Frederick (Shad) Rowe - Greenbrier Partners Capital Management Investment Strategy & Portfolio Analysis

According to the SEC 13F filed on Nov 09, 2026, Frederick (Shad) Rowe's Greenbrier Partners Capital Management portfolio reflects a highly concentrated, high-conviction approach across 12 reported 13F positions as of quarter-end Sep 30, 2026. Portfolio returns are primarily driven by a small set of mega-cap compounders, with the top five holdings accounting for approximately 74% of total exposure and Apple alone contributing ~22%. While the portfolio includes 12 positions, economic outcomes are highly concentrated in a narrow set of large-cap technology and growth-oriented names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments is elevated relative to peers, with performance anchored in growth-oriented names across communication services, technology, and consumer staples. The portfolio exhibits extremely low turnover, reinforcing a patient, conviction-led investment approach. Distinctive traits include Long-Term Holder, Moderately Concentrated, Economically Concentrated.