13F filing recap · Q4 2025

What did Brave Warrior Advisors buy in Q4 2025?

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

Stock value

$4.27B

Positions

Estimated turnover

16.2%

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.

Quarter in review

Brave Warrior Advisors opened new positions in Applied Materials and S&P Global, while exiting Kinetik Holdings and ICON PLC entirely. The firm substantially increased its stake in Millrose Properties, and added to Slm Corp, Autonation, Lennar Corp, Builders Firstsource, and others. It trimmed Elevance Health and Ryanair Holdings, with smaller reductions in TD Synnex, Onemain Holdings, and several other names.

New positions

AMATApplied Materials Inc /de$247.0Kreported value+961 shares SPGIS&P Global Inc.$209.6Kreported value+401 shares

Increased positions

SLMSlm Corp$347.23Mreported value+1.17M shares+10.1%ANAutonation, Inc.$320.61Mreported value+338.7K shares+27.9%MRPMillrose Properties, Inc.$256.89Mreported value+3.22M shares+60.0%LENLennar Corp /new/$247.89Mreported value+405.9K shares

Reduced positions

OMFOnemain Holdings, Inc.$522.79Mreported value-55.0K shares-0.7%SNXTD Synnex Corporation$475.21Mreported value-112.1K shares-3.4%ELVElevance Health, Inc.$438.82Mreported value-582.2K shares-31.7%RYAAYRyanair Holdings Plc$220.66Mreported value-1.03M shares

Exited positions

KNTKKinetik Holdings Inc.$68.77Mprior reported value-1.61M shares-100.0%ICLRICON PLC$525.0Kprior reported value-3.0K shares-100.0%