Broad Run Investment Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Broad Run Investment Management, LLC reported 24 stock positions worth $599.0 million. Its top holding was Ast Spacemobile (ASTS) at 14.3% of the portfolio, followed by Brookfield (BN, 8.8%) and Aon Class A (AON, 7.8%). Compared with Q4 2024, it opened 1 new position, sold out of 1 and reduced 19. The biggest buy was a new position in Relx PLC - Spon ADR (RELX) and the biggest sale Encore Capital (ECPG, shares −30%).
- Most Recent 13F
- Q2 2026
- Location
- ARLINGTON, VA
- CIK
- 0001568621
- Portfolio Value
- $599.0M (Q1 2025)
- SEC Filing
- 0001568621-25-000007 ↗ filed May 15, 2025
Holdings Value
Holdings 24 stocks · $599.0M
| ASTS Ast Spacemobile Inc. | 14.26% | 3,756,229 | $85.4M | Reduce -0.5% |
| BN Brookfield Corp. | 8.81% | 1,006,781 | $52.8M | Reduce -6.2% |
| AON Aon PLC Class A | 7.80% | 117,085 | $46.7M | Reduce -27.4% |
| MKL Markel Group Inc. | 7.62% | 24,408 | $45.6M | Reduce -25.7% |
| ORLY O'reilly Automotive Inc. | 7.54% | 31,533 | $45.2M | Reduce -30.7% |
| CCOI Cogent Communications Holdin | 7.14% | 698,063 | $42.8M | Reduce -0.3% |
| AMAT Applied Materials Inc. | 4.98% | 205,439 | $29.8M | Reduce -5.5% |
| AMT American Tower Corp. | 4.65% | 127,912 | $27.8M | Reduce -39.2% |
| KMX Carmax Inc. | 4.53% | 348,317 | $27.1M | Reduce -32.3% |
| CDW CDW Corp. | 4.09% | 152,705 | $24.5M | Reduce -11.0% |
| ECPG Encore Capital Group Inc. | 3.78% | 660,661 | $22.6M | Reduce -30.4% |
| NVR NVR Inc. | 3.75% | 3,099 | $22.5M | Reduce -2.0% |
| BAM Brookfield Asset Mgmt-A | 3.66% | 452,652 | $21.9M | Reduce -3.8% |
| TDG Transdigm Group Inc. | 2.96% | 12,801 | $17.7M | Reduce -7.2% |
| RH RH | 2.68% | 68,464 | $16.0M | Reduce -6.5% |
| HLT Hilton Worldwide Holdings Inc. | 2.61% | 68,639 | $15.6M | Reduce -15.1% |
| DHR Danaher Corp. | 2.43% | 70,935 | $14.5M | No change |
| GOOG Alphabet Inc. Class C | 2.39% | 91,520 | $14.3M | Reduce -2.1% |
| SHEN Shenandoah Telecommunication | 1.96% | 933,576 | $11.7M | Reduce -0.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.94% | 57,349 | $5.7M | Reduce -2.2% |
| FND Floor & Decor Holdings Inc. Class A | 0.83% | 62,000 | $5.0M | No change |
| RELX Relx PLC - Spon ADR | 0.40% | 47,000 | $2.4M | New |
| BNT Brookfield Wealth Solutions | 0.14% | 15,721 | $820K | No change |
| GOOGL Alphabet Inc. Class A | 0.07% | 2,754 | $426K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| ECPG Encore Capital Group Inc. | Reduce -30.4% | 3.78% | −2.38 |
| RH RH | Reduce -6.5% | 2.68% | −1.24 |
| KMX Carmax Inc. | Reduce -32.3% | 4.53% | −1.19 |
| AMT American Tower Corp. | Reduce -39.2% | 4.65% | −0.60 |
| WMG Warner Music Group Corp. Class A | Sold out | 0.00% | −0.45 |
| CCOI Cogent Communications Holdin | Reduce -0.3% | 7.14% | −0.19 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -15.1% | 2.61% | −0.11 |
| MKL Markel Group Inc. | Reduce -25.7% | 7.62% | −0.09 |
| AON Aon PLC Class A | Reduce -27.4% | 7.80% | −0.06 |
| GOOG Alphabet Inc. Class C | Reduce -2.1% | 2.39% | −0.03 |
| CDW CDW Corp. | Reduce -11.0% | 4.09% | +0.03 |
| DIS The Walt Disney Co. | Reduce -2.2% | 0.94% | +0.06 |
| AMAT Applied Materials Inc. | Reduce -5.5% | 4.98% | +0.17 |
| BAM Brookfield Asset Mgmt-A | Reduce -3.8% | 3.66% | +0.20 |
| ORLY O'reilly Automotive Inc. | Reduce -30.7% | 7.54% | +0.21 |
| NVR NVR Inc. | Reduce -2.0% | 3.75% | +0.23 |
| SHEN Shenandoah Telecommunication | Reduce -0.0% | 1.96% | +0.36 |
| BN Brookfield Corp. | Reduce -6.2% | 8.81% | +0.43 |
| TDG Transdigm Group Inc. | Reduce -7.2% | 2.96% | +0.58 |
| ASTS Ast Spacemobile Inc. | Reduce -0.5% | 14.26% | +3.44 |
Portfolio Buys Q4 2024 → Q1 2025
| RELX Relx PLC - Spon ADR | New | 0.40% | +0.40 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 24 | $649.7M | ASTS, AMAT, SUNB, BN, MKL |
| Q1 2026 | 24 | $567.9M | ASTS, AMAT, BN, SUNB, MKL |
| Q4 2025 | 24 | $538.5M | ASTS, BN, MKL, AMAT, AON |
| Q3 2025 | 24 | $610.9M | ASTS, BN, ORLY, MKL, AON |
| Q2 2025 | 24 | $652.8M | ASTS, BN, MKL, AON, ORLY |
| Q1 2025 | 24 | $599.0M | ASTS, BN, AON, MKL, ORLY |
| Q4 2024 | 24 | $736.0M | ASTS, BN, AON, MKL, CCOI |
| Q3 2024 | 24 | $828.4M | ASTS, BN, AON, ORLY, AMT |
| Q2 2024 | 25 | $730.2M | BN, MKL, AMAT, ORLY, AON |
| Q1 2024 | 26 | $814.1M | BN, MKL, AON, ORLY, KMX |