Insights from the Latest 13F Filing Reveal Key Investment Changes
Glenn Greenberg (Trades, Portfolio), a seasoned investor known for his concentrated investment approach, has made notable changes to his portfolio in the fourth quarter of 2023, as revealed in the latest 13F filing. Greenberg, who co-founded Chieftain Capital Management and now leads Brave Warrior Advisors, is renowned for his strategy of investing in companies with minimal competition and high return on invested capital. His philosophy is to maintain a focused portfolio as a defense against ignorance, believing that a broad portfolio dilutes knowledge and increases the likelihood of investment errors.
Summary of New Buys
Glenn Greenberg (Trades, Portfolio)'s Brave Warrior Advisors has introduced 2 new stocks to its portfolio:
- Ryanair Holdings PLC (RYAAY, Financial), with 6,526 shares, now represents 0.02% of the portfolio, amounting to a total value of $870,310.
- KeyCorp (KEY, Financial), with a new position of 10,000 shares, representing a total value of $144,000.
Key Position Increases
Greenberg has also increased his stakes in 9 companies, with significant additions to:
- Elevance Health Inc (ELV, Financial), where 129,055 additional shares were acquired, bringing the total to 1,756,653 shares. This represents a 7.93% increase in share count and a 1.45% impact on the current portfolio, with a total value of $828,367,290.
- OneMain Holdings Inc (OMF, Financial), with an additional 1,118,166 shares, resulting in a total of 6,416,800 shares. This adjustment marks a 21.1% increase in share count, with a total value of $315,706,560.
Summary of Sold Out Positions
During the fourth quarter of 2023, Greenberg exited 6 positions entirely, including:
- United Rentals Inc (URI, Financial), where all 418,615 shares were sold, impacting the portfolio by -4.65%.
- Moody's Corporation (MCO, Financial), with the complete liquidation of 3,150 shares, causing a -0.02% impact on the portfolio.
Key Position Reductions
Greenberg's portfolio also saw reductions in 14 stocks. The most significant reductions were in:
- Apollo Global Management Inc (APO, Financial), with a reduction of 2,286,975 shares, leading to a -33.68% decrease in shares and a -5.13% impact on the portfolio. The stock traded at an average price of $88.29 during the quarter and has seen a return of 29.03% over the past 3 months and 20.80% year-to-date.
- Lennar Corp (LEN, Financial), with a reduction of 442,371 shares, resulting in a -43.63% decrease in shares and a -1.24% impact on the portfolio. The stock's average trading price was $124.42 during the quarter, with a return of 20.37% over the past 3 months and 3.59% year-to-date.
Portfolio Overview
As of the fourth quarter of 2023, Glenn Greenberg (Trades, Portfolio)'s portfolio comprises 30 stocks. The top holdings include 19.76% in Elevance Health Inc (ELV, Financial), 11.5% in Fidelity National Financial Inc (FNF, Financial), 10.38% in Primerica Inc (PRI, Financial), 10.01% in Apollo Global Management Inc (APO), and 7.53% in OneMain Holdings Inc (OMF, Financial).
The investments are primarily concentrated across 7 industries: Financial Services, Healthcare, Consumer Cyclical, Energy, Industrials, Communication Services, and Technology.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
