Frederick (Shad) Rowe – Greenbrier Partners Capital Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Greenbrier Partners Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 11, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – None reported

Increases – Copart, Inc. (CPRT)

Reductions – Meta Platforms, Inc. (META), Alphabet Inc. (GOOGL), Apple Inc. (AAPL)

Complete Exits – Southwest Airlines Company (LUV)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Greenbrier Partners Capital Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q4 2022Dec 31, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-33,534-6.6%	$41.80K	471,146
Q4 2022Dec 31, 2022	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-33,534-6.6%	$41.57K	471,146
Q4 2022Dec 31, 2022	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-38,954-8.7%	$29.27K	411,046
Q4 2022Dec 31, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-45,141-6.6%	$53.27K	634,219
Q4 2022Dec 31, 2022	PHM PulteGroup, Inc.	PulteGroup, Inc.	Sell	-74,300-8.4%	$37.13K	815,464
Q4 2022Dec 31, 2022	LUV Southwest Airlines Company	Southwest Airlines Company	Sell	-81,255-6.6%	$38.44K	1,141,611
Q4 2022Dec 31, 2022	AAPL Apple Inc.	Apple Inc.	Sell	-103,182-6.6%	$188.35K	1,449,666
Q3 2022Sep 30, 2022	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+479,446+1900.0%	$48.27K	504,680
Q3 2022Sep 30, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+479,446+1900.0%	$48.52K	504,680
Q3 2022Sep 30, 2022	NFLX Netflix, Inc.	Netflix, Inc.	Sell - Position Exit	-8,000-100.0%	$0.00	-
Q2 2022Jun 30, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+645,392+1900.0%	$72.16K	679,360
Q2 2021Jun 30, 2021	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+50,000+25.0%	$43.94K	250,000
Q2 2021Jun 30, 2021	VHI Valhi, Inc.	Valhi, Inc.	Sell - Position Exit	-13,980-100.0%	$0.00	-
Q1 2021Mar 31, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+22,358+28.8%	$23.58K	100,000
Q1 2021Mar 31, 2021	NFLX Netflix, Inc.	Netflix, Inc.	Buy - Position Entry	+8,000	$4.17K	8,000
Q1 2021Mar 31, 2021	VHI Valhi, Inc.	Valhi, Inc.	Sell	-12,733-47.7%	$287.00	13,980
Q1 2021Mar 31, 2021	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-35,263-7.3%	$109.28K	450,000
Q4 2020Dec 31, 2020	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+27,947+16.2%	$36.24K	200,000
Q4 2020Dec 31, 2020	VHI Valhi, Inc.	Valhi, Inc.	Sell	-1,172-4.2%	$406.00	26,713
Q3 2020Sep 30, 2020	AAPL Apple Inc.	Apple Inc.	Buy	+1,164,636+300.0%	$179.84K	1,552,848
Q2 2020Jun 30, 2020	VHI Valhi, Inc.	Valhi, Inc.	Buy - Position Entry	+27,885	$292.00	27,885
Q1 2020Mar 31, 2020	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+75,000+77.3%	$16.62K	172,053
Q1 2020Mar 31, 2020	SPOT Spotify	Spotify	Sell	-10,000-20.6%	$4.68K	38,526
Q1 2020Mar 31, 2020	PHM PulteGroup, Inc.	PulteGroup, Inc.	Sell	-80,765-8.3%	$19.86K	889,764
Q4 2019Dec 31, 2019	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-613-2.4%	$33.80K	25,234
Q4 2019Dec 31, 2019	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-613-2.4%	$33.74K	25,234
Q4 2019Dec 31, 2019	MKL Markel Group Inc.	Markel Group Inc.	Sell	-762-2.4%	$35.82K	31,333
Q4 2019Dec 31, 2019	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-826-2.4%	$62.77K	33,968
Q4 2019Dec 31, 2019	SPOT Spotify	Spotify	Sell	-1,180-2.4%	$7.26K	48,526
Q4 2019Dec 31, 2019	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,888-2.4%	$12.24K	77,642

Page 3 of 8 • 226 total trades

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