Frederick (Shad) Rowe - Greenbrier Partners Capital Management, Llc Portfolio Q3'2025: Top Holdings & Recent Changes
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Frederick (Shad) Rowe of Greenbrier Partners Capital Management continues to exemplify disciplined, long-term value investing through subtle portfolio adjustments. His Q3 2025 $1.48B portfolio showcases extreme concentration in high-quality compounders, with modest reductions in core tech holdings and a strategic new addition signaling selective opportunism amid market highs.
Portfolio Overview: Extreme Concentration Meets Patience
Portfolio Highlights (Q3 2025): - Market Value: $1,476.6M - Top 10 Holdings: 95.7% - Portfolio Size: 13 +0 - Average Holding Period: 39 quarters - Turnover: 0.0%
Greenbrier Partners' $1.48B portfolio remains a textbook example of ultra-concentrated investing, with 95.7% of assets locked into just 10 positions—a level of focus that demands profound conviction in each business. The zero turnover rate underscores Shad Rowe's philosophy of owning exceptional companies for the very long term, averaging nearly a decade per holding (39 quarters). This approach minimizes transaction costs and taxes while compounding returns from quality franchises.
The portfolio's stability, with only minor trims across major positions, reflects a manager comfortable holding through volatility. At 13 positions total, Greenbrier avoids dilution, betting heavily on a handful of leaders in technology and consumer sectors. Tracking this via ValueSense's superinvestor page reveals how Rowe's discipline has built enduring wealth, prioritizing intrinsic value over short-term noise.
Such concentration amplifies both upside and risk, but Rowe's track record suggests meticulous selection mitigates the latter. With top holdings dominating nearly all capital, any shift carries weight—yet the minimal changes here signal ongoing confidence in the core thesis.
Top Holdings: Tech Dominance with Tactical Tweaks
Greenbrier's portfolio leads with Apple (AAPL) at 24.5% $362.4M, trimmed by a modest Reduce 0.14% as Rowe fine-tunes this cornerstone position. Close behind, Meta Platforms (META) holds 19.9% $294.5M after a Reduce 0.13% adjustment, maintaining heavy exposure to digital advertising resilience. Costco (COST) stands steady at 14.1% $207.7M with No change, embodying Rowe's affinity for membership-driven consumer staples.
Amazon (AMZN) follows at 9.3% $137.6M, reduced by 0.27%, while Alphabet (GOOG) remains unchanged at 7.7% $113.7M, complementing the trimmed Alphabet (GOOGL) at 7.5% ($111.0M, Reduce 0.45%). Microsoft (MSFT) anchors at 4.2% $62.1M with No change, rounding out the Magnificent Seven dominance.
Further down, Markel (MKL) holds firm at 3.5% ($52.4M, No change), a nod to insurance compounding akin to Berkshire, while Berkshire Hathaway (BRK-B) sits at 3.0% $44.2M after Reduce 0.95%. The lone expansion appears in Copart (CPRT) at 1.1% $15.7M, boosted by Add 40.00%, introducing auction efficiency to the mix. This blend of tech giants, steady consumer plays, and a fresh value add highlights Rowe's focus on scalable moats.
What the Portfolio Reveals
Shad Rowe's Q3 moves paint a picture of refined patience in a frothy market—predominantly tech-heavy with 70%+ exposure to Big Tech leaders, emphasizing scalable platforms over cyclical bets.
- Quality Compounders First: Every top holding boasts durable competitive advantages, from Apple's ecosystem to Meta's network effects, prioritizing businesses that grow earnings intrinsically.
- Tech Sector Tilt: Over 80% in technology and digital services signals conviction in AI, cloud, and e-commerce tailwinds, balanced by Costco's defensive retail moat.
- Minimal Risk via Longevity: 39-quarter average hold reflects geographic U.S. focus on proven winners, avoiding speculative international or emerging bets.
- Trimming for Reallocation: Subtle reductions suggest profit-taking at peaks, with CPRT's addition hinting at opportunistic diversification into asset-light services.
Zero turnover reinforces a low-risk, high-conviction strategy, where position sizing tracks conviction levels precisely.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Apple Inc. (AAPL) | $362.4M | 24.5% | Reduce 0.14% |
| Meta Platforms, Inc. (META) | $294.5M | 19.9% | Reduce 0.13% |
| Costco Wholesale Corporation (COST) | $207.7M | 14.1% | No change |
| Amazon.com, Inc. (AMZN) | $137.6M | 9.3% | Reduce 0.27% |
| Alphabet Inc. (GOOG) | $113.7M | 7.7% | No change |
| Alphabet Inc. (GOOGL) | $111.0M | 7.5% | Reduce 0.45% |
| Microsoft Corporation (MSFT) | $62.1M | 4.2% | No change |
| Markel Corporation (MKL) | $52.4M | 3.5% | No change |
| Berkshire Hathaway Inc. (BRK-B) | $44.2M | 3.0% | Reduce 0.95% |
This table underscores Greenbrier's hallmark concentration: the top three holdings alone command nearly 60% of the portfolio, with the top 10 swallowing 95.7%. AAPL and META's outsized weights reflect Rowe's willingness to bet big on understood leaders, while stable names like COST and MSFT provide ballast. The pattern of micro-reductions—without outright sales—demonstrates active risk management, likely harvesting gains to fund moves like CPRT amid zero overall turnover.
Such granularity in a 13-position portfolio amplifies conviction; minor trims prevent any single name from overwhelming, yet maintain firepower for compounding. For followers, this signals a portfolio engineered for multi-year outperformance through quality density.
Investment Lessons from Shad Rowe's Greenbrier Approach
- Concentrate Ruthlessly in Moats You Understand: 95.7% in 10 names proves diversification often dilutes returns—focus capital where edges are widest, like Big Tech ecosystems.
- Patience Trumps Activity: 39-quarter holds and 0% turnover teach that great businesses reward waiting, avoiding the pitfalls of frequent trading.
- Trim Winners, Don't Sell: Subtle reductions in AAPL, META, and others show profit-taking without abandoning convictions, preserving tax efficiency.
- Quality Justifies Premiums: Rowe pays up for COST and MKL's durability, betting economic moats drive long-term value over cheap cyclicals.
- Opportunistic Adds Matter: The CPRT boost illustrates scanning for asymmetric bets to complement core holdings without disrupting balance.
Looking Ahead: What Comes Next?
With turnover at 0.0% and portfolio size steady at 13, Greenbrier appears fully invested, but trims have likely freed modest cash for deployment into dips or undervalued compounders. Rowe's tech tilt positions well for AI and cloud expansion, while Costco hedges consumer slowdowns. In elevated markets, expect continued fine-tuning—perhaps more into services like CPRT amid e-commerce saturation. Current weighting sets up for steady compounding if tech delivers, with BRK.B and MKL offering insurance-like stability for volatility ahead.
FAQ about Greenbrier Partners Portfolio
Q: What are the most notable changes in Shad Rowe's Q3 2025 13F filing?
A: Key moves include modest reductions in core holdings like AAPL (Reduce 0.14%), META (Reduce 0.13%), and BRK.B (Reduce 0.95%), plus a new Add 40.00% to CPRT at 1.1%. These reflect profit-taking and selective opportunism.
Q: Why does Greenbrier maintain such extreme portfolio concentration?
A: At 95.7% in top 10 holdings across just 13 positions, Rowe prioritizes high-conviction bets on quality compounders like Apple and Meta, minimizing dilution and maximizing returns from deeply understood businesses.
Q: What does the portfolio say about Rowe's sector preferences?
A: Heavy tech exposure (AAPL, META, AMZN, Alphabet, MSFT) dominates at over 70%, balanced by consumer (COST) and insurance (MKL, BRK.B), betting on scalable moats in digital and essential services.
Q: How can I track Greenbrier Partners' portfolio and 13F filings?
A: Follow quarterly 13F filings via the SEC (with a 45-day lag) or use ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/greenbrier for real-time analysis, historical changes, and visualizations.
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