Frederick (Shad) Rowe - Greenbrier Partners Capital Management, Llc Portfolio Q2'2025: Top Holdings & Recent Changes
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Frederick (Shad) Rowe, founder of Greenbrier Partners Capital Management, continues to exemplify the virtues of concentrated, long-term investing. His Q2 2025 portfolio is a masterclass in conviction, with 95.3% of the $1.36 billion portfolio allocated to just 10 positions—a remarkable level of focus that few managers dare to match. While most of the portfolio remained steady, subtle trims in tech giants and a bold new position in Copart, Inc. (CPRT) signal a nuanced approach to risk and opportunity in a volatile market.
Portfolio Overview: Ultra-Concentrated Excellence
Portfolio Highlights (Q2 2025): - Market Value: $1,364.8 million - Top 10 Holdings: 95.3% of portfolio - Portfolio Size: 13 positions (down 1 from prior quarter) - Average Holding Period: 39 quarters (nearly 10 years) - Turnover: 7.7%
Greenbrier’s portfolio is a study in patience and precision. With an average holding period approaching a decade, Rowe clearly favors businesses he understands deeply and believes can compound value over time. The ultra-low turnover and high concentration in the top 10 names—dominated by technology and consumer stalwarts—reflect a strategy that prioritizes quality, scalability, and durable competitive advantages. This is not a portfolio built for short-term trading; it’s a carefully curated collection of what Rowe views as the best long-term compounders in the market.
Holdings Overview: Tech Titans, Consumer Kings, and a New Contender
The portfolio is anchored by two tech behemoths: Meta Platforms, Inc. (META) at 21.7% and Apple Inc. (AAPL) at 21.4%, both of which saw modest reductions this quarter (META down 0.14%, AAPL down 0.33%). These trims are minor in the context of such large positions but may reflect a cautious stance on valuation or sector risk. Costco Wholesale Corporation (COST) remains a core holding at 16.3%, unchanged, underscoring Rowe’s confidence in the retailer’s resilient business model and loyal customer base.
Amazon.com, Inc. (AMZN) and both classes of Alphabet Inc. (GOOG, GOOGL) round out the tech-heavy top six, with AMZN steady at 10.1%, GOOG unchanged at 6.1%, and GOOGL trimmed by 0.47% to 5.9%. Microsoft Corporation (MSFT) is also a fixture at 4.4%, with no changes this quarter. Outside of tech, MARKEL GROUP INC 4.0% and Berkshire Hathaway Inc. (BRK-B, 3.2%) provide diversification and exposure to insurance and conglomerate businesses.
The most notable move this quarter was the addition of Copart, Inc. (CPRT), a leader in online vehicle auctions, with a 25.16% increase bringing its portfolio weight to 0.9%. This new position suggests Rowe sees value in Copart’s asset-light, tech-enabled business model and its potential for sustained growth.
What the Portfolio Reveals About Current Strategy
- Conviction in Quality: The portfolio’s extreme concentration and long holding periods signal unwavering belief in the durable advantages of its top holdings.
- Tech-Centric, But Not Exclusive: While technology dominates, consumer (COST) and financial (MARKEL, BRK-B) exposures provide balance.
- Selective Opportunism: The addition of CPRT shows Rowe is willing to act when he identifies a compelling new opportunity, even in a concentrated portfolio.
- Risk Management Through Position Sizing: Modest trims in mega-cap tech may reflect a disciplined approach to risk, even in highest-conviction names.
- Low Turnover, High Patience: The 7.7% turnover and 39-quarter average holding period underscore a buy-and-hold mentality rare in today’s fast-moving markets.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Meta Platforms, Inc. | $296.3M | 21.7% | Reduce 0.14% |
| Apple Inc. | $292.4M | 21.4% | Reduce 0.33% |
| Costco Wholesale Corp. | $222.1M | 16.3% | No change |
| Amazon.com, Inc. | $137.8M | 10.1% | No change |
| Alphabet Inc. (GOOG) | $82.8M | 6.1% | No change |
| Alphabet Inc. (GOOGL) | $80.8M | 5.9% | Reduce 0.47% |
| Microsoft Corporation | $59.6M | 4.4% | No change |
| MARKEL GROUP INC | $54.8M | 4.0% | No change |
| Berkshire Hathaway Inc. | $43.1M | 3.2% | No change |
This table highlights the extraordinary concentration in Rowe’s portfolio, with the top three positions alone accounting for nearly 60% of assets. Such focus is a hallmark of investors who have deep conviction in their research and are willing to bet big on their best ideas. The modest reductions in tech giants suggest a nuanced approach to risk management, even within a high-conviction framework.
Investment Lessons from Shad Rowe’s Greenbrier Partners
- Concentration Builds Wealth: Rowe’s portfolio demonstrates that outsized returns often come from a small number of exceptional businesses held for the long term.
- Patience Pays: An average holding period of nearly 10 years is a testament to the power of compounding and the importance of avoiding unnecessary trading.
- Quality Over Quantity: By focusing on companies with durable competitive advantages, Rowe minimizes the need for constant portfolio churn.
- Discipline in Risk Management: Even in highest-conviction names, Rowe is willing to trim positions when valuations or risk profiles change.
- Opportunism Within Discipline: The addition of Copart shows that even concentrated investors must remain open to new ideas when the opportunity is compelling.
Looking Ahead: What Comes Next?
With cash levels likely minimal given the portfolio’s near-full investment, Rowe’s next moves will depend on market opportunities and valuation shifts within his core holdings. The addition of Copart suggests he remains alert to new ideas, but any major portfolio changes would likely require a significant shift in the outlook for his top positions. Investors tracking Greenbrier should watch for further trims in tech if valuations become stretched, or new additions in sectors where Rowe sees untapped value.
FAQ about Frederick (Shad) Rowe’s Greenbrier Partners Portfolio
Q: Why is Greenbrier’s portfolio so concentrated?
A: Rowe’s strategy is rooted in the belief that the best investment returns come from a small number of exceptional businesses held for the long term. This ultra-concentrated approach allows him to focus his research and capital on his highest-conviction ideas.
Q: What do the recent trims in Meta, Apple, and Alphabet signal?
A: The reductions are modest and likely reflect routine portfolio management rather than a loss of conviction. They may indicate a cautious stance on valuation or a desire to manage risk in a tech-heavy portfolio.
Q: Why did Rowe add Copart, Inc.?
A: The addition of Copart suggests Rowe sees value in the company’s asset-light, tech-enabled business model and its potential for sustained growth, even in a concentrated portfolio.
Q: How can I track Greenbrier’s portfolio changes?
A: ValueSense provides up-to-date analysis of Greenbrier’s portfolio based on quarterly 13F filings, which are publicly reported with a 45-day lag. This allows investors to follow Rowe’s moves and learn from his strategy.
Q: What sectors does Rowe favor?
A: Technology and consumer staples dominate, but the portfolio also includes financials and insurance through Markel and Berkshire Hathaway, providing diversification.
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