Glenn Greenberg - Brave Warrior Advisors Portfolio Q2'2025: Top Holdings & Recent Changes
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Glenn Greenberg, founder of Brave Warrior Advisors, continues to exemplify disciplined, contrarian investing. His Q2’2025 portfolio showcases a blend of high-conviction positions and tactical adjustments, with $4.36 billion allocated across 35 holdings. This quarter’s moves highlight Greenberg’s willingness to size up select financials while trimming exposure to certain healthcare and technology names, all within a tightly focused portfolio.
Portfolio Overview: Contrarian Focus, Enduring Conviction
Portfolio Highlights (Q2’2025): - Market Value: $4,362.5M - Top 10 Holdings: 77.2% - Portfolio Size: 35 +0 - Average Holding Period: 14 quarters - Turnover: 17.1%
The Brave Warrior portfolio remains highly concentrated, with over three-quarters of capital in the top ten names. This reflects Greenberg’s classic approach: invest heavily in a select group of businesses where conviction is highest, rather than dilute returns across dozens of ideas. The average holding period of 14 quarters underscores a long-term orientation, while a moderate 17.1% turnover signals both patience and a willingness to act decisively when the risk/reward profile shifts.
This quarter, Greenberg maintained the portfolio size at 35, but made significant reallocations within the core. The portfolio’s structure continues to favor financials, select consumer names, and a handful of technology and healthcare bets, with tactical trims and adds reflecting evolving conviction and valuation discipline.
Top Holdings Analysis: Tactical Shifts and Core Convictions
The portfolio’s backbone is a set of high-conviction, actively managed positions. TD SYNNEX Corporation remains a top holding at 11.7% of assets, though Greenberg reduced the position by 7.55%, likely locking in gains after a strong run. In contrast, ONEMAIN HLDGS INC saw a 7.17% increase, now representing 10.3% of the portfolio, signaling renewed confidence in consumer finance.
A major move this quarter was the dramatic 190.24% increase in CAPITAL ONE FINL CORP, which now makes up 8.9% of assets—a clear bet on the resilience and upside of large-cap financials. SLM CORP also saw an 11.48% addition, now at 7.9%, while AutoNation, Inc. was increased by 7.47% to 5.5%, reflecting a contrarian stance on consumer cyclicals.
On the reduction side, Elevance Health Inc. was trimmed by 29.66% but still holds a significant 9.9% weight, suggesting Greenberg is managing risk rather than abandoning the thesis. Ryanair Holdings plc 7.1% and Lennar Corporation 5.5% were both slightly reduced, likely reflecting profit-taking or risk management.
Other notable moves include a 1.28% reduction in PRIMERICA INC 5.2% and a 1.22% trim in MILLROSE PPTYS INC 5.1%. These changes, while modest, indicate ongoing portfolio fine-tuning.
Supplementing these, the top ten also feature a blend of financials, consumer, and industrial names, each carefully sized to reflect Greenberg’s evolving outlook and risk tolerance.
What the Portfolio Reveals About Current Strategy
- Quality and Value Discipline: Greenberg continues to favor businesses with strong balance sheets and sustainable earnings, even as he rotates capital among sectors.
- Financials in Focus: The outsized additions to CAPITAL ONE FINL CORP and SLM CORP highlight a contrarian bet on credit and lending, likely reflecting attractive valuations and resilient fundamentals.
- Active Risk Management: Significant reductions in Elevance Health Inc. and trims in other top holdings show a willingness to lock in gains and rebalance as market conditions evolve.
- Concentration and Patience: With 77.2% of capital in the top ten and a 14-quarter average holding period, the portfolio is built for compounding over cycles, not short-term trading.
- Selective Cyclical Exposure: Increases in AutoNation, Inc. and continued exposure to Lennar Corporation and Ryanair Holdings plc reflect a nuanced view on consumer and travel recovery.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| TD SYNNEX Corporation | $511.4M | 11.7% | Reduce 7.55% |
| ONEMAIN HLDGS INC | $448.6M | 10.3% | Add 7.17% |
| Elevance Health Inc. | $431.6M | 9.9% | Reduce 29.66% |
| CAPITAL ONE FINL CORP | $390.0M | 8.9% | Add 190.24% |
| SLM CORP | $345.6M | 7.9% | Add 11.48% |
| Ryanair Holdings plc | $310.2M | 7.1% | Reduce 1.79% |
| AutoNation, Inc. | $241.3M | 5.5% | Add 7.47% |
| Lennar Corporation | $238.6M | 5.5% | Reduce 1.48% |
| PRIMERICA INC | $225.5M | 5.2% | Reduce 1.28% |
| MILLROSE PPTYS INC | $224.1M | 5.1% | Reduce 1.22% |
The table underscores the portfolio’s high concentration, with the top five holdings alone accounting for nearly half of all assets. Notably, the largest position, TD SYNNEX Corporation, is nearly 12% of the portfolio even after a reduction. The dramatic increase in CAPITAL ONE FINL CORP stands out as a bold, conviction-driven move, while the consistent presence of financials and select consumer names reflects a clear thematic focus. The modest reductions across several positions suggest ongoing risk calibration rather than wholesale strategic shifts.
Investment Lessons from Glenn Greenberg’s Approach
- Concentrate When Conviction Is High: Greenberg’s willingness to allocate double-digit percentages to his best ideas exemplifies the power of focused investing.
- Long Holding Periods Compound Value: With an average holding period of 14 quarters, Brave Warrior demonstrates the benefits of patience and letting theses play out.
- Active, Not Reactive: Tactical adds and trims show a readiness to act on changing fundamentals or valuations, without abandoning core convictions.
- Quality and Value Over Hype: The portfolio consistently favors companies with strong fundamentals, even if they’re out of favor with the broader market.
- Risk Management Is Ongoing: Regular rebalancing and position sizing adjustments help manage downside while capturing upside.
Looking Ahead: What Comes Next?
With a moderate turnover rate and significant cash still deployed in high-conviction names, Greenberg is well-positioned to capitalize on market volatility. The outsized bet on financials suggests confidence in credit quality and consumer resilience, while tactical trims in healthcare and technology may reflect valuation discipline or sector-specific concerns. Investors should watch for new positions or further size adjustments, especially if market dislocations create fresh value opportunities. As always, the portfolio’s structure is designed to weather cycles and exploit mispricings, not chase short-term trends.
FAQ about Glenn Greenberg’s Brave Warrior Portfolio
Q: What were the most significant changes in Brave Warrior’s Q2 2025 portfolio?
The most notable moves were a 190% increase in CAPITAL ONE FINL CORP, a 29.66% reduction in Elevance Health Inc., and meaningful adds to SLM CORP and AutoNation, Inc.. These shifts reflect evolving conviction in financials and selective risk management in healthcare and consumer sectors.
Q: How concentrated is Glenn Greenberg’s portfolio?
Extremely concentrated: the top ten holdings make up 77.2% of assets, with the largest position at nearly 12%. This focus allows for meaningful outperformance when core theses play out, but also requires rigorous risk management.
Q: How does Greenberg manage risk in such a focused portfolio?
Risk is managed through ongoing rebalancing, careful position sizing, and a willingness to trim or add as fundamentals and valuations shift. The average holding period of 14 quarters also helps smooth out short-term volatility.
Q: Which sectors does Brave Warrior favor?
Financials, select consumer cyclicals, and a handful of healthcare and technology names dominate the portfolio. Recent moves suggest a tilt toward credit and lending, with ongoing exposure to travel and housing.
Q: How can investors track Glenn Greenberg’s moves?
The best way is to follow quarterly 13F filings, which are available with a 45-day lag. ValueSense provides real-time tracking, in-depth analysis, and historical context for Brave Warrior’s portfolio and all major superinvestors.
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