Greenbrier Partners Capital Management, LLC

The $130M AUM compression ($1.81B to $1.68B) is notable for a concentrated book. In a concentrated mandate, AUM moves primarily through net subscriptions/redemptions and through mark-to-market on a small number of positions. The Q1 direction — AUM down, three exits, three reductions — suggests the manager was in a net-sell posture that may reflect both active decisions and performance headwinds.

The two increased positions and two new entries are the names Greenbrier currently finds most compelling: they survived the pruning and received fresh capital or new status. In a concentrated value mandate, those are the names where the margin-of-safety thesis remains intact or has widened.