Broad Run Investment Management, LLC
Long book
$567.9M
Q1 2026
Positions
24
Top-10 weight
77%
concentration
Last quarter
+11.7%
SPY +14.8%
Turnover
8%
of book per quarter
Strategy in plain words
auto-generated from filingsBroad Run Investment Management, LLC is a concentrated fundamental stock-picker, running a $567.9M US long book across 24 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: AST SPACEMOBILE INC, APPLIED MATERIALS INC, BROOKFIELD CORP, SUNBELT RENTALS HOLDINGS INC, MARKEL GROUP INC.
Over the last 9 quarters its long book ran on average 1.7pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.6%
Q2 2024
+19.0%
Q3 2024
-3.2%
Q4 2024
-3.4%
Q1 2025
+17.9%
Q2 2025
+2.1%
Q3 2025
+12.2%
Q4 2025
+0.2%
Q1 2026
+11.7%
Sector allocation
Communications 27%
Financials 18%
Technology 15%
Consumer discretionary 13%
Services media 12%
Real estate 9%
Industrials 5%
Long book by quarter
What does Broad Run own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ASTS AST SPACEMOBILE INC | Communications | 1.5M | $121.2M | 21.4% | -6.9% |
| AMAT APPLIED MATERIALS INC | Technology | 148.3K | $50.7M | 8.9% | -5.6% |
| BN BROOKFIELD CORP | Real estate | 1.2M | $49.0M | 8.6% | -0.3% |
| SUNB SUNBELT RENTALS HOLDINGS INC | Services media | 704.5K | $44.2M | 7.8% | New |
| MKL MARKEL GROUP INC | Financials | 20.7K | $39.6M | 7.0% | +0.9% |
| ORLY O'REILLY AUTOMOTIVE INC | Consumer discretionary | 378.7K | $35.0M | 6.2% | -5.0% |
| AON AON PLC-CLASS A | Financials | 101.2K | $32.7M | 5.7% | -5.1% |
| BAM BROOKFIELD ASSET MGMT-A | Financials | 603.6K | $26.8M | 4.7% | +49.7% |
| HLT HILTON WORLDWIDE HOLDINGS IN | Services media | 64.1K | $19.5M | 3.4% | Held |
| NVR NVR INC | Industrials | 2.7K | $17.6M | 3.1% | -4.0% |
| GOOG ALPHABET INC-CL C | Technology | 55.6K | $15.9M | 2.8% | -18.2% |
| CDW CDW CORP/DE | Consumer discretionary | 124.6K | $15.1M | 2.7% | -1.0% |
| SHEN SHENANDOAH TELECOMMUNICATION | Communications | 878.3K | $13.5M | 2.4% | -1.4% |
| DHR DANAHER CORP | Technology | 70.9K | $13.4M | 2.4% | Held |
| TDG TRANSDIGM GROUP INC | Industrials | 10.8K | $12.5M | 2.2% | Held |
| CCOI COGENT COMMUNICATIONS HOLDIN | Communications | 663.2K | $12.5M | 2.2% | -0.1% |
| KMX CARMAX INC | Consumer discretionary | 284.4K | $11.8M | 2.1% | -0.4% |
| RH RH | Consumer discretionary | 62.5K | $8.7M | 1.5% | -1.6% |
| DIS WALT DISNEY CO/THE | Services media | 34.3K | $3.3M | 0.6% | -13.9% |
| FND FLOOR & DECOR HOLDINGS INC-A | Consumer discretionary | 62.0K | $3.1M | 0.6% | Held |
| BNT BROOKFIELD WEALTH SOLUTIONS | Financials | 23.6K | $976K | 0.2% | Held |
| GOOGL ALPHABET INC-CL A | Technology | 2.5K | $729K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 24 | $567.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 24 | $538.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 24 | $610.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 24 | $652.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 24 | $599.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 24 | $736.0M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 24 | $828.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 25 | $730.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 26 | $814.1M | canonical | SEC ↗ |
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