Broad Run Investment Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Broad Run Investment Management, LLC reported 24 stock positions worth $610.9 million. Its top holding was Ast Spacemobile (ASTS) at 28.6% of the portfolio, followed by Brookfield (BN, 9.1%) and O'reilly Automotive (ORLY, 7.1%). Compared with Q2 2025, it reduced 18. The biggest sale was Encore Capital (ECPG, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- ARLINGTON, VA
- CIK
- 0001568621
- Portfolio Value
- $610.9M (Q3 2025)
- SEC Filing
- 0001568621-25-000014 ↗ filed Nov 14, 2025
Holdings Value
Holdings 24 stocks · $610.9M
| ASTS Ast Spacemobile Inc. | 28.58% | 3,557,413 | $174.6M | Reduce -3.4% |
| BN Brookfield Corp. | 9.10% | 811,015 | $55.6M | Reduce -5.7% |
| ORLY O'reilly Automotive Inc. | 7.05% | 399,595 | $43.1M | Reduce -9.0% |
| MKL Markel Group Inc. | 6.43% | 20,547 | $39.3M | Reduce -5.9% |
| AON Aon PLC Class A | 6.22% | 106,617 | $38.0M | Reduce -5.8% |
| AMAT Applied Materials Inc. | 5.44% | 162,214 | $33.2M | Reduce -6.2% |
| CCOI Cogent Communications Holdin | 4.04% | 644,030 | $24.7M | Reduce -5.0% |
| BAM Brookfield Asset Mgmt-A | 3.76% | 403,610 | $23.0M | Reduce -2.9% |
| NVR NVR Inc. | 3.66% | 2,786 | $22.4M | Reduce -4.6% |
| AMT American Tower Corp. | 3.53% | 112,276 | $21.6M | Reduce -6.7% |
| CDW CDW Corp. | 3.35% | 128,518 | $20.5M | Reduce -3.4% |
| HLT Hilton Worldwide Holdings Inc. | 2.72% | 64,139 | $16.6M | No change |
| GOOG Alphabet Inc. Class C | 2.72% | 68,209 | $16.6M | Reduce -17.7% |
| TDG Transdigm Group Inc. | 2.33% | 10,801 | $14.2M | No change |
| DHR Danaher Corp. | 2.30% | 70,935 | $14.1M | No change |
| KMX Carmax Inc. | 2.20% | 300,111 | $13.5M | Reduce -5.7% |
| RH RH | 2.15% | 64,603 | $13.1M | Reduce -3.7% |
| SHEN Shenandoah Telecommunication | 1.97% | 897,475 | $12.0M | Reduce -2.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.79% | 42,094 | $4.8M | Reduce -18.6% |
| FND Floor & Decor Holdings Inc. Class A | 0.75% | 62,000 | $4.6M | No change |
| RELX Relx PLC - Spon ADR | 0.37% | 47,000 | $2.2M | No change |
| ECPG Encore Capital Group Inc. | 0.24% | 35,733 | $1.5M | Reduce -93.3% |
| BNT Brookfield Wealth Solutions | 0.18% | 15,721 | $1.1M | No change |
| GOOGL Alphabet Inc. Class A | 0.10% | 2,535 | $616K | Reduce -5.1% |
Portfolio Sells Q2 2025 → Q3 2025
| ECPG Encore Capital Group Inc. | Reduce -93.3% | 0.24% | −2.93 |
| KMX Carmax Inc. | Reduce -5.7% | 2.20% | −1.07 |
| CCOI Cogent Communications Holdin | Reduce -5.0% | 4.04% | −0.96 |
| AMT American Tower Corp. | Reduce -6.7% | 3.53% | −0.54 |
| CDW CDW Corp. | Reduce -3.4% | 3.35% | −0.29 |
| MKL Markel Group Inc. | Reduce -5.9% | 6.43% | −0.25 |
| DIS The Walt Disney Co. | Reduce -18.6% | 0.79% | −0.19 |
| GOOGL Alphabet Inc. Class A | Reduce -5.1% | 0.10% | +0.03 |
| AON Aon PLC Class A | Reduce -5.8% | 6.22% | +0.03 |
| SHEN Shenandoah Telecommunication | Reduce -2.5% | 1.97% | +0.05 |
| RH RH | Reduce -3.7% | 2.15% | +0.21 |
| BAM Brookfield Asset Mgmt-A | Reduce -2.9% | 3.76% | +0.24 |
| NVR NVR Inc. | Reduce -4.6% | 3.66% | +0.36 |
| GOOG Alphabet Inc. Class C | Reduce -17.7% | 2.72% | +0.47 |
| AMAT Applied Materials Inc. | Reduce -6.2% | 5.44% | +0.59 |
| BN Brookfield Corp. | Reduce -5.7% | 9.10% | +0.95 |
| ORLY O'reilly Automotive Inc. | Reduce -9.0% | 7.05% | +0.99 |
| ASTS Ast Spacemobile Inc. | Reduce -3.4% | 28.58% | +2.22 |
Portfolio Buys Q2 2025 → Q3 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 |