BR
Broad Run Investment Management, LLC's 13F Portfolio ($649.7M, Q2 2026)
Broad Run Investment Management, LLCCIK: 0001568621
Quality / disciplined sizingSector-focusedLong-term holder
Total reported value
$649.7M
Reporting period: 2026-06-30 · Number of holdings: 24
Broad Run Investment Management, LLC disclosed 24 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $649.7M and a quarterly turnover rate of 16.2%.
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Personality snowflake
- Concentration
- 38.58
- Portfolio Stability
- 16.21
- Momentum
- 50
- Sector conviction
- 78.31
- Diversification
- 48
- Sizing Uniformity
- 88.29
Broad Run Investment Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.096 — mathematically equivalent to about 10 equally-sized positions, well below its 24 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.17), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd AMAT
-0.5% $56.0M
Trim ASTS
-0.5% $8.1M
Trim SHEN
-25.0% -$3.6M
Trim ORLY
-0.5% -$255.6K
Trim CCOI
-0.5% -$3.3M
Trim MKL
-0.6% $550.6K
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ASTS | Ast Spacemobile Inc | Stock-Tech | 19.91% | -1.44% | -0.49% | |
| 2 | AMAT | Applied Materials Inc | Stock-Tech | 16.41% | +7.48% | -0.54% | |
| 3 | SUNB | Sunbelt Rentals Holdings Inc | Stock-Industrials | 7.90% | +0.12% | -0.35% | |
| 4 | BN | Brookfield CORP | Stock-Financials | 7.89% | -0.74% | -0.56% | |
| 5 | MKL | Markel Group Inc | Stock-Financials | 6.19% | -0.79% | -0.63% | |
| 6 | ORLY | O'reilly Automotive Inc | Stock-Consumer Disc | 5.34% | -0.82% | -0.49% | |
| 7 | AON | Aon plc | Stock-Financials | 5.14% | -0.61% | -0.50% | |
| 8 | BAM | Brookfield Asset Mgmt-a | Stock-Financials | 4.16% | -0.56% | -0.15% | |
| 9 | HLT | Hilton Worldwide Holdings In | Stock-Consumer Disc | 3.26% | -0.17% | — | |
| 10 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.96% | +0.15% | -2.03% | |
| 11 | NVR | Nvr Inc | Stock-Consumer Disc | 2.79% | -0.31% | -0.41% | |
| 12 | CDW | Cdw Corp/de | Stock-Tech | 2.69% | +0.03% | -0.24% | |
| 13 | AMT | American Tower CORP | Stock-Real Estate | 2.64% | -0.57% | -0.54% | |
| 14 | KMX | Carmax Inc | Stock-Consumer Disc | 2.31% | +0.23% | -0.41% | |
| 15 | TDG | Transdigm Group Inc | Stock-Industrials | 2.21% | +0.01% | — | |
| 16 | DHR | Danaher CORP | Stock-Healthcare | 2.08% | -0.29% | — | |
| 17 | RH | Rh | Stock-Consumer Disc | 1.58% | +0.04% | -0.28% | |
| 18 | SHEN | Shenandoah Telecommunication | Stock-Other | 1.53% | -0.85% | -25.01% | |
| 19 | CCOI | Cogent Communications Holdin | Stock-Other | 1.41% | -0.79% | -0.46% | |
| 20 | FND | Floor & Decor Holdings Inc-a | Stock-Consumer Disc | 0.57% | +0.02% | — | |
| 21 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.50% | -0.08% | -2.07% | |
| 22 | RELX | Relx PLC - Spon Adr | Stock-Industrials | 0.23% | -0.04% | — | |
| 23 | BNT | Brookfield Wealth Solutions Ltd. | Stock-Other | 0.15% | -0.02% | — | |
| 24 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.14% | +0.01% | — |
Portfolio Performance
Performance for Q3 2026
-12.4%
Performance Last 4 Quarters
+16%
- Stdev
- +30.5%
- Beta
- +1.3
- Alpha
- -5.1%
- Max Drawdown
- -17.6%
- Annualized Perf
- +17.8%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +1.27
- Stutzer
- +0.2
- Treynor
- +0.16
- Sterling
- +0.75
- Calmar
- +1.01
- Information Ratio
- +0.03
- Tracking Error
- +25.8%
- Stdev Down
- +16.4%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +60.7%
- Worst 12 Months
- +7.7%
- Efficiency Ratio
- +0.26
- Sharpe
- +0.68
- Stdev Sectors
- +13%
- Skewness
- +0.46
- Kurtosis
- -0.06
- Upside Potential
- +3.13
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 24 | $649.7M | 16 | ||
| 2026 Q1 | 24 | $567.9M | 21 | ||
| 2025 Q4 | 24 | $538.5M | 21 | ||
| 2025 Q3 | 24 | $610.9M | 30 | ||
| 2025 Q2 | 24 | $652.8M | 0 | ||
| 2025 Q1 | 24 | $599.0M | 100 | ||
| 2024 Q4 | 24 | $736.0M | 0 | ||
| 2024 Q3 | 24 | $828.4M | 0 | ||
| 2024 Q2 | 25 | $730.2M | 0 | ||
| 2024 Q1 | 26 | $814.1M | 0 | ||
| 2023 Q4 | 26 | $748.4M | 0 | ||
| 2023 Q3 | 25 | $756.8M | 0 | ||
| 2023 Q2 | 25 | $845.2M | 0 | ||
| 2023 Q1 | 26 | $839.1M | 0 | ||
| 2022 Q4 | 28 | $830.3M | 0 | ||
| 2022 Q3 | 22 | $912.9M | 0 | ||
| 2022 Q2 | 24 | $1.1B | 0 | ||
| 2022 Q1 | 22 | $1.4B | 0 | ||
| 2021 Q4 | 23 | $1.6B | 0 | ||
| 2021 Q3 | 24 | $1.6B | 0 | ||
| 2021 Q2 | 24 | $1.6B | 97 | ||
| 2021 Q1 | 22 | $1.5B | 10 | ||
| 2020 Q4 | 22 | $1.5B | 13 | ||
| 2020 Q3 | 22 | $1.5B | 8 | ||
| 2020 Q2 | 22 | $1.5B | 33 | ||
| 2020 Q1 | 23 | $1.4B | 49 | ||
| 2019 Q4 | 22 | $2.3B | 8 | ||
| 2019 Q3 | 23 | $2.3B | 6 | ||
| 2019 Q2 | 22 | $2.3B | 8 | ||
| 2019 Q1 | 24 | $2.3B | 12 | ||
| 2018 Q4 | 23 | $2.2B | 22 | ||
| 2018 Q3 | 23 | $2.7B | 22 | ||
| 2018 Q2 | 22 | $2.9B | 18 | ||
| 2018 Q1 | 24 | $3.1B | 6 | ||
| 2017 Q4 | 24 | $3.1B | 14 | ||
| 2017 Q3 | 26 | $3.0B | 8 | ||
| 2017 Q2 | 26 | $2.9B | 12 | ||
| 2017 Q1 | 25 | $2.7B | 12 | ||
| 2016 Q4 | 24 | $2.4B | 11 | ||
| 2016 Q3 | 22 | $2.2B | 7 | ||
| 2016 Q2 | 23 | $2.1B | 9 | ||
| 2016 Q1 | 23 | $2.0B | 8 | ||
| 2015 Q4 | 22 | $1.9B | 39 | ||
| 2015 Q3 | 23 | $1.8B | 18 | ||
| 2015 Q2 | 23 | $1.7B | 9 | ||
| 2015 Q1 | 22 | $1.6B | 11 | ||
| 2014 Q4 | 22 | $1.4B | 20 | ||
| 2014 Q3 | 23 | $1.3B | 26 | ||
| 2014 Q2 | 25 | $1.4B | 16 | ||
| 2014 Q1 | 34 | $1.3B | 9 | ||
| 2013 Q4 | 36 | $1.3B | 29 | ||
| 2013 Q3 | 23 | $1.1B | 33 | ||
| 2013 Q2 | 23 | $906.6M | 0 |
Holding changes this quarter
Broad Run Investment Management, LLC's most significant position changes for 2026-06-30: Trim: Applied Materials Inc (AMAT) — shares -0.54%; Trim: Ast Spacemobile Inc (ASTS) — shares -0.49%; Trim: Shenandoah Telecommunication (SHEN) — shares -25.01%; Trim: O'reilly Automotive Inc (ORLY) — shares -0.49%; Trim: Cogent Communications Holdin (CCOI) — shares -0.46%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMAT | Applied Materials Inc | +7.5% | -0.54% | Trim |
| 2 | KMX | Carmax Inc | +0.2% | -0.41% | Trim |
| 3 | GOOG | Alphabet Inc-cl C | +0.2% | -2.03% | Trim |
| 4 | SUNB | Sunbelt Rentals Holdings Inc | +0.1% | -0.35% | Trim |
| 5 | RH | Rh | 0% | -0.28% | Trim |
| 6 | CDW | Cdw Corp/de | 0% | -0.24% | Trim |
| 7 | FND | Floor & Decor Holdings Inc-a | 0% | — | Unchanged |
| 8 | TDG | Transdigm Group Inc | 0% | — | Unchanged |
| 9 | GOOGL | Alphabet Inc-cl A | 0% | — | Unchanged |
| 10 | BNT | Brookfield Wealth Solutions Ltd. | 0% | — | Unchanged |
| 11 | RELX | Relx PLC - Spon Adr | 0% | — | Unchanged |
| 12 | DIS | Walt Disney Co/the | -0.1% | -2.07% | Trim |
| 13 | HLT | Hilton Worldwide Holdings In | -0.2% | — | Unchanged |
| 14 | DHR | Danaher CORP | -0.3% | — | Unchanged |
| 15 | NVR | Nvr Inc | -0.3% | -0.41% | Trim |
| 16 | BAM | Brookfield Asset Mgmt-a | -0.6% | -0.15% | Trim |
| 17 | AMT | American Tower CORP | -0.6% | -0.54% | Trim |
| 18 | AON | Aon plc | -0.6% | -0.50% | Trim |
| 19 | BN | Brookfield CORP | -0.7% | -0.56% | Trim |
| 20 | CCOI | Cogent Communications Holdin | -0.8% | -0.46% | Trim |
| 21 | MKL | Markel Group Inc | -0.8% | -0.63% | Trim |
| 22 | ORLY | O'reilly Automotive Inc | -0.8% | -0.49% | Trim |
| 23 | SHEN | Shenandoah Telecommunication | -0.9% | -25.01% | Trim |
| 24 | ASTS | Ast Spacemobile Inc | -1.4% | -0.49% | Trim |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Filing History
FAQ
What is Broad Run Investment Management, LLC and what type of investor is it?
Broad Run Investment Management, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $649.7M, spread across 24 disclosed positions.
What are Broad Run Investment Management, LLC's largest equity positions?
Based on the latest 13F filing, Broad Run Investment Management, LLC's top holdings by market value are:
1. Ast Spacemobile Inc (ASTS) — $129.4M (19.9%)
2. Applied Materials Inc (AMAT) — $106.7M (16.4%)
3. Sunbelt Rentals Holdings Inc (SUNB) — $51.4M (7.9%)
4. Brookfield CORP (BN) — $51.3M (7.9%)
5. Markel Group Inc (MKL) — $40.2M (6.2%)
What changes did Broad Run Investment Management, LLC make in its most recent portfolio filing?
In the latest quarter, Broad Run Investment Management, LLC took a more defensive posture — trimming 17 positions and completely exiting 0 holdings. The largest of these moves: Trim: Applied Materials Inc (AMAT) — shares -0.54%; Trim: Ast Spacemobile Inc (ASTS) — shares -0.49%; Trim: Shenandoah Telecommunication (SHEN) — shares -25.01%; Trim: O'reilly Automotive Inc (ORLY) — shares -0.49%; Trim: Cogent Communications Holdin (CCOI) — shares -0.46%
What sectors does Broad Run Investment Management, LLC focus on?
Broad Run Investment Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 40.3%
• Financials: 24.1%
• Consumer Discretionary: 16.4%
• Industrials: 10.7%
• Communication Services: 3.7%
• Real Estate: 2.7%
Investment Profile
Broad Run Investment Management, LLC returned an annualized 17.8% over the trailing 36 months — underperforming the S&P 500 by 5.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.30 (more volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 40.3% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 16 over the past 4 quarters — a shift toward more active trading.
It has added to its AMAT position over the past two quarters (+$66.3M, now $106.7M), while trimming CCOI over the same stretch (-$5.1M, still holding $9.2M).
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