Glenn Greenberg
Brave Warrior Advisors
2026Q1 brief
Brave Warrior's most consequential move in 2026Q1 was initiating a full ICON PLC position at 8.2% of the $4.04B portfolio — instantly the third-largest holding — signaling Greenberg's conviction in CRO sector recovery after a prolonged industry downcycle. This complements his existing healthcare exposure via ELV (8.1%) and reinforces the concentrated, high-conviction style Brave Warrior is known for, with the top 5 still commanding 46.8% of assets. Meanwhile, SNX (12.8%) and OMF (10.2%) remain anchor positions, reflecting continued comfort in IT distribution and consumer finance. Notable trims include MPLX cut ~27% to 4.6% and HCA slashed ~66% to a rounding error, suggesting reduced enthusiasm for both midstream energy and hospital operators. The handful of tiny new positions — ARES, APO, ET — look like toe-dips rather than thematic shifts. Watch whether ICON PLC gets meaningfully added to or quickly trimmed in the next filing, as that will confirm whether this is a high-conviction thesis or a sizing test.
AI-generated. Not investment advice.
Holdings (36) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | SNX | 12.8% | $515M | |||
| 2 | OMF | 10.2% | $412M | |||
| 3 | ICLR | 8.2% | $332M | |||
| 4 | ELV | 8.1% | $329M | |||
| 5 | AN | 7.5% | $302M | |||
| 6 | SLM | 7.2% | $291M | |||
| 7 | MRP | 5.9% | $238M | |||
| 8 | PRI | 5.5% | $220M | |||
| 9 | LEN | 5.2% | $209M | |||
| 10 | BLDR | 4.8% | $195M | |||
| 11 | MPLX | 4.6% | $186M | |||
| 12 | COF | 4.5% | $183M | |||
| 13 | RYAAY | 4.3% | $176M | |||
| 14 | FNF | 4.0% | $162M | |||
| 15 | FG | 3.4% | $136M | |||
| 16 | DHI | 2.4% | $95M | |||
| 17 | AM | 1.0% | $42M | |||
| 18 | GOOGL | 0.1% | $6M | |||
| 19 | JPM | <0.1% | $2M | |||
| 20 | SUNB | <0.1% | $2M | |||
| 21 | GOOG | <0.1% | $1M | |||
| 22 | CMCSA | <0.1% | $893K | |||
| 23 | MSFT | <0.1% | $750K | |||
| 24 | BAC | <0.1% | $708K | |||
| 25 | HCA | <0.1% | $631K | |||
| 26 | ARES | <0.1% | $546K | |||
| 27 | APO | <0.1% | $501K | |||
| 28 | MAR | <0.1% | $391K | |||
| 29 | PGR | <0.1% | $355K | |||
| 30 | AMAT | <0.1% | $328K | |||
| 31 | FAF | <0.1% | $301K | |||
| 32 | AMZN | <0.1% | $292K | |||
| 33 | ET | <0.1% | $290K | |||
| 34 | META | <0.1% | $213K | |||
| 35 | MA | <0.1% | $211K | |||
| 36 | MCO | <0.1% | $205K |
- 1SNX12.8%$515MTD Synnex Corpthis Q hold·9q
- 2OMF10.2%$412MOnemain Holdings Incthis Q hold·16q
- 3ICLR8.2%$332MIcon Plcthis Q New·7q
- 4ELV8.1%$329MElevance Health Incthis Q hold·27q
- 5AN7.5%$302MAutonation Incthis Q hold·14q
- 6SLM7.2%$291MSlm Corpthis Q hold·5q
- 7MRP5.9%$238MMillrose Propertiesthis Q hold·5q
- 8PRI5.5%$220MPrimerica Incthis Q hold·40q
- 9LEN5.2%$209MLennar Corp-athis Q hold·25q
- 10BLDR4.8%$195MBuilders Firstsource Incthis Q hold·5q
- 11MPLX4.6%$186MMplx LPthis Q -27%·12q
- 12COF4.5%$183MCapital One Financial Corpthis Q hold·6q
- 13RYAAY4.3%$176MRyanair Holdings Plc-sp Adrthis Q hold·14q
- 14FNF4.0%$162MFidelity National Financialthis Q hold·20q
- 15FG3.4%$136MF&g Annuities & Life Incthis Q hold·14q
- 16DHI2.4%$95MDR Horton Incthis Q hold·25q
- 17AM1.0%$42MAntero Midstream Corpthis Q hold·29q
- 18GOOGL0.1%$6MAlphabet Inc-cl Athis Q hold·34q
- 19JPM<0.1%$2MJpmorgan Chase & COthis Q hold·40q
- 20SUNB<0.1%$2MSunbelt Rentals Holdings Incthis Q New·—1q
- 21GOOG<0.1%$1MAlphabet Inc-cl Cthis Q hold·31q
- 22CMCSA<0.1%$893KComcast Corp-class Athis Q hold·40q
- 23MSFT<0.1%$750KMicrosoft Corpthis Q +286%·14q
- 24BAC<0.1%$708KBank OF America Corpthis Q -45%·40q
- 25HCA<0.1%$631KHca Healthcare Incthis Q -66%·34q
- 26ARES<0.1%$546KAres Management Corp - Athis Q New·—1q
- 27APO<0.1%$501KApollo Global Management Incthis Q New·12q
- 28MAR<0.1%$391KMarriott International -cl Athis Q hold·21q
- 29PGR<0.1%$355KProgressive Corpthis Q hold·26q
- 30AMAT<0.1%$328KApplied Materials Incthis Q hold·3q
- 31FAF<0.1%$301KFirst American Financialthis Q New·10q
- 32AMZN<0.1%$292KAmazon.com Incthis Q hold·22q
- 33ET<0.1%$290KEnergy Transfer LPthis Q New·—1q
- 34META<0.1%$213KMeta Platforms Inc-class Athis Q hold·15q
- 35MA<0.1%$211KMastercard Inc - Athis Q hold·11q
- 36MCO<0.1%$205KMoody's Corpthis Q hold·28q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| ICLR | Icon Plc | NEW | 8.2% | +100% | $332M |
| MPLX | Mplx LP | TRIM | 4.6% | -27% | $186M |
| HCA | Hca Healthcare Inc | TRIM | <0.1% | -66% | $631K |
| SUNB | Sunbelt Rentals Holdings Inc | NEW | <0.1% | +100% | $2M |
| BAC | Bank OF America Corp | TRIM | <0.1% | -45% | $708K |
| MSFT | Microsoft Corp | ADD | <0.1% | +286% | $750K |
| USB | US Bancorp | EXIT | <0.1% | -100% | $0 |
| ARES | Ares Management Corp - A | NEW | <0.1% | +100% | $546K |
| APO | Apollo Global Management Inc | NEW | <0.1% | +100% | $501K |
| FAF | First American Financial | NEW | <0.1% | +100% | $301K |
| ET | Energy Transfer LP | NEW | <0.1% | +100% | $290K |
| SPGI | S&p Global Inc | EXIT | <0.1% | -100% | $0 |
| V | Visa Inc-class A Shares | EXIT | <0.1% | -100% | $0 |
- NEWICLR8.2%Icon PlcΔ +100%·$332M
- TRIMMPLX4.6%Mplx LPΔ -27%·$186M
- TRIMHCA<0.1%Hca Healthcare IncΔ -66%·$631K
- NEWSUNB<0.1%Sunbelt Rentals Holdings IncΔ +100%·$2M
- TRIMBAC<0.1%Bank OF America CorpΔ -45%·$708K
- ADDMSFT<0.1%Microsoft CorpΔ +286%·$750K
- EXITUSB<0.1%US BancorpΔ -100%·$0
- NEWARES<0.1%Ares Management Corp - AΔ +100%·$546K
- NEWAPO<0.1%Apollo Global Management IncΔ +100%·$501K
- NEWFAF<0.1%First American FinancialΔ +100%·$301K
- NEWET<0.1%Energy Transfer LPΔ +100%·$290K
- EXITSPGI<0.1%S&p Global IncΔ -100%·$0
- EXITV<0.1%Visa Inc-class A SharesΔ -100%·$0
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001553733). Not investment advice.