# Broad Run Investment Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1568621. Source: https://holderbook.com/funds/1568621-broad-run-investment-management-llc/

- Reported value: $649.7M
- Positions: 24
- Weight of the ten largest: 79.2%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| AST SPACEMOBILE INC | [ASTS](https://holderbook.com/stocks/ASTS/) | $129.4M | 1,455,969 | 19.9% | 21 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $106.7M | 147,512 | 16.4% | 20 |
| SUNBELT RENTALS HOLDINGS INC | [SUNB](https://holderbook.com/stocks/SUNB/) | $51.4M | 702,078 | 7.9% | 2 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $51.3M | 1,204,081 | 7.9% | 15 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $40.2M | 20,578 | 6.2% | 31 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $34.7M | 376,817 | 5.3% | 31 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $33.4M | 100,650 | 5.1% | 25 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $27.0M | 602,709 | 4.2% | 15 |
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $21.2M | 64,139 | 3.3% | 15 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $19.2M | 54,423 | 3.0% | 31 |
| NVR INC | [NVR](https://holderbook.com/stocks/NVR/) | $18.1M | 2,662 | 2.8% | 31 |
| CDW CORP | [CDW](https://holderbook.com/stocks/CDW/) | $17.5M | 124,310 | 2.7% | 23 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $17.2M | 105,005 | 2.6% | 31 |
| CARMAX INC | [KMX](https://holderbook.com/stocks/KMX/) | $15.0M | 283,226 | 2.3% | 31 |
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $14.4M | 10,801 | 2.2% | 15 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $13.5M | 70,935 | 2.1% | 15 |
| RH | [RH](https://holderbook.com/stocks/RH/) | $10.3M | 62,357 | 1.6% | 26 |
| SHENANDOAH TELECOMMUNICATION | [SHEN](https://holderbook.com/stocks/SHEN/) | $9.9M | 658,567 | 1.5% | 17 |
| COGENT COMM HOLDINGS INC | [CCOI](https://holderbook.com/stocks/CCOI/) | $9.2M | 660,130 | 1.4% | 15 |
| FLOOR & DECOR HLDGS INC | [FND](https://holderbook.com/stocks/FND/) | $3.7M | 62,000 | 0.6% | 10 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $3.2M | 33,559 | 0.5% | 30 |
| RELX PLC | [RELX](https://holderbook.com/stocks/RELX/) | $1.5M | 47,000 | 0.2% | 6 |
| BROOKFIELD WEALTH SOL LTD | [BNT](https://holderbook.com/stocks/BNT/) | $1.0M | 23,581 | 0.2% | 8 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $905.9K | 2,535 | 0.1% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +15.4% | +14.8% | +0.6% | 100% |
| Q1 2026 | +0.1% | -4.6% | +4.7% | 100% |
| Q4 2025 | +12.1% | +2.4% | +9.8% | 100% |
| Q3 2025 | +1.8% | +7.8% | -6.1% | 100% |
| Q2 2025 | +17.6% | +10.5% | +7.1% | 100% |
| Q1 2025 | -3.5% | -4.6% | +1.0% | 100% |
| Q4 2024 | -3.6% | +2.1% | -5.7% | 100% |
| Q3 2024 | +18.8% | +5.4% | +13.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $649.7M | 24 |
| Q1 2026 | $567.9M | 24 |
| Q4 2025 | $538.5M | 24 |
| Q3 2025 | $610.9M | 24 |
| Q2 2025 | $652.8M | 24 |
| Q1 2025 | $599.0M | 24 |
| Q4 2024 | $736.0M | 24 |
| Q3 2024 | $828.4M | 24 |
| Q2 2024 | $730.2M | 25 |
| Q1 2024 | $814.1M | 26 |
| Q4 2023 | $748.4M | 26 |
| Q3 2023 | $756.8M | 25 |