Brave Warrior 13F (2026 Q1): Glenn Greenberg's Concentrated Book

A 36-stock book where the top ten do almost all the work

Brave Warrior Advisors runs money the way its founder, Glenn Greenberg, has run it for four decades: a short list of businesses he believes he understands better than the market, sized so that being right actually matters. Greenberg built his reputation at Chieftain Capital, the concentrated-value shop he co-founded in the 1980s, and Brave Warrior carries the same DNA. The firm's 2026Q1 13F lists just 36 positions against roughly $4.04 billion in reported value, and the ten largest holdings account for close to three-quarters of the book.

That structure is the whole thesis. A manager holding 200 names is making a statement about diversification; a manager holding 36, with five of them above 7% each, is making a statement about conviction. The interesting question for anyone reading this filing is not "what does Brave Warrior own" but "what does Brave Warrior own enough of to move the needle."

Where the conviction sits

The largest position is TD Synnex at 12.75% of reported value, an IT-distribution business that throws off cash and trades at a low multiple of earnings, exactly the kind of unglamorous, free-cash-flow-rich company Greenberg has favored throughout his career. Right behind it sits OneMain Holdings at 10.20%, a consumer lender, and a cluster of other financials: SLM Corporation (Sallie Mae) at 7.20% and Primerica at 5.45%. Lending and insurance show up repeatedly here, which is no accident for an investor whose family name is synonymous with the insurance industry.

The healthcare exposure runs through Elevance Health at 8.13% and a new position in ICON plc, the Irish clinical-research organization, at 8.21%. The consumer and housing complex shows up through AutoNation (7.48%), Lennar (5.18%), and Builders FirstSource (4.83%). It is a book of mature, cash-generative businesses rather than speculative growth, which is precisely what you would expect from the value tradition Greenberg works in.

The one genuinely new bet

The standout change this quarter is the fresh ICON plc stake, which arrives at 8.21% of the portfolio. For a manager who adds new names rarely, a position established immediately at the third-largest slot is a strong signal. ICON is a contract research organization that runs clinical trials for pharmaceutical and biotech clients, a business with high switching costs and long-dated contracts, the kind of durable economics concentrated-value investors prize. Sizing it this large from day one tells you Greenberg's team did not ease in; they built conviction first and then took the position they wanted.

Around that headline move, the rest of the activity is restrained. Elevance was trimmed by roughly 10% of shares, while Primerica was added to (+13% of shares) and Sallie Mae nudged higher (+6%). Most of the top ten were held essentially flat. That is the texture of a low-turnover, high-conviction manager: one big decision, a couple of marginal adjustments, and otherwise a steady hand.

How to read a book this concentrated

A portfolio like this rewards a different kind of reading than a diversified fund does. With 36 names and a top-heavy structure, the fund's results over any given stretch are effectively driven by a handful of outcomes. If TD Synnex, OneMain, and the new ICON stake work, the fund works; if two of them stumble, diversification will not rescue the quarter. That is the deal concentrated-value investors knowingly accept in exchange for the chance to meaningfully outperform when their research is right.

One caution for anyone tracking the headline asset figure: Brave Warrior's reported 13F value has swung sharply from quarter to quarter over the past two years, and those swings reflect a concentrated book repositioning rather than a clean read on inflows or outflows. The more reliable signal in this filing is the shape of the portfolio, which names carry real weight and how those weights are changing, not the period-to-period dollar total. On that measure, the message is clear: a steady financials-and-cash-flow core, one decisive new healthcare-services bet, and very little else moving.

For investors who follow concentrated managers as a source of vetted ideas, Brave Warrior remains one of the cleaner examples of the discipline, a reminder that you do not need a hundred positions to express a view. You can explore the full holdings, position history, and quarter-over-quarter changes on the Brave Warrior filer page.