Tracking Glenn Greenberg's Brave Warrior Advisors Portfolio - Q1 2022 Update

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John Vincent
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Summary

  • Glenn Greenberg's 13F portfolio value increased from $3.14B to $3.39B this quarter.
  • Brave Warrior Advisors added Lithia Motors and increased Apollo Global while decreasing UnitedHealth and dropping Berkshire Hathaway.
  • The largest three positions are Anthem Inc., Fidelity National Financial, and Apollo Global and they add up to ~44% of the portfolio.

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SusanneB/E+ via Getty Images

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 5/16/2022. 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 Q4 2021.

This quarter, Greenberg's 13F portfolio value increased ~8% from $3.14B to $3.39B. The top three holdings represent around 44% of the portfolio while the top five are at 60%. The largest position is Anthem Inc. which is at ~20% of the portfolio.

New Stakes:

Lithia Motors (LAD), D.R. Horton, Inc. (DHI), United Rentals (URI), and Lennar Corp. (LEN): These are the new positions this quarter. LAD is a large (top five) 7.84% of the portfolio position purchased at prices between ~$280 and ~$346 and the stock currently trades near the low end of that range at $282. The 3.37% of the portfolio DHI stake was purchased at prices between ~$75 and ~$106 and it is now below that range at $67.44. URI is a 2.58% of the portfolio position established at prices between ~$297 and ~$365 and it now goes for $274. The 1.71% of the portfolio stake in LEN was purchased at prices between ~$81 and ~$113 and the stock currently trades at $74.15.

Stake Disposals:

Berkshire Hathaway (BRK.B): BRK.B was a 6.40% of the portfolio stake 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 in Q2 2021 at prices between ~$256 and ~$293. The disposal this quarter was at prices between ~$300 and ~$360. The stock currently trades at ~$310.

Aon plc (AON): AON 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 to a ~1% stake in Q3 2021 at prices between ~$227 and ~$299. Last quarter saw the position almost sold out at prices between ~$285 and ~$321. The remainder stake was disposed this quarter. The stock currently trades at ~$266.

Athene Holding: The 1.45% of the portfolio stake in Athene got eliminated as Apollo Global merged with Athene in an all-stock (1.149 shares of Apollo for each Athene) deal that closed in January.

Stake Increases:

Fidelity National Financial (FNF): FNF is a large (top three) ~13% of the portfolio position established in Q2 2021 at prices between ~$40.50 and ~$47. There was a ~40% stake increase next quarter at prices between ~$42 and ~$49. The stock is now at $40.61. Last two quarters have seen only minor adjustments.

Apollo Global (APO): APO is a large (top three) ~11% of the portfolio position purchased in Q3 2021 at prices between ~$56 and ~$80. Last two quarters have seen the stake more than doubled at prices between ~$59 and ~$80. The stock currently trades just below those ranges at $55.22.

Primerica, Inc. (PRI): PRI is a large (top five) 8.51% 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 ~$122. Last three quarters have seen minor increases.

Valvoline Inc. (VVV): VVV is a large 7.43% of the portfolio stake established in Q1 2021 at prices between ~$22.75 and ~$26.75 and the stock currently trades at $29.88. There was a minor ~7% stake increase this quarter.

Raymond James Financial (RJF): RJF is a large 7.31% 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. Q2 2021 saw a ~20% reduction at prices between ~$123 and ~$137 while next quarter there was a ~40% stake increase at prices between ~$83 and ~$95. The stock currently trades at ~$94. Last two quarters have seen only minor adjustments.

JPMorgan Chase & Co. (JPM): JPM is a large 6.41% 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 one-third selling over the last three quarters at prices between ~$147 and ~$172. The stock currently trades at ~$125. This quarter saw a ~7% stake increase.

HCA Healthcare (HCA): HCA is a 4.60% 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. There was a ~60% reduction over the three quarters through Q3 2021 at prices between ~$157 and ~$262. The stock currently trades at ~$205. Last two quarters have seen only minor adjustments.

Stake Decreases:

Anthem Inc. (ANTM): ANTM is currently the largest 13F position at ~20% 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. Q3 2021 saw another ~20% stake increase at prices between ~$358 and ~$398. The stock currently trades at ~$495. Last two quarters saw marginal trimming.

Progressive Corp. (PGR): PGR is a large 5.76% 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 ~$113. Q1 2021 saw a ~45% stake increase at prices between ~$85 and ~$99. There was a ~25% reduction this quarter at prices between ~$102 and ~$117.

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 five quarters saw a ~70% selling at prices between ~$5.30 and ~$11.50. The stock is now at $10.34. There was marginal trimming this quarter.

Alphabet Inc. (GOOG): The original fairly large 4.32% of the portfolio stake in GOOG 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. This quarter saw further selling. The stock currently trades at ~$2151.

UnitedHealth Group (UNH): The 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% stake increase at prices between ~$324 and ~$379. This quarter saw the position almost sold out at prices between ~$456 and ~$521. The stock is now at ~$492.

Marriott International (MAR): The minutely small 0.01% stake in MAR was further reduced this quarter.

Kept Steady:

Amazon.com (AMZN), Bank of America (BAC), Comcast Corporation (CMCSA), First American Financial (FAF), Mastercard Inc. (MA), 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 Q1 2022:

Glenn Greenberg - Brave Warrior Advisors' Q1 2022 13F Report Q/Q Comparison

Glenn Greenberg - Brave Warrior Advisors' Q1 2022 13F Report Q/Q Comparison (John Vincent (author))

This article was written by

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Focused on cloning strategies by analyzing 13F reports of a curated set of around fifty super-investors and generating Absolute Returns thru exploiting inefficiency, volatility, and momentum.
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Disclosure: I/we have a beneficial long position in the shares of AMZN, GOOGL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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