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This article is part of a series that provides an ongoing analysis of the changes made to Glenn Greenberg's 13F portfolio on a quarterly basis. It is based on Greenberg's regulatory 13F Form filed on 11/15/2021. Please visit our Tracking Glenn Greenberg's Brave Warrior Advisors Portfolio series to get an idea of his investment philosophy and our previous update for the fund's moves during Q2 2021.
This quarter, Greenberg's 13F portfolio value decreased ~2% from $2.91B to $2.86B. The top three holdings represent around 42% of the portfolio while the top five are at 60%. The largest position is Anthem Inc. which is at ~18% of the portfolio.
New Stakes:
Apollo Global (APO), Athene Holding (ATH), and First American Financial (FAF): These are the new positions this quarter. APO is a 5.41% of the portfolio position purchased at prices between ~$56 and ~$64 and the stock currently trades at $70.78. The ~1% of the portfolio stake in ATH was established at prices between ~$62 and ~$71 and it is now at ~$82. FAF is a minutely small 0.01% stake.
Stake Disposals:
Dollar Tree (DLTR): DLTR was a minutely small stake first purchased in Q4 2019. Q4 2020 saw the position built to a sizable ~4% of the portfolio stake at prices between ~$86 and ~$104. There was a ~55% further increase in Q1 2021 at prices between ~$98 and ~$116. Last quarter saw a ~37% reduction at prices between ~$98 and ~$119. The disposal this quarter was at prices between ~$85 and ~$106. The stock currently trades at ~$134.
Squarespace Inc. (SQSP) and Mastercard Inc. (MA): These minutely small (~0.01% of the portfolio each) positions purchased last quarter were disposed this quarter.
Stake Increases:
Anthem Inc. (ANTM): ANTM is currently the largest 13F position ~18% of the portfolio. It was established in Q3 2019 at prices between $238 and $311. Q1 2020 saw a ~40% stake increase at prices between $175 and $306. That was followed with a ~50% increase in Q1 2021 at prices between ~$288 and ~$371. This quarter saw another ~20% stake increase at prices between ~$358 and ~$398. The stock currently trades at ~$406.
Fidelity National Financial (FNF): FNF is a large (top three) ~14% of the portfolio position established last quarter at prices between ~$40.50 and ~$47. There was a ~40% stake increase this quarter at prices between ~$42 and ~$49. The stock is now at $48.91.
Primerica, Inc. (PRI): PRI is a large (top three) 10.23% of the 13F portfolio position established in Q3 2011 at a cost-basis in the low-20s. H2 2016 saw a two-thirds reduction at prices between $53 and $72.50. The position has wavered. Recent activity follows: Q1 2020 saw a stake doubling at prices between $62 and $137. The four quarters through Q1 2021 had seen a combined ~30% stake increase at prices between ~$81 and ~$153. The stock currently trades at ~$147. Last two quarters have seen only minor adjustments.
Valvoline Inc. (VVV): VVV is a large 8.32% of the portfolio stake established in Q1 2021 at prices between ~$22.75 and ~$26.75 and the stock currently trades at $34.07. Last two quarters have seen only minor adjustments.
Raymond James Financial (RJF): RJF is a large 7.33% portfolio stake established in Q3 2018 at prices between $88 and $97. It was increased by ~20% over the next two quarters at prices between $69 and $94. Last quarter saw a ~20% reduction at prices between ~$123 and ~$137 while this quarter there was a ~40% stake increase at prices between ~$83 and ~$95. The stock currently trades at ~$98.
Alphabet Inc. (GOOG): GOOG was reduced to a minutely small 0.09% portfolio stake over the last few quarters. The 4.32% of the portfolio original stake was purchased in Q4 2017 at prices between $952 and $1077. Q4 2019 saw a ~20% selling at prices between $1177 and $1360. Next quarter saw another ~25% selling at prices between $1057 and $1527. That was followed with a ~60% reduction in H2 2020 at prices between $1414 and $1827. Q1 2021 saw the position reduced to a minutely small stake at prices between ~$1728 and ~$2138. It was sold down further last quarter. The stock currently trades at ~$2849. There was a marginal increase this quarter.
Amazon.com (AMZN) and Marriott International (MAR): These two minutely small (less than ~0.02% of the portfolio each) positions saw minor increases during the quarter.
Stake Decreases:
JPMorgan Chase & Co. (JPM): JPM is a large (top five) ~10% of the portfolio stake established in Q3 2014 and built over the next two quarters at prices between $54.50 and $63. The position has wavered. Recent activity follows: Q4 2017 & Q1 2018 had seen a combined ~25% selling at prices between $95 and $119 while the next four quarters saw a ~40% increase at around the same price range. There was a ~23% selling over the last two quarters at prices between ~$147 and ~$167. The stock currently trades at ~$159.
Progressive Corp (PGR): PGR is a large 7.23% of the portfolio stake established in Q4 2019 at prices between $68.50 and $77 and the stock currently trades well above that range at ~$93. Q1 2021 saw a ~45% stake increase at prices between ~$85 and ~$99. Last two quarters have seen minor trimming.
Berkshire Hathaway (BRK.B): BRK.B stake is now at 6.55% of the portfolio. It was established in Q2 2019 at prices between $197 and $219. The four quarters through Q2 2020 had seen a ~60% increase at prices between ~$160 and ~$230. Q3 2020 saw a ~30% selling at prices between $178 and $222. That was followed with a ~50% reduction last quarter at prices between ~$256 and ~$293. The stock currently trades at ~$277. This quarter also saw minor trimming.
HCA Healthcare (HCA): HCA is a 5.55% of the portfolio position established in Q1 2020 at prices between $68 and $151 and increased by ~20% next quarter at prices between $82 and $118. The stock currently trades at ~$226. There was a ~60% reduction over the last three quarters at prices between ~$157 and ~$262.
UnitedHealth Group (UNH): The ~3% UNH position was purchased in Q4 2019 at prices between $215 and $296 and increased by roughly two-thirds next quarter at prices between $195 and $305. There was a ~40% reduction in Q2 2020 at prices between $230 and $312. Q1 2021 saw a ~50% increase at prices between ~$324 and ~$379. The stock is now at ~$444. Last two quarters have seen minor trimming.
Charles Schwab Corporation (SCHW): The 1.81% SCHW stake was first purchased in Q3 2012 at prices between $12.50 and $14.50. Through 2015, the position had seen incremental purchases at higher prices. Recent activity follows. The six quarters through Q2 2020 had seen a ~75% reduction at prices between $28 and $52. There was an about turn next quarter: ~80% stake increase at prices between ~$33 and ~$38. Q1 2021 saw a two-thirds reduction at prices between ~$52 and ~$68. The stock is now at ~$77. Last two quarters have seen minor trimming.
Aon plc (AON): AON is now a small ~1% stake. It was a large (top three) ~10% of the portfolio stake established in Q3 2020 at prices between ~$190 and ~$210. The position was sold down this quarter at prices between ~$227 and ~$299. The stock currently trades at ~$296.
Antero Midstream (AM): A small stake in AM was built in Q1 2019 at prices between $11 and $14.50. There was a ~30% selling in Q3 2019 at prices between $6.65 and $12.10. The position was increased substantially to a ~2% portfolio stake over the four quarters through Q3 2020 at prices between $2 and $7.60. Last four quarters saw a ~70% selling at prices between ~$5.25 and ~$10.75. The stock is now at $9.71.
Kept Steady:
Facebook Inc. (FB): The FB stake was purchased in Q1 2020 at prices between $146 and $223. Q3 2020 saw a ~25% reduction at prices between $227 and $304. That was followed with a ~75% selling last quarter at prices between ~$295 and ~$356. The stock is now at ~$325 and the stake is now minutely small.
Bank of America (BAC), Comcast Corporation (CMCSA), and Moody's Corp (MCO): These minutely small (less than 0.1% of the portfolio each) stakes were kept steady this quarter.
The spreadsheet below highlights changes to Greenberg's 13F stock holdings in Q3 2021:
Source: John Vincent. Data constructed from Brave Warrior's 13F filings for Q2 2021 and Q3 2021.
