Broad Run Investment Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Broad Run Investment Management, LLC reported 24 stock positions worth $538.5 million. Its top holding was Ast Spacemobile (ASTS) at 21.2% of the portfolio, followed by Brookfield (BN, 10.4%) and Markel (MKL, 8.2%). Compared with Q3 2025, it opened 1 new position, sold out of 1, added to 1 and reduced 15. The biggest buy was a new position in iShares Core S&P Total U.S. (ITOT) and the biggest sale Ast Spacemobile (ASTS, shares −56%).
- Most Recent 13F
- Q2 2026
- Location
- ARLINGTON, VA
- CIK
- 0001568621
- Portfolio Value
- $538.5M (Q4 2025)
- SEC Filing
- 0001568621-26-000003 ↗ filed Feb 17, 2026
Holdings Value
Holdings 24 stocks · $538.5M
| ASTS Ast Spacemobile Inc. | 21.20% | 1,571,837 | $114.2M | Reduce -55.8% |
| BN Brookfield Corp. | 10.35% | 1,214,963 | $55.8M | Reduce -0.1% |
| MKL Markel Group Inc. | 8.19% | 20,525 | $44.1M | Reduce -0.1% |
| AMAT Applied Materials Inc. | 7.50% | 157,103 | $40.4M | Reduce -3.1% |
| AON Aon PLC Class A | 6.98% | 106,567 | $37.6M | Reduce -0.1% |
| ORLY O'reilly Automotive Inc. | 6.75% | 398,754 | $36.4M | Reduce -0.2% |
| GOOG Alphabet Inc. Class C | 3.96% | 67,914 | $21.3M | Reduce -0.4% |
| BAM Brookfield Asset Mgmt-A | 3.92% | 403,356 | $21.1M | Reduce -0.1% |
| NVR NVR Inc. | 3.77% | 2,783 | $20.3M | Reduce -0.1% |
| AMT American Tower Corp. | 3.58% | 109,875 | $19.3M | Reduce -2.1% |
| HLT Hilton Worldwide Holdings Inc. | 3.42% | 64,139 | $18.4M | No change |
| CDW CDW Corp. | 3.18% | 125,837 | $17.1M | Reduce -2.1% |
| DHR Danaher Corp. | 3.02% | 70,935 | $16.2M | No change |
| TDG Transdigm Group Inc. | 2.67% | 10,801 | $14.4M | No change |
| CCOI Cogent Communications Holdin | 2.66% | 663,700 | $14.3M | Add +3.0% |
| RH RH | 2.11% | 63,554 | $11.4M | Reduce -1.6% |
| KMX Carmax Inc. | 2.05% | 285,542 | $11.0M | Reduce -4.8% |
| SHEN Shenandoah Telecommunication | 1.91% | 891,096 | $10.3M | Reduce -0.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.84% | 39,806 | $4.5M | Reduce -5.4% |
| FND Floor & Decor Holdings Inc. Class A | 0.70% | 62,000 | $3.8M | No change |
| ITOT iShares Core S&P Total U.S. | 0.52% | 18,657 | $2.8M | New |
| RELX Relx PLC - Spon ADR | 0.35% | 47,000 | $1.9M | No change |
| BNT Brookfield Wealth Solutions | 0.20% | 23,581 | $1.1M | No change |
| GOOGL Alphabet Inc. Class A | 0.15% | 2,535 | $793K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| ASTS Ast Spacemobile Inc. | Reduce -55.8% | 21.20% | −7.38 |
| ORLY O'reilly Automotive Inc. | Reduce -0.2% | 6.75% | −0.30 |
| ECPG Encore Capital Group Inc. | Sold out | 0.00% | −0.24 |
| CDW CDW Corp. | Reduce -2.1% | 3.18% | −0.17 |
| KMX Carmax Inc. | Reduce -4.8% | 2.05% | −0.16 |
| SHEN Shenandoah Telecommunication | Reduce -0.7% | 1.91% | −0.06 |
| RH RH | Reduce -1.6% | 2.11% | −0.03 |
| AMT American Tower Corp. | Reduce -2.1% | 3.58% | +0.05 |
| DIS The Walt Disney Co. | Reduce -5.4% | 0.84% | +0.05 |
| NVR NVR Inc. | Reduce -0.1% | 3.77% | +0.11 |
| BAM Brookfield Asset Mgmt-A | Reduce -0.1% | 3.92% | +0.16 |
| AON Aon PLC Class A | Reduce -0.1% | 6.98% | +0.76 |
| GOOG Alphabet Inc. Class C | Reduce -0.4% | 3.96% | +1.24 |
| BN Brookfield Corp. | Reduce -0.1% | 10.35% | +1.25 |
| MKL Markel Group Inc. | Reduce -0.1% | 8.19% | +1.77 |
| AMAT Applied Materials Inc. | Reduce -3.1% | 7.50% | +2.06 |
Portfolio Buys Q3 2025 → Q4 2025
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 |