Broad Run Investment Management, LLC

ContrarianQuality / disciplined sizingSector-focused

Total reported value

$567.9M

Reporting period: 2026-03-31 · Number of holdings: 24

Broad Run Investment Management, LLC disclosed 24 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $567.9M and a quarterly turnover rate of 20.9%.

Personality snowflake

Concentration: 35.51
Portfolio Stability: 20.87
Momentum/Contrarian: 0
Sector conviction: 72.2
Diversification: 48
Sizing Uniformity: 89.14

Recent moves

Trim BN
-0.3%　-$6.8M
Add AMAT
-5.6%　$10.3M
Trim AON
-5.1%　-$5.0M
Trim MKL
+0.9%　-$4.5M
Trim GOOG
-18.2%　-$5.4M
Add BAM
+49.7%　$5.7M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	ASTS	Ast Spacemobile INC	Stock-Tech	21.35%	+0.15%	-6.92%
2	AMAT	Applied Materials INC	Stock-Tech	8.93%	+1.43%	-5.59%
3	BN	Brookfield CORP	Stock-Financials	8.63%	-1.72%	-0.34%
4	SUNB	Sunbelt Rentals Holdings INC	Stock-Industrials	7.78%	+7.78%	NEW
5	MKL	Markel Group INC	Stock-Financials	6.98%	-1.21%	+0.90%
6	ORLY	O'reilly Automotive INC	Stock-Consumer Disc	6.16%	-0.59%	-5.03%
7	AON	Aon plc	Stock-Financials	5.75%	-1.23%	-5.08%
8	BAM	Brookfield Asset Mgmt-a	Stock-Financials	4.73%	+0.80%	+49.65%
9	HLT	Hilton Worldwide Holdings In	Stock-Consumer Disc	3.43%	+0.01%	—
10	AMT	American Tower CORP	Stock-Real Estate	3.21%	-0.37%	-3.91%
11	NVR	Nvr INC	Stock-Consumer Disc	3.10%	-0.67%	-3.95%
12	GOOG	Alphabet Inc-cl C	Stock-Comm Services	2.81%	-1.15%	-18.20%
13	CDW	Cdw Corp/de	Stock-Tech	2.66%	-0.52%	-0.97%
14	SHEN	Shenandoah Telecommunication	Stock-Other	2.38%	+0.47%	-1.44%
15	DHR	Danaher CORP	Stock-Healthcare	2.37%	-0.65%	—
16	TDG	Transdigm Group INC	Stock-Industrials	2.20%	-0.47%	—
17	CCOI	Cogent Communications Holdin	Stock-Other	2.20%	-0.46%	-0.08%
18	KMX	Carmax INC	Stock-Consumer Disc	2.08%	+0.03%	-0.41%
19	RH	Rh	Stock-Consumer Disc	1.54%	-0.57%	-1.60%
20	DIS	Walt Disney Co/the	Stock-Comm Services	0.58%	-0.26%	-13.91%
21	FND	Floor & Decor Holdings Inc-a	Stock-Consumer Disc	0.55%	-0.15%	—
22	RELX	Relx PLC - Spon Adr	Stock-Industrials	0.27%	-0.08%	—
23	BNT	Brookfield Wealth Solutions Ltd.	Stock-Other	0.17%	-0.03%	—
24	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	0.13%	-0.02%	—

Portfolio Performance

Performance for Q3 2026

+0.8%

Performance Last 4 Quarters

+18.2%

Stdev: +31.6%
Beta: +1.24
Alpha: +1.4%
Max Drawdown: -18%
Annualized Perf: +21.5%
Batting Avg vs S&P: +44.4%
Sortino: +1.49
Stutzer: +0.23
Treynor: +0.2
Sterling: +0.92
Calmar: +1.2
Information Ratio: +0.21
Tracking Error: +27.3%
Stdev Down: +16.3%
Winning Months %: +58.3%
Losing Months %: +41.7%
Best 12 Months: +67.9%
Worst 12 Months: +9.6%
Efficiency Ratio: +0.32
Sharpe: +0.77
Stdev Sectors: +11.8%
Skewness: +0.53
Kurtosis: +0.1
Upside Potential: +3.28

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	24	$567.9M	21	1ASTS 2AMAT 3BN Top holdings2026-03-31 1.ASTS 2.AMAT 3.BN 4.SUNB 5.MKL 6.ORLY 7.AON 8.BAM 9.HLT 10.AMT
2025-12-31	24	$538.5M	21	1ASTS 2BN 3MKL Top holdings2025-12-31 1.ASTS 2.BN 3.MKL 4.AMAT 5.AON 6.ORLY 7.GOOG 8.BAM 9.NVR 10.AMT
2025-09-30	24	$610.9M	30	1ASTS 2BN 3ORLY Top holdings2025-09-30 1.ASTS 2.BN 3.ORLY 4.MKL 5.AON 6.AMAT 7.CCOI 8.BAM 9.NVR 10.AMT
2025-06-30	24	$652.8M	0	1ASTS 2BN 3MKL Top holdings2025-06-30 1.ASTS 2.BN 3.MKL 4.AON 5.ORLY 6.CCOI 7.AMAT 8.AMT 9.CDW 10.BAM
2025-03-31	24	$599.0M	100	1ASTS 2BN 3AON Top holdings2025-03-31 1.ASTS 2.BN 3.AON 4.MKL 5.ORLY 6.CCOI 7.AMAT 8.AMT 9.KMX 10.CDW
2024-12-31	24	$736.0M	0	1ASTS 2BN 3AON Top holdings2024-12-31 1.ASTS 2.BN 3.AON 4.MKL 5.CCOI 6.ORLY 7.ECPG 8.KMX 9.AMT 10.AMAT
2024-09-30	24	$828.4M	0	1ASTS 2BN 3AON Top holdings2024-09-30 1.ASTS 2.BN 3.AON 4.ORLY 5.AMT 6.CCOI 7.KMX 8.MKL 9.ECPG 10.AMAT
2024-06-30	25	$730.2M	0	1BN 2MKL 3AMAT Top holdings2024-06-30 1.BN 2.MKL 3.AMAT 4.ORLY 5.AON 6.AMT 7.KMX 8.ECPG 9.ASTS 10.CCOI
2024-03-31	26	$814.1M	0	1BN 2MKL 3AON Top holdings2024-03-31 1.BN 2.MKL 3.AON 4.ORLY 5.KMX 6.AMAT 7.AMT 8.ECPG 9.CDW 10.CCOI
2023-12-31	26	$748.4M	0	1BN 2AMT 3MKL Top holdings2023-12-31 1.BN 2.AMT 3.MKL 4.ECPG 5.KMX 6.AON 7.ORLY 8.CCOI 9.AMAT 10.CDW
2023-09-30	25	$756.8M	0	1AON 2MKL 3BN Top holdings2023-09-30 1.AON 2.MKL 3.BN 4.ECPG 5.ORLY 6.KMX 7.AMT 8.CCOI 9.CDW 10.AHQ
2023-06-30	25	$845.2M	0	1AON 2MKL 3KMX Top holdings2023-06-30 1.AON 2.MKL 3.KMX 4.BN 5.AMT 6.ORLY 7.ECPG 8.RH 9.SSNC 10.AHQ
2023-03-31	26	$839.1M	0	1AON 2AMT 3MKL Top holdings2023-03-31 1.AON 2.AMT 3.MKL 4.BN 5.ECPG 6.ORLY 7.KMX 8.CDW 9.SSNC 10.AHQ
2022-12-31	28	$830.3M	0	1AON 2AMT 3MKL Top holdings2022-12-31 1.AON 2.AMT 3.MKL 4.ECPG 5.ORLY 6.BN 7.KMX 8.CDW 9.SSNC 10.AHQ
2022-09-30	22	$912.9M	0	1BAM 2AMT 3AON Top holdings2022-09-30 1.BAM 2.AMT 3.AON 4.MKL 5.ECPG 6.ORLY 7.KMX 8.SSNC 9.CDW 10.AHQ
2022-06-30	24	$1.1B	0	1AMT 2BAM 3MKL Top holdings2022-06-30 1.AMT 2.BAM 3.MKL 4.ECPG 5.AON 6.KMX 7.ORLY 8.SSNC 9.CDW 10.AHQ
2022-03-31	22	$1.4B	0	1BAM 2MKL 3AMT Top holdings2022-03-31 1.BAM 2.MKL 3.AMT 4.AON 5.ECPG 6.KMX 7.ORLY 8.SSNC 9.NVR 10.GOOG
2021-12-31	23	$1.6B	0	1BAM 2AMT 3AON Top holdings2021-12-31 1.BAM 2.AMT 3.AON 4.KMX 5.MKL 6.ECPG 7.ORLY 8.NVR 9.SSNC 10.RH
2021-09-30	24	$1.6B	0	1BAM 2AMT 3KMX Top holdings2021-09-30 1.BAM 2.AMT 3.KMX 4.AON 5.MKL 6.ECPG 7.ORLY 8.RH 9.SSNC 10.NVR
2021-06-30	24	$1.6B	97	1BAM 2AMT 3KMX Top holdings2021-06-30 1.BAM 2.AMT 3.KMX 4.MKL 5.AON 6.ECPG 7.ORLY 8.RH 9.SSNC 10.NVR
2021-03-31	22	$1.5B	10	1BAM 2KMX 3AMT Top holdings2021-03-31 1.BAM 2.KMX 3.AMT 4.MKL 5.AON 6.ECPG 7.ORLY 8.AHQ 9.RH 10.SSNC
2020-12-31	22	$1.5B	13	1ORLY 2BAM 3AMT Top holdings2020-12-31 1.ORLY 2.BAM 3.AMT 4.KMX 5.MKL 6.AON 7.ECPG 8.AHQ 9.SSNC 10.NVR
2020-09-30	22	$1.5B	8	1ORLY 2AMT 3BAM Top holdings2020-09-30 1.ORLY 2.AMT 3.BAM 4.KMX 5.AON 6.MKL 7.ECPG 8.AHQ 9.SSNC 10.NVR
2020-06-30	22	$1.5B	33	1AMT 2ORLY 3KMX Top holdings2020-06-30 1.AMT 2.ORLY 3.KMX 4.BAM 5.MKL 6.AON 7.ECPG 8.AHQ 9.SSNC 10.NVR
2020-03-31	23	$1.4B	49	1AMT 2BAM 3ORLY Top holdings2020-03-31 1.AMT 2.BAM 3.ORLY 4.MKL 5.KMX 6.AON 7.ECPG 8.AHQ 9.NVR 10.SSNC
2019-12-31	22	$2.3B	8	1AMT 2BAM 3ORLY Top holdings2019-12-31 1.AMT 2.BAM 3.ORLY 4.KMX 5.MKL 6.AON 7.AHQ 8.SCHW 9.ECPG 10.HXL
2019-09-30	23	$2.3B	6	1AMT 2KMX 3ORLY Top holdings2019-09-30 1.AMT 2.KMX 3.ORLY 4.BAM 5.MKL 6.AON 7.AHQ 8.SCHW 9.HXL 10.ECPG
2019-06-30	22	$2.3B	8	1KMX 2AMT 3BAM Top holdings2019-06-30 1.KMX 2.AMT 3.BAM 4.ORLY 5.MKL 6.AON 7.AHQ 8.SCHW 9.HXL 10.NVR
2019-03-31	24	$2.3B	12	1AMT 2KMX 3ORLY Top holdings2019-03-31 1.AMT 2.KMX 3.ORLY 4.BAM 5.MKL 6.AON 7.AHQ 8.SCHW 9.NVR 10.HXL
2018-12-31	23	$2.2B	22	1AMT 2ORLY 3KMX Top holdings2018-12-31 1.AMT 2.ORLY 3.KMX 4.MKL 5.BAM 6.AON 7.SCHW 8.HXL 9.NVR 10.AHQ
2018-09-30	23	$2.7B	22	1AMT 2ORLY 3KMX Top holdings2018-09-30 1.AMT 2.ORLY 3.KMX 4.MKL 5.BAM 6.SCHW 7.AON 8.HXL 9.AHQ 10.ECPG
2018-06-30	22	$2.9B	18	1AMT 2MKL 3ORLY Top holdings2018-06-30 1.AMT 2.MKL 3.ORLY 4.KMX 5.SCHW 6.BAM 7.AON 8.HXL 9.XXI 10.GOOG
2018-03-31	24	$3.1B	6	1AMT 2MKL 3SCHW Top holdings2018-03-31 1.AMT 2.MKL 3.SCHW 4.ORLY 5.KMX 6.BAM 7.AON 8.HXL 9.AHQ 10.GOOG
2017-12-31	24	$3.1B	14	1AMT 2MKL 3SCHW Top holdings2017-12-31 1.AMT 2.MKL 3.SCHW 4.ORLY 5.BAM 6.KMX 7.AON 8.AHQ 9.HXL 10.GOOG
2017-09-30	26	$3.0B	8	1AMT 2MKL 3KMX Top holdings2017-09-30 1.AMT 2.MKL 3.KMX 4.BAM 5.AON 6.ORLY 7.SCHW 8.HXL 9.AHQ 10.GOOG
2017-06-30	26	$2.9B	12	1AMT 2MKL 3ORLY Top holdings2017-06-30 1.AMT 2.MKL 3.ORLY 4.KMX 5.BAM 6.SCHW 7.AON 8.HXL 9.GLPI 10.AHQ
2017-03-31	25	$2.7B	12	1AMT 2ORLY 3MKL Top holdings2017-03-31 1.AMT 2.ORLY 3.MKL 4.KMX 5.BAM 6.SCHW 7.AON 8.HXL 9.XXI 10.AHQ
2016-12-31	24	$2.4B	11	1ORLY 2AMT 3MKL Top holdings2016-12-31 1.ORLY 2.AMT 3.MKL 4.KMX 5.SCHW 6.BAM 7.AON 8.HXL 9.XXI 10.GLPI
2016-09-30	22	$2.2B	7	1AMT 2ORLY 3MKL Top holdings2016-09-30 1.AMT 2.ORLY 3.MKL 4.BAM 5.KMX 6.AON 7.SCHW 8.HXL 9.GLPI 10.AHQ
2016-06-30	23	$2.1B	9	1AMT 2ORLY 3MKL Top holdings2016-06-30 1.AMT 2.ORLY 3.MKL 4.BAM 5.KMX 6.AON 7.GLPI 8.HXL 9.SCHW 10.AHQ
2016-03-31	23	$2.0B	8	1ORLY 2AMT 3MKL Top holdings2016-03-31 1.ORLY 2.AMT 3.MKL 4.BAM 5.KMX 6.AON 7.SCHW 8.HXL 9.GLPI 10.AHQ
2015-12-31	22	$1.9B	39	1ORLY 2AMT 3MKL Top holdings2015-12-31 1.ORLY 2.AMT 3.MKL 4.KMX 5.BAM 6.AON 7.SCHW 8.AHQ 9.HXL 10.GOOG
2015-09-30	23	$1.8B	18	1ORLY 2AMT 3MKL Top holdings2015-09-30 1.ORLY 2.AMT 3.MKL 4.KMX 5.BAM 6.AON 7.SCHW 8.ECPG 9.GLPI 10.XXI
2015-06-30	23	$1.7B	9	1ORLY 2AMT 3MKL Top holdings2015-06-30 1.ORLY 2.AMT 3.MKL 4.KMX 5.BAM 6.SCHW 7.ECPG 8.AON 9.XXI 10.GLPI
2015-03-31	22	$1.6B	11	1ORLY 2MKL 3AMT Top holdings2015-03-31 1.ORLY 2.MKL 3.AMT 4.KMX 5.BAM 6.XXI 7.AON 8.ECPG 9.GLPI 10.SCHW
2014-12-31	22	$1.4B	20	1ORLY 2AMT 3KMX Top holdings2014-12-31 1.ORLY 2.AMT 3.KMX 4.MKL 5.XXI 6.AON 7.ECPG 8.BAM 9.SCHW 10.GLPI
2014-09-30	23	$1.3B	26	1AMT 2ORLY 3MKL Top holdings2014-09-30 1.AMT 2.ORLY 3.MKL 4.KMX 5.XXI 6.AON 7.ECPG 8.SCHW 9.BAM 10.GLPI
2014-06-30	25	$1.4B	16	1ORLY 2AMT 3MKL Top holdings2014-06-30 1.ORLY 2.AMT 3.MKL 4.KMX 5.BALY 6.AON 7.XXI 8.GLPI 9.ECPG 10.SCHW
2014-03-31	34	$1.3B	9	1ORLY 2AMT 3MKL Top holdings2014-03-31 1.ORLY 2.AMT 3.MKL 4.KMX 5.BALY 6.GOOG 7.GLPI 8.AON 9.XXI 10.SCHW
2013-12-31	36	$1.3B	29	1ORLY 2MKL 3AMT Top holdings2013-12-31 1.ORLY 2.MKL 3.AMT 4.KMX 5.BALY 6.GOOG 7.AON 8.GLPI 9.XXI 10.SCHW
2013-09-30	23	$1.1B	33	1ORLY 2AMT 3MKL Top holdings2013-09-30 1.ORLY 2.AMT 3.MKL 4.KMX 5.BALY 6.PENN 7.AON 8.XXI 9.GOOG 10.ECPG
2013-06-30	23	$906.6M	0	1KMX 2ORLY 3AMT Top holdings2013-06-30 1.KMX 2.ORLY 3.AMT 4.PENN 5.MKL 6.BALY 7.65248E 8.GOOG 9.AON 10.SCHW

Holding changes this quarter

Broad Run Investment Management, LLC's most significant position changes for 2026-03-31: New buy: Sunbelt Rentals Holdings INC (SUNB); Sold out: Ishares Core S&p Total U.s. (ITOT); Trim: Brookfield CORP (BN) — shares -0.34%; Trim: Applied Materials INC (AMAT) — shares -5.59%; Trim: Aon plc (AON) — shares -5.08%.

Position changes disclosed by Broad Run Investment Management, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	AMAT	Applied Materials INC	+1.4%	-5.59%	Trim
2	BAM	Brookfield Asset Mgmt-a	+0.8%	+49.65%	Add
3	SHEN	Shenandoah Telecommunication	+0.5%	-1.44%	Trim
4	ASTS	Ast Spacemobile INC	+0.2%	-6.92%	Trim
5	KMX	Carmax INC	0%	-0.41%	Trim
6	HLT	Hilton Worldwide Holdings In	0%	—	Unchanged
7	GOOGL	Alphabet Inc-cl A	0%	—	Unchanged
8	BNT	Brookfield Wealth Solutions Ltd.	0%	—	Unchanged
9	RELX	Relx PLC - Spon Adr	-0.1%	—	Unchanged
10	FND	Floor & Decor Holdings Inc-a	-0.2%	—	Unchanged
11	DIS	Walt Disney Co/the	-0.3%	-13.91%	Trim
12	AMT	American Tower CORP	-0.4%	-3.91%	Trim
13	CCOI	Cogent Communications Holdin	-0.5%	-0.08%	Trim
14	TDG	Transdigm Group INC	-0.5%	—	Unchanged
15	CDW	Cdw Corp/de	-0.5%	-0.97%	Trim
16	RH	Rh	-0.6%	-1.60%	Trim
17	ORLY	O'reilly Automotive INC	-0.6%	-5.03%	Trim
18	DHR	Danaher CORP	-0.7%	—	Unchanged
19	NVR	Nvr INC	-0.7%	-3.95%	Trim
20	GOOG	Alphabet Inc-cl C	-1.2%	-18.20%	Trim
21	MKL	Markel Group INC	-1.2%	+0.90%	Add
22	AON	Aon plc	-1.2%	-5.08%	Trim
23	BN	Brookfield CORP	-1.7%	-0.34%	Trim
24	SUNB	Sunbelt Rentals Holdings INC	—	NEW	New buy
25	ITOT	Ishares Core S&p Total U.s.	—	EXIT	Sold out

FAQ

What is Broad Run Investment Management, LLC and what type of investor is it?

Broad Run Investment Management, LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $567.9M, 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) — $121.2M (21.4%) 2. Applied Materials INC (AMAT) — $50.7M (8.9%) 3. Brookfield CORP (BN) — $49.0M (8.6%) 4. Sunbelt Rentals Holdings INC (SUNB) — $44.2M (7.8%) 5. Markel Group INC (MKL) — $39.6M (7.0%)

What changes did Broad Run Investment Management, LLC make in its most recent portfolio filing?

In the latest reported quarter, Broad Run Investment Management, LLC made 18 notable position adjustments: 1 new positions were initiated, 2 existing holdings were added to, 14 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Sunbelt Rentals Holdings INC (SUNB); Sold out: Ishares Core S&p Total U.s. (ITOT); Trim: Brookfield CORP (BN) — shares -0.34%; Trim: Applied Materials INC (AMAT) — shares -5.59%; Trim: Aon plc (AON) — shares -5.08%

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: 34.6% • Financials: 27.4% • Consumer Discretionary: 17.7% • Industrials: 10.8% • Communication Services: 3.7% • Real Estate: 3.4%