In its latest 13F filing for the second quarter of 2026, Glenn Greenberg's Brave Warrior Advisors revealed a portfolio valued at $4.59 billion. Greenberg, known for his highly concentrated, long-term investment strategy, typically focuses on a small number of companies he understands deeply, aiming for high returns on invested capital. This filing reflects his disciplined approach, with significant capital shifts among a curated list of holdings.
The most notable change was the initiation of a new, high-conviction position in Arthur J. Gallagher & Co. (AJG), which immediately accounted for 6.43% of the portfolio. This new stake, valued at approximately $295 million, represents a significant deployment of capital into the insurance brokerage firm. Additionally, Brave Warrior substantially increased its holding in Ryanair Holdings (RYAAY), boosting its share count by over 30% and making it a top-ten position with a 5.59% portfolio weight.
Conversely, the filing also showed significant reductions in several key holdings. The firm more than halved its position in TD Synnex Corp (SNX), with the stake decreasing from 12.75% to 8.40% of the portfolio. Other material reductions included trimming the position in health insurer Elevance Health (ELV) and cutting back stakes in Millrose Properties (MRP) and F&G Annuities & Life (FG). These moves indicate a strategic reallocation of capital towards what Greenberg may see as more compelling long-term opportunities.