Glenn Greenberg Stock Portfolio: Top Holdings, Changes & Strategy
Wednesday, March 25, 2026 · Johnny Hopkins
Glenn Greenberg’s Brave Warrior Advisors reported an equity portfolio of approximately $4.27 billion in the latest quarter, continuing to reflect a highly disciplined, quality-focused investment approach centered on a select group of durable businesses.
The portfolio remains relatively concentrated, with a significant portion of capital allocated to a core set of high-conviction holdings across financials, homebuilding, industrials, and services. Greenberg’s strategy emphasizes fundamentally strong companies with consistent earnings power, high returns on capital, and shareholder-friendly management teams.
The latest filing shows a mix of selective additions and trims, alongside a few meaningful reallocations within existing positions. While turnover remains moderate, the firm continues to demonstrate a long-term orientation, with position sizing adjustments rather than broad portfolio shifts.
Brave Warrior maintains a clear preference for companies with predictable cash flows, strong competitive positioning, and the ability to compound intrinsic value over time.
Portfolio Snapshot
Estimated Portfolio Value: ~$4.27B
Top 10 Weight: ~78.18% (highly concentrated)
Turnover: Moderate — active position sizing within a long-term framework
Top Holdings & Weights
| Company | Ticker | Value | Portfolio % |
|---|---|---|---|
| OneMain Holdings | OMF | ~$522.8M | ~12.25% |
| TD SYNNEX | SNX | ~$475.2M | ~11.13% |
| Elevance Health | ELV | ~$438.8M | ~10.28% |
| SLM Corp | SLM | ~$347.2M | ~8.13% |
| AutoNation | AN | ~$320.6M | ~7.51% |
| Millrose Properties | MRP | ~$256.9M | ~6.02% |
| Lennar (Class A) | LEN | ~$247.9M | ~5.81% |
| Builders FirstSource | BLDR | ~$244.8M | ~5.73% |
| Capital One Financial | COF | ~$244.5M | ~5.73% |
| MPLX LP | MPLX | ~$238.8M | ~5.59% |
Key Takeaway
The portfolio reinforces Brave Warrior’s preference for:
- Financials with strong underwriting and capital discipline (OneMain, Capital One, SLM)
- Housing-related compounders (Lennar, Builders FirstSource)
- Cash-generative service and distribution businesses (TD SYNNEX, AutoNation)
- Energy infrastructure with stable cash flows (MPLX)
The portfolio is notably tilted toward economically sensitive but high-quality businesses, particularly in financial services and housing, where Greenberg appears to see durable earnings power and attractive valuations.
Biggest Changes Last Quarter
Notable Adds
Millrose Properties (MRP):
Position increased significantly.
→ Suggests growing conviction in real estate exposure, potentially tied to housing or development trends.
Lennar (LEN):
Shares added.
→ Reinforces a constructive view on homebuilding fundamentals and long-term housing demand.
Builders FirstSource (BLDR):
Position increased.
→ Indicates continued confidence in housing supply chain leverage and operating efficiency.
Notable Trims
Elevance Health (ELV):
Position reduced materially (~-31.7%).
→ Likely reflects profit-taking or rebalancing after strong performance.
Ryanair (RYAAY):
Position reduced significantly (~-25.2%).
→ Suggests trimming exposure to international travel or cyclical recovery plays.
TD SYNNEX (SNX):
Shares reduced modestly.
→ Appears to be position management rather than a change in core thesis.
Full Exits Last Quarter
Kinetik Holdings (KNTK):
Position fully exited.
→ Indicates a shift away from this specific energy infrastructure name, possibly in favor of higher-conviction alternatives like MPLX.
ICON plc (ICLR):
Position fully exited.
→ Suggests a reduction in exposure to contract research and healthcare services, potentially reallocating capital toward higher-conviction opportunities in financials and housing-related names.
Portfolio Characteristics
Style: Concentrated, quality-focused value investing
Concentration: High (top positions represent the majority of capital)
Turnover: Moderate — active rebalancing within core holdings
Core Sector Themes
- Consumer and specialty finance (OneMain, Capital One, SLM)
- Housing and construction ecosystem (Lennar, Builders FirstSource)
- Healthcare services (Elevance Health)
- Industrial and distribution platforms (TD SYNNEX)
- Energy infrastructure (MPLX)
Geographic Exposure
- Predominantly U.S.-focused
- Select international exposure (e.g., Ryanair)
Summary
Brave Warrior Advisors’ latest filing highlights Glenn Greenberg’s consistent, fundamentals-driven investment philosophy, centered on a relatively concentrated portfolio of high-quality businesses.
The portfolio remains anchored in financials and housing-related names, complemented by select positions in healthcare, industrials, and energy infrastructure. Recent activity reflects measured rebalancing, with additions to housing and real estate exposure alongside trims in healthcare and international travel.
Overall, the strategy emphasizes durable earnings, disciplined capital allocation, and long-term compounding, with a willingness to adjust position sizes while maintaining conviction in core holdings.