROSE PPTYS INC | 5.14% | 7,861,690 | $224,137,000 |
| MPLX | MPLX LP | 5.05% | 4,275,033 | $220,207,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 4.89% | 1,827,261 | $213,223,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 4.48% | 3,487,158 | $195,490,000 |
| FG | F&G ANNUITIES & LIFE INC | 3.83% | 5,222,765 | $167,024,000 |
| DHI | D R HORTON INC | 3.42% | 1,156,272 | $149,067,000 |
| AM | ANTERO MIDSTREAM CORP | 0.82% | 1,897,776 | $35,963,000 |
| GOOGL | ALPHABET INC | 0.09% | 21,858 | $3,852,000 |
| JPM | JPMORGAN CHASE & CO. | 0.04% | 5,643 | $1,636,000 |
| HCA | HCA HEALTHCARE INC | 0.03% | 3,923 | $1,503,000 |
| BAC | BANK AMERICA CORP | 0.03% | 26,532 | $1,255,000 |
| CMCSA | COMCAST CORP NEW | 0.03% | 31,094 | $1,110,000 |
| ICLR | ICON PLC | 0.02% | 5,000 | $727,000 |
| USB | US BANCORP DEL | 0.02% | 15,000 | $679,000 |
| GOOG | ALPHABET INC | 0.02% | 3,790 | $672,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.01% | 1,499 | $468,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $466,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $326,000 |
| AMZN | AMAZON COM INC | 0.01% | 1,400 | $307,000 |
| MSFT | MICROSOFT CORP | 0.01% | 525 | $261,000 |
| META | META PLATFORMS INC | 0.01% | 338 | $249,000 |
| MA | MASTERCARD INCORPORATED | 0.01% | 422 | $237,000 |
| MCO | MOODYS CORP | 0.01% | 471 | $236,000 |
| V | VISA INC | 0.01% | 618 | $219,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 401 | $211,000 |
| TXN | TEXAS INSTRS INC | 0.00% | 1,010 | $210,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ELEVANCE HEALTH INC | 15.72% | 1,577,570 | $686,180,000 |
| SNX | TD SYNNEX CORPORATION | 9.71% | 4,076,466 | $423,789,000 |
| OMF | ONEMAIN HLDGS INC | 8.22% | 7,343,636 | $358,957,000 |
| SLM | SLM CORP | 6.36% | 9,455,374 | $277,704,000 |
| — | DISCOVER FINL SVCS | 6.29% | 1,608,880 | $274,636,000 |
| LEN | LENNAR CORP | 5.76% | 2,189,608 | $251,323,000 |
| PRI | PRIMERICA INC | 5.44% | 834,654 | $237,484,000 |
| MPLX | MPLX LP | 5.35% | 4,364,086 | $233,566,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 5.31% | 5,476,889 | $232,056,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 5.27% | 3,533,961 | $229,990,000 |
| MRP | MILLROSE PPTYS INC | 4.83% | 7,958,813 | $210,988,000 |
| FG | F&G ANNUITIES & LIFE INC | 4.37% | 5,289,163 | $190,674,000 |
| AN | AUTONATION INC | 4.19% | 1,130,055 | $182,979,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 3.55% | 1,241,578 | $155,123,000 |
| DHI | D R HORTON INC | 3.42% | 1,174,997 | $149,377,000 |
| COF | CAPITAL ONE FINL CORP | 2.59% | 631,553 | $113,237,000 |
| LAD | LITHIA MTRS INC | 2.57% | 381,889 | $112,100,000 |
| AM | ANTERO MIDSTREAM CORP | 0.79% | 1,918,528 | $34,534,000 |
| GOOGL | ALPHABET INC | 0.08% | 21,858 | $3,380,000 |
| JPM | JPMORGAN CHASE & CO. | 0.03% | 5,643 | $1,384,000 |
| CMCSA | COMCAST CORP NEW | 0.03% | 31,094 | $1,147,000 |
| ICLR | ICON PLC | 0.02% | 5,000 | $875,000 |
| HCA | HCA HEALTHCARE INC | 0.02% | 1,923 | $664,000 |
| BAC | BANK AMERICA CORP | 0.01% | 14,532 | $606,000 |
| GOOG | ALPHABET INC | 0.01% | 3,790 | $592,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $494,000 |
| MSFT | MICROSOFT CORP | 0.01% | 1,275 | $479,000 |
| ALLY | ALLY FINL INC | 0.01% | 10,000 | $365,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $284,000 |
| AMZN | AMAZON COM INC | 0.01% | 1,400 | $266,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.01% | 499 | $261,000 |
| MA | MASTERCARD INCORPORATED | 0.01% | 422 | $231,000 |
| MCO | MOODYS CORP | 0.01% | 471 | $219,000 |
| V | VISA INC | 0.00% | 618 | $217,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 401 | $204,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ELEVANCE HEALTH INC | 14.96% | 1,629,977 | $601,299,000 |
| SNX | TD SYNNEX CORPORATION | 12.10% | 4,147,172 | $486,380,000 |
| — | DISCOVER FINL SVCS | 10.88% | 2,523,965 | $437,226,000 |
| OMF | ONEMAIN HLDGS INC | 9.65% | 7,437,670 | $387,726,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 8.34% | 5,973,131 | $335,332,000 |
| AN | AUTONATION INC | 6.17% | 1,461,213 | $248,172,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 6.08% | 5,604,258 | $244,290,000 |
| LEN | LENNAR CORP | 6.02% | 1,774,390 | $241,974,000 |
| PRI | PRIMERICA INC | 5.77% | 853,864 | $231,756,000 |
| FG | F&G ANNUITIES & LIFE INC | 5.57% | 5,400,441 | $223,794,000 |
| LAD | LITHIA MTRS INC | 5.45% | 612,566 | $218,949,000 |
| MPLX | MPLX LP | 5.26% | 4,418,154 | $211,453,000 |
| DHI | D R HORTON INC | 2.72% | 781,527 | $109,273,000 |
| AM | ANTERO MIDSTREAM CORP | 0.73% | 1,932,840 | $29,167,000 |
| GOOGL | ALPHABET INC | 0.10% | 21,858 | $4,138,000 |
| JPM | JPMORGAN CHASE & CO. | 0.03% | 5,643 | $1,353,000 |
| CMCSA | COMCAST CORP NEW | 0.03% | 31,094 | $1,167,000 |
| HCA | HCA HEALTHCARE INC | 0.03% | 3,373 | $1,012,000 |
| GOOG | ALPHABET INC | 0.02% | 3,790 | $722,000 |
| BAC | BANK AMERICA CORP | 0.02% | 14,532 | $639,000 |
| ICLR | ICON PLC | 0.02% | 3,000 | $629,000 |
| MSFT | MICROSOFT CORP | 0.01% | 1,275 | $537,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $418,000 |
| ALLY | ALLY FINL INC | 0.01% | 10,000 | $360,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $333,000 |
| AMZN | AMAZON COM INC | 0.01% | 1,400 | $307,000 |
| COF | CAPITAL ONE FINL CORP | 0.01% | 1,500 | $267,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.01% | 499 | $252,000 |
| MCO | MOODYS CORP | 0.01% | 471 | $223,000 |
| MA | MASTERCARD INCORPORATED | 0.01% | 422 | $222,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ELEVANCE HEALTH INC | 17.71% | 1,641,413 | $853,535,000 |
| — | DISCOVER FINL SVCS | 10.06% | 3,454,706 | $484,661,000 |
| SNX | TD SYNNEX CORPORATION | 9.21% | 3,695,615 | $443,769,000 |
| PRI | PRIMERICA INC | 8.03% | 1,460,171 | $387,164,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 7.74% | 6,010,352 | $373,002,000 |
| OMF | ONEMAIN HLDGS INC | 7.23% | 7,402,222 | $348,423,000 |
| LEN | LENNAR CORP | 6.93% | 1,780,852 | $333,874,000 |
| APO | APOLLO GLOBAL MGMT INC | 5.90% | 2,277,466 | $284,478,000 |
| LAD | LITHIA MTRS INC | 5.63% | 854,551 | $271,440,000 |
| FG | F&G ANNUITIES & LIFE INC | 5.06% | 5,456,170 | $244,000,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 4.78% | 5,104,019 | $230,600,000 |
| MPLX | MPLX LP | 4.09% | 4,432,966 | $197,090,000 |
| AN | AUTONATION INC | 3.61% | 972,309 | $173,966,000 |
| DHI | D R HORTON INC | 3.18% | 803,061 | $153,200,000 |
| AM | ANTERO MIDSTREAM CORP | 0.59% | 1,898,932 | $28,579,000 |
| GOOGL | ALPHABET INC | 0.08% | 21,858 | $3,625,000 |
| HCA | HCA HEALTHCARE INC | 0.03% | 3,373 | $1,371,000 |
| CMCSA | COMCAST CORP NEW | 0.03% | 31,094 | $1,299,000 |
| JPM | JPMORGAN CHASE & CO. | 0.02% | 5,643 | $1,190,000 |
| BAC | BANK AMERICA CORP | 0.02% | 22,532 | $894,000 |
| GOOG | ALPHABET INC | 0.01% | 3,790 | $634,000 |
| DLTR | DOLLAR TREE INC | 0.01% | 7,126 | $501,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $443,000 |
| ALLY | ALLY FINL INC | 0.01% | 10,000 | $356,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $297,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.01% | 499 | $292,000 |
| AMZN | AMAZON COM INC | 0.01% | 1,400 | $261,000 |
| MSFT | MICROSOFT CORP | 0.00% | 525 | $226,000 |
| MCO | MOODYS CORP | 0.00% | 471 | $224,000 |
| TXN | TEXAS INSTRS INC | 0.00% | 1,010 | $209,000 |
| MA | MASTERCARD INCORPORATED | 0.00% | 422 | $208,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 401 | $207,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ELEVANCE HEALTH INC | 19.61% | 1,633,127 | $884,926,000 |
| — | DISCOVER FINL SVCS | 10.03% | 3,460,972 | $452,730,000 |
| PRI | PRIMERICA INC | 9.91% | 1,890,013 | $447,139,000 |
| APO | APOLLO GLOBAL MGMT INC | 9.89% | 3,779,701 | $446,269,000 |
| SNX | TD SYNNEX CORPORATION | 8.50% | 3,322,046 | $383,364,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 8.07% | 7,367,533 | $364,103,000 |
| OMF | ONEMAIN HLDGS INC | 7.81% | 7,270,177 | $352,531,000 |
| LEN | LENNAR CORP | 5.27% | 1,585,312 | $237,591,000 |
| FG | F&G ANNUITIES & LIFE INC | 5.10% | 6,049,364 | $230,178,000 |
| LAD | LITHIA MTRS INC | 4.78% | 855,172 | $215,888,000 |
| MPLX | MPLX LP | 4.00% | 4,235,478 | $180,389,000 |
| AN | AUTONATION INC | 3.46% | 979,235 | $156,070,000 |
| DHI | D R HORTON INC | 2.52% | 805,923 | $113,579,000 |
| AM | ANTERO MIDSTREAM CORP | 0.68% | 2,090,289 | $30,811,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 0.13% | 49,640 | $5,780,000 |
| GOOGL | ALPHABET INC | 0.09% | 21,858 | $3,981,000 |
| HCA | HCA HEALTHCARE INC | 0.03% | 3,873 | $1,244,000 |
| CMCSA | COMCAST CORP NEW | 0.03% | 31,094 | $1,218,000 |
| JPM | JPMORGAN CHASE & CO. | 0.03% | 5,643 | $1,141,000 |
| BAC | BANK AMERICA CORP | 0.02% | 22,532 | $896,000 |
| GOOG | ALPHABET INC | 0.02% | 3,790 | $695,000 |
| AMZN | AMAZON COM INC | 0.01% | 2,200 | $425,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $363,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.01% | 610 | $311,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $289,000 |
| MSFT | MICROSOFT CORP | 0.01% | 525 | $235,000 |
| AMAT | APPLIED MATLS INC | 0.01% | 961 | $227,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ELEVANCE HEALTH INC | 17.85% | 1,645,837 | $853,432,000 |
| PRI | PRIMERICA INC | 10.66% | 2,015,052 | $509,728,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 10.08% | 9,076,731 | $481,974,000 |
| — | DISCOVER FINL SVCS | 9.08% | 3,310,077 | $433,918,000 |
| APO | APOLLO GLOBAL MGMT INC | 8.95% | 3,804,384 | $427,803,000 |
| SNX | TD SYNNEX CORPORATION | 7.24% | 3,061,083 | $346,208,000 |
| OMF | ONEMAIN HLDGS INC | 7.13% | 6,672,264 | $340,886,000 |
| JPM | JPMORGAN CHASE & CO | 5.44% | 1,298,628 | $260,115,000 |
| FG | F&G ANNUITIES & LIFE INC | 5.16% | 6,087,883 | $246,864,000 |
| LAD | LITHIA MTRS INC | 4.83% | 767,501 | $230,910,000 |
| LEN | LENNAR CORP | 3.65% | 1,014,441 | $174,464,000 |
| AN | AUTONATION INC | 3.25% | 937,763 | $155,275,000 |
| DHI | D R HORTON INC | 2.79% | 810,136 | $133,308,000 |
| MPLX | MPLX LP | 2.63% | 3,025,609 | $125,744,000 |
| AM | ANTERO MIDSTREAM CORP | 0.63% | 2,149,129 | $30,217,000 |
| LPX | LOUISIANA PAC CORP | 0.39% | 224,598 | $18,846,000 |
| GOOGL | ALPHABET INC | 0.07% | 21,858 | $3,299,000 |
| CMCSA | COMCAST CORP NEW | 0.03% | 31,094 | $1,348,000 |
| HCA | HCA HEALTHCARE INC | 0.03% | 3,873 | $1,292,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 0.02% | 6,526 | $950,000 |
| BAC | BANK AMERICA CORP | 0.02% | 22,532 | $854,000 |
| GOOG | ALPHABET INC | 0.01% | 3,790 | $577,000 |
| AMZN | AMAZON COM INC | 0.01% | 2,700 | $487,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $361,000 |
| WFC | WELLS FARGO CO NEW | 0.01% | 5,250 | $304,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.01% | 610 | $302,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $301,000 |
| MSFT | MICROSOFT CORP | 0.00% | 525 | $221,000 |
| MA | MASTERCARD INCORPORATED | 0.00% | 422 | $203,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ELEVANCE HEALTH INC | 19.76% | 1,756,653 | $828,367,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 11.50% | 9,450,324 | $482,156,000 |
| PRI | PRIMERICA INC | 10.38% | 2,113,726 | $434,920,000 |
| APO | APOLLO GLOBAL MGMT INC | 10.01% | 4,503,321 | $419,664,000 |
| OMF | ONEMAIN HLDGS INC | 7.53% | 6,416,800 | $315,707,000 |
| — | DISCOVER FINL SVCS | 7.06% | 2,633,167 | $295,968,000 |
| FG | F&G ANNUITIES & LIFE INC | 6.82% | 6,217,094 | $285,986,000 |
| JPM | JPMORGAN CHASE & CO | 6.72% | 1,656,158 | $281,712,000 |
| LAD | LITHIA MTRS INC | 6.47% | 823,982 | $271,321,000 |
| RJF | RAYMOND JAMES FINL INC | 5.69% | 2,137,186 | $238,296,000 |
| DHI | D R HORTON INC | 2.78% | 767,358 | $116,623,000 |
| LEN | LENNAR CORP | 2.03% | 571,567 | $85,186,000 |
| ABG | ASBURY AUTOMOTIVE GROUP INC | 1.49% | 278,367 | $62,624,000 |
| AM | ANTERO MIDSTREAM CORP | 0.67% | 2,225,260 | $27,883,000 |
| AN | AUTONATION INC | 0.44% | 122,435 | $18,387,000 |
| LPX | LOUISIANA PAC CORP | 0.39% | 229,739 | $16,272,000 |
| GOOGL | ALPHABET INC | 0.07% | 21,858 | $3,053,000 |
| CMCSA | COMCAST CORP NEW | 0.03% | 31,094 | $1,363,000 |
| HCA | HCA HEALTHCARE INC | 0.03% | 3,873 | $1,048,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 0.02% | 6,526 | $870,000 |
| BAC | BANK AMERICA CORP | 0.02% | 22,532 | $759,000 |
| MPLX | MPLX LP | 0.01% | 17,000 | $624,000 |
| GOOG | ALPHABET INC | 0.01% | 3,790 | $534,000 |
| AMZN | AMAZON COM INC | 0.01% | 2,700 | $410,000 |
| MSFT | MICROSOFT CORP | 0.01% | 1,025 | $385,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.01% | 610 | $321,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $278,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $269,000 |
| WFC | WELLS FARGO CO NEW | 0.01% | 5,250 | $258,000 |
| KEY | KEYCORP | 0.00% | 10,000 | $144,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ELEVANCE HEALTH INC | 17.69% | 1,627,598 | $708,689,000 |
| APO | APOLLO GLOBAL MGMT INC | 15.22% | 6,790,296 | $609,497,000 |
| PRI | PRIMERICA INC | 10.25% | 2,116,006 | $410,526,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 9.79% | 9,496,172 | $392,192,000 |
| LAD | LITHIA MTRS INC | 6.51% | 882,908 | $260,749,000 |
| JPM | JPMORGAN CHASE & CO | 6.02% | 1,663,540 | $241,247,000 |
| RJF | RAYMOND JAMES FINL INC | 5.37% | 2,140,707 | $214,991,000 |
| OMF | ONEMAIN HLDGS INC | 5.30% | 5,298,634 | $212,422,000 |
| — | DISCOVER FINL SVCS | 5.15% | 2,381,258 | $206,288,000 |
| FG | F&G ANNUITIES & LIFE INC | 4.69% | 6,689,916 | $187,719,000 |
| URI | UNITED RENTALS INC | 4.65% | 418,615 | $186,104,000 |
| DHI | D R HORTON INC | 3.25% | 1,209,787 | $130,016,000 |
| LEN | LENNAR CORP | 2.84% | 1,013,938 | $113,794,000 |
| ABG | ASBURY AUTOMOTIVE GROUP INC | 1.58% | 275,266 | $63,330,000 |
| AM | ANTERO MIDSTREAM CORP | 0.67% | 2,233,155 | $26,753,000 |
| AN | AUTONATION INC | 0.45% | 119,707 | $18,124,000 |
| LPX | LOUISIANA PAC CORP | 0.32% | 231,070 | $12,771,000 |
| GOOGL | ALPHABET INC | 0.07% | 21,838 | $2,858,000 |
| CMCSA | COMCAST CORP NEW | 0.03% | 31,094 | $1,379,000 |
| MCO | MOODYS CORP | 0.02% | 3,150 | $996,000 |
| GOOG | ALPHABET INC | 0.02% | 6,900 | $910,000 |
| BC | BRUNSWICK CORP | 0.01% | 6,828 | $539,000 |
| MPLX | MPLX LP | 0.01% | 12,000 | $427,000 |
| BAC | BANK AMERICA CORP | 0.01% | 14,532 | $398,000 |
| MSFT | MICROSOFT CORP | 0.01% | 1,225 | $387,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.01% | 710 | $358,000 |
| AMZN | AMAZON COM INC | 0.01% | 2,700 | $343,000 |
| FAF | FIRST AMERN FINL CORP | 0.01% | 6,000 | $339,000 |
| HCA | HCA HEALTHCARE INC | 0.01% | 1,373 | $338,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 0.01% | 10,000 | $274,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $243,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $235,000 |
| ICLR | ICON PLC | 0.01% | 950 | $234,000 |
| WFC | WELLS FARGO CO NEW | 0.01% | 5,250 | $215,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| APO | APOLLO GLOBAL MGMT INC | 15.98% | 7,874,383 | $604,831,000 |
| ELV | ELEVANCE HEALTH INC | 15.51% | 1,321,272 | $587,028,000 |
| PRI | PRIMERICA INC | 11.20% | 2,144,014 | $424,000,000 |
| LAD | LITHIA MTRS INC | 9.22% | 1,147,259 | $348,893,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 8.65% | 9,088,063 | $327,170,000 |
| JPM | JPMORGAN CHASE & CO | 6.49% | 1,687,718 | $245,462,000 |
| OMF | ONEMAIN HLDGS INC | 6.18% | 5,351,633 | $233,813,000 |
| URI | UNITED RENTALS INC | 6.16% | 523,827 | $233,297,000 |
| RJF | RAYMOND JAMES FINL INC | 5.93% | 2,164,307 | $224,590,000 |
| DHI | D R HORTON INC | 4.58% | 1,423,724 | $173,253,000 |
| FG | F&G ANNUITIES & LIFE INC | 4.45% | 6,794,158 | $168,359,000 |
| LEN | LENNAR CORP | 2.39% | 723,116 | $90,614,000 |
| ABG | ASBURY AUTOMOTIVE GROUP INC | 1.76% | 276,566 | $66,492,000 |
| AM | ANTERO MIDSTREAM CORP | 0.69% | 2,252,402 | $26,128,000 |
| AN | AUTONATION INC | 0.53% | 121,178 | $19,947,000 |
| GOOGL | ALPHABET INC | 0.07% | 21,838 | $2,614,000 |
| CMCSA | COMCAST CORP NEW | 0.03% | 31,094 | $1,292,000 |
| MCO | MOODYS CORP | 0.03% | 3,150 | $1,095,000 |
| GOOG | ALPHABET INC | 0.02% | 6,900 | $835,000 |
| BC | BRUNSWICK CORP | 0.02% | 6,828 | $592,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.01% | 1,106 | $532,000 |
| MSFT | MICROSOFT CORP | 0.01% | 1,225 | $417,000 |
| BAC | BANK AMERICA CORP | 0.01% | 14,532 | $417,000 |
| HCA | HCA HEALTHCARE INC | 0.01% | 1,373 | $417,000 |
| MPLX | MPLX LP | 0.01% | 12,000 | $407,000 |
| FAF | FIRST AMERN FINL CORP | 0.01% | 6,400 | $365,000 |
| AMZN | AMAZON COM INC | 0.01% | 2,700 | $352,000 |
| CMA | COMERICA INC | 0.01% | 7,500 | $318,000 |
| ICLR | ICON PLC | 0.01% | 950 | $238,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $231,000 |
| WFC | WELLS FARGO CO NEW | 0.01% | 5,250 | $224,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,194 | $219,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| APO | APOLLO GLOBAL MGMT INC | 15.45% | 7,910,138 | $499,604,000 |
| ELV | ELEVANCE HEALTH INC | 15.43% | 1,084,768 | $498,787,000 |
| PRI | PRIMERICA INC | 11.46% | 2,151,149 | $370,514,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 9.82% | 9,085,684 | $317,363,000 |
| LAD | LITHIA MTRS INC | 7.57% | 1,069,822 | $244,914,000 |
| JPM | JPMORGAN CHASE & CO | 6.84% | 1,697,747 | $221,233,000 |
| RJF | RAYMOND JAMES FINL INC | 6.28% | 2,176,510 | $203,003,000 |
| OMF | ONEMAIN HLDGS INC | 6.07% | 5,293,592 | $196,286,000 |
| URI | UNITED RENTALS INC | 5.40% | 440,771 | $174,440,000 |
| DHI | D R HORTON INC | 4.78% | 1,580,567 | $154,406,000 |
| FG | F&G ANNUITIES & LIFE INC | 3.83% | 6,833,958 | $123,831,000 |
| LEN | LENNAR CORP | 2.84% | 874,890 | $91,960,000 |
| ABG | ASBURY AUTOMOTIVE GROUP INC | 1.80% | 276,935 | $58,156,000 |
| AN | AUTONATION INC | 1.04% | 250,280 | $33,628,000 |
| AM | ANTERO MIDSTREAM CORP | 0.73% | 2,251,866 | $23,622,000 |
| HCA | HCA HEALTHCARE INC | 0.32% | 38,652 | $10,192,000 |
| FAF | FIRST AMERN FINL CORP | 0.08% | 47,900 | $2,666,000 |
| GOOGL | ALPHABET INC | 0.07% | 23,088 | $2,395,000 |
| CMCSA | COMCAST CORP NEW | 0.04% | 31,094 | $1,179,000 |
| BC | BRUNSWICK CORP | 0.03% | 12,328 | $1,011,000 |
| MCO | MOODYS CORP | 0.03% | 3,150 | $964,000 |
| GOOG | ALPHABET INC | 0.03% | 8,150 | $848,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.02% | 1,106 | $523,000 |
| MSFT | MICROSOFT CORP | 0.02% | 1,700 | $490,000 |
| BAC | BANK AMERICA CORP | 0.01% | 14,532 | $416,000 |
| AMZN | AMAZON COM INC | 0.01% | 3,200 | $331,000 |
| SCHW | SCHWAB CHARLES CORP | 0.01% | 5,250 | $275,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $250,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| APO | APOLLO GLOBAL MGMT INC | 15.95% | 7,935,934 | $506,233,000 |
| ELV | ELEVANCE HEALTH INC | 14.10% | 872,415 | $447,523,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 10.94% | 9,224,770 | $347,036,000 |
| PRI | PRIMERICA INC | 9.66% | 2,160,660 | $306,425,000 |
| RJF | RAYMOND JAMES FINL INC | 7.37% | 2,187,451 | $233,729,000 |
| JPM | JPMORGAN CHASE & CO | 7.22% | 1,709,165 | $229,199,000 |
| LAD | LITHIA MTRS INC | 7.00% | 1,084,461 | $222,033,000 |
| OMF | ONEMAIN HLDGS INC | 5.58% | 5,312,546 | $176,961,000 |
| URI | UNITED RENTALS INC | 4.96% | 442,750 | $157,362,000 |
| DHI | D R HORTON INC | 4.46% | 1,589,460 | $141,684,000 |
| FG | F&G ANNUITIES & LIFE INC | 3.80% | 6,032,140 | $120,703,000 |
| HCA | HCA HEALTHCARE INC | 3.14% | 415,014 | $99,587,000 |
| LEN | LENNAR CORP | 2.51% | 878,465 | $79,501,000 |
| ABG | ASBURY AUTOMOTIVE GROUP INC | 1.57% | 277,836 | $49,802,000 |
| AM | ANTERO MIDSTREAM CORP | 0.78% | 2,295,807 | $24,772,000 |
| AN | AUTONATION INC | 0.78% | 230,468 | $24,729,000 |
| GOOGL | ALPHABET INC | 0.04% | 13,157 | $1,161,000 |
| CMCSA | COMCAST CORP NEW | 0.03% | 31,094 | $1,087,000 |
| MCO | MOODYS CORP | 0.03% | 3,150 | $878,000 |
| GOOG | ALPHABET INC | 0.02% | 8,150 | $723,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.02% | 1,206 | $639,000 |
| BAC | BANK AMERICA CORP | 0.02% | 14,532 | $481,000 |
| MSFT | MICROSOFT CORP | 0.01% | 1,700 | $408,000 |
| FAF | FIRST AMERN FINL CORP | 0.01% | 7,500 | $393,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $226,000 |
| META | META PLATFORMS INC | 0.01% | 1,838 | $221,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ELEVANCE HEALTH INC | 18.68% | 1,189,871 | $540,487,000 |
| APO | APOLLO GLOBAL MGMT INC | 12.62% | 7,849,515 | $365,002,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 11.75% | 9,389,250 | $339,891,000 |
| PRI | PRIMERICA INC | 9.38% | 2,199,229 | $271,495,000 |
| LAD | LITHIA MTRS INC | 8.43% | 1,136,208 | $243,773,000 |
| RJF | RAYMOND JAMES FINL INC | 7.65% | 2,238,425 | $221,201,000 |
| JPM | JPMORGAN CHASE & CO | 6.27% | 1,735,301 | $181,339,000 |
| OMF | ONEMAIN HLDGS INC | 5.49% | 5,381,093 | $158,850,000 |
| VVV | VALVOLINE INC | 4.78% | 5,451,901 | $138,151,000 |
| URI | UNITED RENTALS INC | 4.22% | 451,639 | $121,997,000 |
| DHI | D R HORTON INC | 3.77% | 1,621,062 | $109,179,000 |
| HCA | HCA HEALTHCARE INC | 2.67% | 420,871 | $77,352,000 |
| LEN | LENNAR CORP | 2.31% | 897,919 | $66,940,000 |
| ABG | ASBURY AUTOMOTIVE GROUP INC | 1.05% | 200,447 | $30,288,000 |
| AM | ANTERO MIDSTREAM CORP | 0.75% | 2,350,819 | $21,581,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.04% | 2,466 | $1,245,000 |
| CMCSA | COMCAST CORP NEW | 0.03% | 31,094 | $912,000 |
| MCO | MOODYS CORP | 0.03% | 3,129 | $761,000 |
| GOOG | ALPHABET INC | 0.02% | 6,900 | $663,000 |
| GOOGL | ALPHABET INC | 0.02% | 5,600 | $536,000 |
| BAC | BK OF AMERICA CORP | 0.02% | 14,532 | $439,000 |
| FAF | FIRST AMERN FINL CORP | 0.01% | 5,500 | $254,000 |
| PHM | PULTE GROUP INC | 0.01% | 6,200 | $232,000 |
| AMZN | AMAZON COM INC | 0.01% | 1,900 | $215,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $203,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ELEVANCE HEALTH INC | 20.07% | 1,211,276 | $584,538,000 |
| APO | APOLLO GLOBAL MGMT INC | 12.36% | 7,428,006 | $360,110,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 11.57% | 9,119,482 | $337,056,000 |
| LAD | LITHIA MTRS INC | 9.35% | 991,301 | $272,419,000 |
| PRI | PRIMERICA INC | 9.04% | 2,201,012 | $263,439,000 |
| VVV | VALVOLINE INC | 7.49% | 7,570,596 | $218,260,000 |
| RJF | RAYMOND JAMES FINL INC | 6.89% | 2,245,951 | $200,810,000 |
| JPM | JPMORGAN CHASE & CO | 6.72% | 1,737,790 | $195,693,000 |
| URI | UNITED RENTALS INC | 3.77% | 451,549 | $109,686,000 |
| OMF | ONEMAIN HLDGS INC | 3.71% | 2,889,274 | $108,001,000 |
| DHI | D R HORTON INC | 3.70% | 1,626,503 | $107,658,000 |
| HCA | HCA HEALTHCARE INC | 2.42% | 420,176 | $70,615,000 |
| LEN | LENNAR CORP | 1.97% | 812,464 | $57,336,000 |
| AM | ANTERO MIDSTREAM CORP | 0.74% | 2,383,767 | $21,573,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.04% | 2,466 | $1,267,000 |
| CMCSA | COMCAST CORP NEW | 0.04% | 31,094 | $1,220,000 |
| MCO | MOODYS CORP | 0.03% | 3,129 | $851,000 |
| GOOG | ALPHABET INC | 0.03% | 345 | $755,000 |
| GOOGL | ALPHABET INC | 0.02% | 280 | $610,000 |
| BAC | BK OF AMERICA CORP | 0.02% | 14,532 | $452,000 |
| FAF | FIRST AMERN FINL CORP | 0.01% | 4,000 | $212,000 |
| PGR | PROGRESSIVE CORP | 0.01% | 1,746 | $203,000 |
| AMZN | AMAZON COM INC | 0.01% | 1,900 | $202,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ANTHEM INC | 19.61% | 1,353,249 | $664,743,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 13.18% | 9,147,182 | $446,748,000 |
| APO | APOLLO GLOBAL MGMT INC | 10.70% | 5,852,507 | $362,797,000 |
| PRI | PRIMERICA INC | 8.51% | 2,107,598 | $288,362,000 |
| LAD | LITHIA MTRS INC | 7.84% | 885,107 | $265,638,000 |
| VVV | VALVOLINE INC | 7.43% | 7,981,170 | $251,886,000 |
| RJF | RAYMOND JAMES FINL INC | 7.31% | 2,253,947 | $247,731,000 |
| JPM | JPMORGAN CHASE & CO | 6.41% | 1,593,953 | $217,288,000 |
| PGR | PROGRESSIVE CORP | 5.76% | 1,714,274 | $195,410,000 |
| HCA | HCA HEALTHCARE INC | 4.60% | 622,838 | $156,096,000 |
| DHI | D R HORTON INC | 3.37% | 1,532,698 | $114,201,000 |
| URI | UNITED RENTALS INC | 2.58% | 246,418 | $87,530,000 |
| LEN | LENNAR CORP | 1.71% | 715,804 | $58,102,000 |
| AM | ANTERO MIDSTREAM CORP | 0.76% | 2,378,233 | $25,851,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.05% | 3,556 | $1,813,000 |
| CMCSA | COMCAST CORP NEW | 0.04% | 31,094 | $1,456,000 |
| MCO | MOODYS CORP | 0.03% | 3,279 | $1,106,000 |
| GOOG | ALPHABET INC | 0.03% | 345 | $964,000 |
| GOOGL | ALPHABET INC | 0.03% | 333 | $926,000 |
| BAC | BK OF AMERICA CORP | 0.02% | 14,532 | $599,000 |
| FAF | FIRST AMERN FINL CORP | 0.01% | 4,000 | $259,000 |
| AMZN | AMAZON COM INC | 0.01% | 70 | $228,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 1,185 | $208,000 |
| MA | MASTERCARD INCORPORATED | 0.01% | 569 | $203,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ANTHEM INC | 20.17% | 1,365,785 | $633,096,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 14.37% | 8,639,966 | $450,833,000 |
| PRI | PRIMERICA INC | 9.42% | 1,929,120 | $295,676,000 |
| VVV | VALVOLINE INC | 8.91% | 7,495,661 | $279,513,000 |
| — | APOLLO GLOBAL MGMT INC | 7.72% | 3,346,129 | $242,360,000 |
| JPM | JPMORGAN CHASE & CO | 7.54% | 1,494,992 | $236,732,000 |
| PGR | PROGRESSIVE CORP | 7.34% | 2,242,456 | $230,188,000 |
| RJF | RAYMOND JAMES FINL INC | 7.14% | 2,232,515 | $224,145,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 6.40% | 671,870 | $200,889,000 |
| HCA | HCA HEALTHCARE INC | 4.98% | 608,397 | $156,309,000 |
| UNH | UNITEDHEALTH GROUP INC | 3.55% | 221,661 | $111,305,000 |
| — | ATHENE HOLDING LTD | 1.45% | 546,330 | $45,526,000 |
| AM | ANTERO MIDSTREAM CORP | 0.74% | 2,403,809 | $23,269,000 |
| GOOGL | ALPHABET INC | 0.05% | 565 | $1,637,000 |
| CMCSA | COMCAST CORP NEW | 0.05% | 31,094 | $1,565,000 |
| MCO | MOODYS CORP | 0.04% | 3,279 | $1,281,000 |
| GOOG | ALPHABET INC | 0.03% | 345 | $998,000 |
| AON | AON PLC | 0.03% | 2,732 | $821,000 |
| BAC | BK OF AMERICA CORP | 0.02% | 14,532 | $647,000 |
| MAR | MARRIOTT INTL INC NEW | 0.02% | 3,244 | $536,000 |
| FAF | FIRST AMERN FINL CORP | 0.01% | 4,000 | $313,000 |
| AMZN | AMAZON COM INC | 0.01% | 70 | $233,000 |
| MA | MASTERCARD INCORPORATED | 0.01% | 569 | $204,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ANTHEM INC | 17.90% | 1,371,262 | $511,206,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 13.96% | 8,792,405 | $398,648,000 |
| PRI | PRIMERICA INC | 10.23% | 1,901,529 | $292,132,000 |
| JPM | JPMORGAN CHASE & CO | 9.58% | 1,672,125 | $273,710,000 |
| VVV | VALVOLINE INC | 8.32% | 7,618,013 | $237,530,000 |
| RJF | RAYMOND JAMES FINL INC | 7.33% | 2,268,517 | $209,339,000 |
| PGR | PROGRESSIVE CORP | 7.23% | 2,282,720 | $206,335,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 6.55% | 685,456 | $187,088,000 |
| — | APOLLO GLOBAL MGMT INC | 5.41% | 2,507,036 | $154,408,000 |
| HCA | HCA HEALTHCARE INC | 5.26% | 619,387 | $150,338,000 |
| UNH | UNITEDHEALTH GROUP INC | 3.09% | 226,121 | $88,355,000 |
| SCHW | SCHWAB CHARLES CORP | 1.81% | 707,943 | $51,567,000 |
| AON | AON PLC | 1.15% | 114,865 | $32,825,000 |
| — | ATHENE HOLDING LTD | 1.04% | 430,322 | $29,636,000 |
| AM | ANTERO MIDSTREAM CORP | 0.89% | 2,433,484 | $25,357,000 |
| CMCSA | COMCAST CORP NEW | 0.06% | 31,094 | $1,739,000 |
| GOOGL | ALPHABET INC | 0.05% | 565 | $1,511,000 |
| MCO | MOODYS CORP | 0.04% | 3,279 | $1,164,000 |
| GOOG | ALPHABET INC | 0.03% | 345 | $920,000 |
| BAC | BK OF AMERICA CORP | 0.02% | 14,532 | $617,000 |
| MAR | MARRIOTT INTL INC NEW | 0.02% | 3,244 | $480,000 |
| META | FACEBOOK INC | 0.01% | 1,246 | $423,000 |
| FAF | FIRST AMERN FINL CORP | 0.01% | 4,000 | $268,000 |
| AMZN | AMAZON COM INC | 0.01% | 70 | $230,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ANTHEM INC | 15.01% | 1,145,416 | $437,320,000 |
| AON | AON PLC | 10.25% | 1,250,429 | $298,553,000 |
| JPM | JPMORGAN CHASE & CO | 9.86% | 1,847,337 | $287,334,000 |
| PRI | PRIMERICA INC | 9.85% | 1,872,970 | $286,827,000 |
| FNF | FIDELITY NATIONAL FINANCIAL | 9.38% | 6,286,646 | $273,217,000 |
| VVV | VALVOLINE INC | 8.45% | 7,584,897 | $246,206,000 |
| PGR | PROGRESSIVE CORP | 7.92% | 2,347,931 | $230,590,000 |
| RJF | RAYMOND JAMES FINL INC | 7.25% | 1,626,779 | $211,319,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 6.64% | 696,440 | $193,554,000 |
| HCA | HCA HEALTHCARE INC | 5.55% | 782,236 | $161,719,000 |
| UNH | UNITEDHEALTH GROUP INC | 3.33% | 242,019 | $96,914,000 |
| DLTR | DOLLAR TREE INC | 3.24% | 949,378 | $94,463,000 |
| SCHW | SCHWAB CHARLES CORP | 1.80% | 721,293 | $52,517,000 |
| AM | ANTERO MIDSTREAM CORP | 1.19% | 3,348,311 | $34,788,000 |
| CMCSA | COMCAST CORP NEW | 0.06% | 31,094 | $1,773,000 |
| GOOGL | ALPHABET INC | 0.05% | 564 | $1,377,000 |
| MCO | MOODYS CORP | 0.04% | 3,279 | $1,188,000 |
| GOOG | ALPHABET INC | 0.03% | 345 | $865,000 |
| BAC | BK OF AMERICA CORP | 0.02% | 14,532 | $599,000 |
| MAR | MARRIOTT INTL INC NEW | 0.02% | 3,223 | $440,000 |
| META | FACEBOOK INC | 0.01% | 1,246 | $433,000 |
| — | SQUARESPACE INC | 0.01% | 6,000 | $356,000 |
| AMZN | AMAZON COM INC | 0.01% | 69 | $237,000 |
| MA | MASTERCARD INCORPORATED | 0.01% | 558 | $204,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ELV | ANTHEM INC | 13.64% | 1,163,729 | $417,720,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 11.57% | 1,386,826 | $354,293,000 |
| AON | AON PLC | 11.49% | 1,529,149 | $351,873,000 |
| JPM | JPMORGAN CHASE & CO | 10.85% | 2,182,213 | $332,198,000 |
| PRI | PRIMERICA INC | 9.12% | 1,888,591 | $279,171,000 |
| HCA | HCA HEALTHCARE INC | 8.37% | 1,361,355 | $256,398,000 |
| RJF | RAYMOND JAMES FINL INC | 8.18% | 2,044,690 | $250,597,000 |
| PGR | PROGRESSIVE CORP | 7.46% | 2,390,387 | $228,545,000 |
| VVV | VALVOLINE INC | 6.51% | 7,647,450 | $199,369,000 |
| DLTR | DOLLAR TREE INC | 5.65% | 1,510,911 | $172,939,000 |
| UNH | UNITEDHEALTH GROUP INC | 2.99% | 246,430 | $91,689,000 |
| SCHW | SCHWAB CHARLES CORP | 1.56% | 734,288 | $47,861,000 |
| AM | ANTERO MIDSTREAM CORP | 1.03% | 3,481,162 | $31,435,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 0.76% | 203,249 | $23,374,000 |
| AR | ANTERO RESOURCES CORP | 0.50% | 1,500,000 | $15,300,000 |
| CMCSA | COMCAST CORP NEW | 0.05% | 31,094 | $1,682,000 |
| META | FACEBOOK INC | 0.05% | 5,055 | $1,489,000 |
| GOOGL | ALPHABET INC | 0.05% | 691 | $1,425,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.04% | 3,548 | $1,278,000 |
| GOOG | ALPHABET INC | 0.04% | 524 | $1,084,000 |
| MCO | MOODYS CORP | 0.03% | 3,279 | $979,000 |
| BAC | BK OF AMERICA CORP | 0.02% | 14,532 | $562,000 |
| MAR | MARRIOTT INTL INC NEW | 0.02% | 3,223 | $477,000 |
| AMZN | AMAZON COM INC | 0.01% | 69 | $213,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 11.90% | 1,395,538 | $323,583,000 |
| AON | AON PLC | 11.64% | 1,497,634 | $316,405,000 |
| JPM | JPMORGAN CHASE & CO | 10.41% | 2,228,522 | $283,179,000 |
| HCA | HCA HEALTHCARE INC | 9.81% | 1,622,176 | $266,783,000 |
| ELV | ANTHEM INC | 9.11% | 771,135 | $247,603,000 |
| PRI | PRIMERICA INC | 8.23% | 1,670,010 | $223,664,000 |
| RJF | RAYMOND JAMES FINL INC | 7.25% | 2,059,701 | $197,051,000 |
| PGR | PROGRESSIVE CORP | 6.00% | 1,650,000 | $163,152,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.80% | 455,362 | $157,619,000 |
| SCHW | SCHWAB CHARLES CORP | 4.52% | 2,318,997 | $122,999,000 |
| GOOGL | ALPHABET INC | 4.29% | 66,546 | $116,631,000 |
| DLTR | DOLLAR TREE INC | 3.87% | 975,021 | $105,341,000 |
| META | FACEBOOK INC | 2.55% | 253,625 | $69,280,000 |
| UNH | UNITEDHEALTH GROUP INC | 2.10% | 163,114 | $57,201,000 |
| AM | ANTERO MIDSTREAM CORP | 1.53% | 5,398,393 | $41,621,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 0.83% | 204,975 | $22,543,000 |
| CMCSA | COMCAST CORP NEW | 0.06% | 31,094 | $1,629,000 |
| MCO | MOODYS CORP | 0.04% | 3,279 | $952,000 |
| GOOG | ALPHABET INC | 0.03% | 524 | $918,000 |
| BAC | BK OF AMERICA CORP | 0.02% | 14,532 | $440,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 2,897 | $382,000 |
| AMZN | AMAZON COM INC | 0.01% | 69 | $225,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 13.81% | 1,452,624 | $309,321,000 |
| AON | AON PLC | 12.19% | 1,323,535 | $273,045,000 |
| JPM | JPMORGAN CHASE & CO | 9.65% | 2,245,142 | $216,140,000 |
| ELV | ANTHEM INC | 9.16% | 763,927 | $205,183,000 |
| HCA | HCA HEALTHCARE INC | 9.11% | 1,637,772 | $204,197,000 |
| PRI | PRIMERICA INC | 8.45% | 1,672,920 | $189,275,000 |
| PGR | PROGRESSIVE CORP | 7.00% | 1,655,588 | $156,734,000 |
| RJF | RAYMOND JAMES FINL INC | 6.81% | 2,098,460 | $152,684,000 |
| GOOGL | ALPHABET INC | 5.15% | 78,730 | $115,387,000 |
| SCHW | SCHWAB CHARLES CORP | 4.14% | 2,560,691 | $92,774,000 |
| DLTR | DOLLAR TREE INC | 4.09% | 1,002,275 | $91,548,000 |
| META | FACEBOOK INC | 3.04% | 259,985 | $68,090,000 |
| UNH | UNITEDHEALTH GROUP INC | 2.23% | 159,901 | $49,852,000 |
| CACC | CREDIT ACCEP CORP MICH | 2.14% | 141,794 | $48,017,000 |
| AM | ANTERO MIDSTREAM CORP | 2.03% | 8,464,881 | $45,456,000 |
| RYAAY | RYANAIR HOLDINGS PLC | 0.83% | 226,506 | $18,519,000 |
| CMCSA | COMCAST CORP NEW | 0.06% | 31,094 | $1,438,000 |
| MCO | MOODYS CORP | 0.04% | 3,129 | $907,000 |
| GOOG | ALPHABET INC | 0.03% | 524 | $770,000 |
| BAC | BK OF AMERICA CORP | 0.02% | 14,532 | $350,000 |
| — | CDK GLOBAL INC | 0.02% | 7,847 | $342,000 |
| MAR | MARRIOTT INTL INC NEW | 0.01% | 2,897 | $268,000 |
| AMZN | AMAZON COM INC | 0.01% | 69 | $217,000 |
Investor background
Glenn Greenberg
“Going for too much certainty can hold you back—there is no certainty.”
Glenn Greenberg is the founder and Chief Investment Officer of Brave Warrior Advisors and one of the most experienced practitioners of concentrated fundamental investing. After studying literature at Yale, he worked as a teacher and school principal before earning an MBA from Columbia Business School. He began his investment career at Morgan Guaranty Trust and later spent five years researching investments for a private investment organization at Central National-Gottesman. In 1984, after approximately a decade in the industry, he founded Chieftain Capital Management with John Shapiro.
Chieftain began with approximately $40 million, about two-thirds of which was family capital. Greenberg later stated that by 2006 the original capital had compounded to roughly 100 times its starting value before fees. The method was deliberately unglamorous: concentrated ownership of understandable, undervalued businesses, while avoiding turnarounds, poor-quality companies, intensely competitive industries and technologies the team could not understand. Following the separation of Chieftain’s partners in 2009, Greenberg continued the strategy through Brave Warrior Advisors.
Greenberg regards concentration as a defence against ignorance. Owning fewer companies permits deeper knowledge of each business and makes it easier to distinguish temporary price volatility from permanent deterioration. He defines risk not as fluctuating quotations but as the probability that a company’s business trajectory changes dramatically for the worse. Accordingly, Brave Warrior seeks businesses with limited competition, high returns on capital, strong free-cash-flow generation, durable balance sheets and candid managers who focus on operating rather than promoting their companies.
Valuation is grounded primarily in free cash flow. Greenberg has argued that purchasing a decent business at roughly a 10% free-cash-flow yield, combined with modest growth, can produce an attractive long-term return without requiring heroic assumptions or multiple expansion. Most holdings are intended to be dependable “workhorses”; occasionally, the firm finds a “racehorse” with an unusually large opportunity and invests more heavily. He distrusts elaborate long-range models, preferring to study historical results, identify the few variables that determine value, and use probability and judgment rather than false precision.