13F filing recap · Q1 2016

What did Brave Warrior Advisors buy in Q1 2016?

Reported stock-position changes between this filing and the previous one.

Stock value

$2.05B

Positions

Estimated turnover

30.9%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

LBTYKLiberty Global Ltd.$193.22Mreported value+5.14M shares AXTAAxalta Coating Systems Ltd.$140.91Mreported value+4.83M shares

Increased positions

PRIPrimerica, Inc.$147.48Mreported value+343.3K shares+11.6%ARAntero Resources Corporation$104.58Mreported value+718.9K shares+20.6%

Reduced positions

CMPRCimpress Plc$307.78Mreported value-514.1K shares-13.2%JPMJPMorgan Chase & Co$279.77Mreported value-48.7K shares-1.0%SCHWSchwab Charles Corp$267.71Mreported value-47.6K shares-0.5%BAMBrookfield Corporation$241.10Mreported value-2.01M shares

Exited positions

EQIXEquinix Inc$100.29Mprior reported value-331.7K shares-100.0%BIPBrookfield Infrastructure Partners L.p.$4.62Mprior reported value-121.8K shares-100.0%BPYBrookfield Property Partners L.p.$290.0Kprior reported value-12.5K shares-100.0%