Broad Run Investment Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Broad Run Investment Management, LLC reported 24 stock positions worth $652.8 million. Its top holding was Ast Spacemobile (ASTS) at 26.4% of the portfolio, followed by Brookfield (BN, 8.1%) and Markel (MKL, 6.7%). Compared with Q1 2025, it reduced 20. The biggest sale was Cogent Communications Holdin (CCOI, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- ARLINGTON, VA
- CIK
- 0001568621
- Portfolio Value
- $652.8M (Q2 2025)
- SEC Filing
- 0001568621-25-000010 ↗ filed Aug 14, 2025
Holdings Value
Holdings 24 stocks · $652.8M
| ASTS Ast Spacemobile Inc. | 26.36% | 3,682,428 | $172.1M | Reduce -2.0% |
| BN Brookfield Corp. | 8.15% | 860,134 | $53.2M | Reduce -14.6% |
| MKL Markel Group Inc. | 6.68% | 21,826 | $43.6M | Reduce -10.6% |
| AON Aon PLC Class A | 6.19% | 113,237 | $40.4M | Reduce -3.3% |
| ORLY O'reilly Automotive Inc. | 6.06% | 439,149 | $39.6M | Reduce -7.2% |
| CCOI Cogent Communications Holdin | 5.01% | 677,886 | $32.7M | Reduce -2.9% |
| AMAT Applied Materials Inc. | 4.85% | 172,890 | $31.7M | Reduce -15.8% |
| AMT American Tower Corp. | 4.07% | 120,300 | $26.6M | Reduce -6.0% |
| CDW CDW Corp. | 3.64% | 133,067 | $23.8M | Reduce -12.9% |
| BAM Brookfield Asset Mgmt-A | 3.52% | 415,637 | $23.0M | Reduce -8.2% |
| NVR NVR Inc. | 3.30% | 2,921 | $21.6M | Reduce -5.7% |
| KMX Carmax Inc. | 3.27% | 318,091 | $21.4M | Reduce -8.7% |
| ECPG Encore Capital Group Inc. | 3.18% | 536,099 | $20.8M | Reduce -18.9% |
| HLT Hilton Worldwide Holdings Inc. | 2.62% | 64,139 | $17.1M | Reduce -6.6% |
| TDG Transdigm Group Inc. | 2.52% | 10,801 | $16.4M | Reduce -15.6% |
| GOOG Alphabet Inc. Class C | 2.25% | 82,911 | $14.7M | Reduce -9.4% |
| DHR Danaher Corp. | 2.15% | 70,935 | $14.0M | No change |
| RH RH | 1.94% | 67,060 | $12.7M | Reduce -2.0% |
| SHEN Shenandoah Telecommunication | 1.93% | 920,299 | $12.6M | Reduce -1.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.98% | 51,713 | $6.4M | Reduce -9.8% |
| FND Floor & Decor Holdings Inc. Class A | 0.72% | 62,000 | $4.7M | No change |
| RELX Relx PLC - Spon ADR | 0.39% | 47,000 | $2.6M | No change |
| BNT Brookfield Wealth Solutions | 0.15% | 15,721 | $971K | No change |
| GOOGL Alphabet Inc. Class A | 0.07% | 2,670 | $471K | Reduce -3.0% |
Portfolio Sells Q1 2025 → Q2 2025
| CCOI Cogent Communications Holdin | Reduce -2.9% | 5.01% | −2.14 |
| AON Aon PLC Class A | Reduce -3.3% | 6.19% | −1.61 |
| ORLY O'reilly Automotive Inc. | Reduce -7.2% | 6.06% | −1.48 |
| KMX Carmax Inc. | Reduce -8.7% | 3.27% | −1.26 |
| MKL Markel Group Inc. | Reduce -10.6% | 6.68% | −0.94 |
| RH RH | Reduce -2.0% | 1.94% | −0.74 |
| BN Brookfield Corp. | Reduce -14.6% | 8.15% | −0.66 |
| ECPG Encore Capital Group Inc. | Reduce -18.9% | 3.18% | −0.60 |
| AMT American Tower Corp. | Reduce -6.0% | 4.07% | −0.57 |
| CDW CDW Corp. | Reduce -12.9% | 3.64% | −0.45 |
| NVR NVR Inc. | Reduce -5.7% | 3.30% | −0.44 |
| TDG Transdigm Group Inc. | Reduce -15.6% | 2.52% | −0.44 |
| BAM Brookfield Asset Mgmt-A | Reduce -8.2% | 3.52% | −0.14 |
| GOOG Alphabet Inc. Class C | Reduce -9.4% | 2.25% | −0.13 |
| AMAT Applied Materials Inc. | Reduce -15.8% | 4.85% | −0.13 |
| SHEN Shenandoah Telecommunication | Reduce -1.4% | 1.93% | −0.03 |
| GOOGL Alphabet Inc. Class A | Reduce -3.0% | 0.07% | +0.00 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -6.6% | 2.62% | +0.01 |
| DIS The Walt Disney Co. | Reduce -9.8% | 0.98% | +0.04 |
| ASTS Ast Spacemobile Inc. | Reduce -2.0% | 26.36% | +12.10 |
Portfolio Buys Q1 2025 → Q2 2025
| None this quarter. | |||
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 |