# Brave Warrior Advisors: 13F portfolio, Q2 2026

Investment firm, New York.

Source: SEC Form 13F filed 2026-08-14 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1553733/000117266126003728/0001172661-26-003728-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/brave-warrior-advisors
Updated: 2026-08-14 · Next filing due by 2026-11-14

## Summary
- Reported value: $4.6B (Q1 2026: $4.0B)
- Positions: 40 (Q1 2026: 36)
- Top 10 holdings: 74.4% of the portfolio
- This quarter: 7 new, 6 added to, 15 trimmed, 3 sold out

## What Brave Warrior Advisors did in Q2 2026
Brave Warrior Advisors opened 7 new positions, the largest Arthur J. Gallagher, S&P Global and Nu Holdings. It raised its stake in HCA Healthcare by 263%, Mastercard by 178% and Microsoft by 111%, among 4 it added to by half or more. It sold out of Ares Management, Apollo Global Management and First American Financial. It cut F&G Annuities & Life by 54% and Td Synnex by 53%. Icon is now the largest holding, at 11.9% of the portfolio.

## Biggest buys
- Arthur J. Gallagher (AJG): New
- S&P Global (SPGI): New
- Nu Holdings (NU): New
- Texas Instruments (TXN): New
- Analog Devices (ADI): New

## Biggest sells
- Ares Management (ARES): Sold out
- Apollo Global Management (APO): Sold out
- First American Financial (FAF): Sold out
- F&G Annuities & Life (FG): −54%
- Td Synnex (SNX): −53%

## Top 15 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Icon | ICLR | 11.9% | $547.8M | +5% | Q4 2024 |
| 2 | OneMain Holdings | OMF | 10.1% | $462.5M | −2% | Q3 2024 or earlier |
| 3 | Td Synnex | SNX | 8.4% | $385.4M | −53% | Q3 2024 or earlier |
| 4 | Elevance Health | ELV | 8.2% | $377.8M | −13% | Q3 2024 or earlier |
| 5 | Slm | SLM | 7.6% | $347.1M | −1% | Q1 2025 |
| 6 | Arthur J. Gallagher | AJG | 6.4% | $295.0M | New | Q2 2026 |
| 7 | Autonation | AN | 6.2% | $283.2M | −2% | Q3 2024 or earlier |
| 8 | Ryanair Holdings | RYAAY | 5.6% | $256.3M | +30% | Q3 2024 or earlier |
| 9 | Primerica | PRI | 5.4% | $246.1M | −2% | Q3 2024 or earlier |
| 10 | Lennar | LEN | 4.7% | $214.7M | −2% | Q3 2024 or earlier |
| 11 | Builders FirstSource | BLDR | 4.6% | $209.4M | −1% | Q1 2025 |
| 12 | Capital One Financial | COF | 4.3% | $198.4M | −2% | Q4 2024 |
| 13 | Millrose Properties | MRP | 3.9% | $181.2M | −29% | Q1 2025 |
| 14 | Mplx | MPLX | 3.9% | $179.2M | −2% | Q3 2024 or earlier |
| 15 | Fidelity National Financial | FNF | 3.5% | $162.6M | −2% | Q3 2024 or earlier |

25 more positions and every quarter's holdings are on Valuepeg for members: https://valuepeg.com/managers/brave-warrior-advisors

## Other value investors
- Cantillon Capital Management: https://valuepeg.com/managers/cantillon-capital
- Chou Associates: https://valuepeg.com/managers/chou-associates
- Coatue Management: https://valuepeg.com/managers/coatue
- Daily Journal: https://valuepeg.com/managers/daily-journal
- Dalal Street (Pabrai Investment Funds) (Mohnish Pabrai): https://valuepeg.com/managers/pabrai-dalal-street

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.