Broad Run Investment Management, LLC

Registered adviser

CIK

1568621

Location

ARLINGTON, VA

Portfolio Value

Small $650,915,110

Diversification

Diversified

Filing Date

Global Rank

#3,289 / 8,827 ▲ 19

Top Industry

Communication Equipment 19.9%

Period ended 4 months ago

Filed Aug 14, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 165067

Roster of Nov 1, 2026

Regulatory AUM

$681,750,049

Main clients

Registered funds and BDCs (75% of AUM)

Private funds

0 funds

$0 gross assets

LEI

254900HTN9KUYVNRGY73

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$681,750,049	Registered funds and BDCs (75%)
Apr 2025 to Mar 2026	$805,308,492	Registered funds and BDCs (76%)
Apr 2024 to Mar 2025	$835,725,235	Registered funds and BDCs (75%)
May 2023 to Mar 2024	$914,852,094	Registered funds and BDCs (72%)
Apr 2023	$914,852,094	Registered funds and BDCs (72%)
Apr 2022 to Mar 2023	$1,757,216,650	Registered funds and BDCs (67%)

3 earlier changes not shown.

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

No stake currently held at or above 5%.

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis. Show 1 exited, below-5% or retired stake

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 79.3% of the book (60%+)

Turnover

Low turnover

5.4% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 19.3 quarters (12+), a floor since 24.4% of the book was already held when coverage starts

Closest benchmark: the Nasdaq-100 as of 2026-06-30, active share 94.1%; sector active share 31.7% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

24 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

19.9%

−1.4 pts

Top 5

58.4%

+4.6 pts

Top 10

79.3%

+2.3 pts

HHI

965

Diversified+77

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Technology	38.9%	$253,511,539	3
Financial Services	23.5%	$152,892,909	5
Consumer Cyclical	15.8%	$102,965,931	6
Industrials	10.5%	$68,398,309	3
Communication Services	6.5%	$42,459,057	5
Real Estate	2.6%	$17,175,667	1
Healthcare	2.1%	$13,511,698	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

No qualifying positions this quarter.

Trimmed

Positions the filer reduced

17 positions

Ticker	Company	Δ Shares	Shares	Value
SHEN	Shenandoah Telecommunications Co	−219,697	658,567	$9,931,190
ASTS	AST SpaceMobile, Inc.	−7,125	1,455,969	$129,377,405
BN	BROOKFIELD Corp	−6,766	1,204,081	$51,281,809
CCOI	Cogent Communications Holdings, Inc.	−3,070	660,130	$9,162,604
SUNB	Sunbelt Rentals Holdings, Inc.	−2,452	702,078	$52,522,455
ORLY	O Reilly Automotive Inc	−1,871	376,817	$34,701,077
KMX	Carmax Inc	−1,159	283,226	$14,979,823
GOOG	Alphabet Inc.	−1,128	54,423	$19,229,278
BAM	Brookfield Asset Management Ltd.	−928	602,709	$27,031,498
AMAT	Applied Materials Inc	−808	147,512	$106,651,176
DIS	Walt Disney Co	−711	33,559	$3,230,053
AMT	American Tower Corp	−573	105,005	$17,175,667
AON	Aon plc	−507	100,650	$33,384,598
CDW	CDW Corp	−301	124,310	$17,482,958
RH	Rh	−177	62,357	$10,272,068
MKL	Markel Group Inc.	−131	20,578	$40,189,039
NVR	Nvr Inc	−11	2,662	$18,137,270
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

24 tracked positions · $650,915,110 total · filing declares 24 positions · $649,745,926 · as of Jun 30, 2026

All sectors Communication Services Consumer Cyclical Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
ASTS	AST SpaceMobile, Inc. Technology	Reduced	1,455,969	-7,125	$129,377,405	+6.7%	21	$6.51	19.88%
AMAT	Applied Materials Inc Technology	Reduced	147,512	-808	$106,651,176	+110.4%	20	$135.26	16.38%
SUNB	Sunbelt Rentals Holdings, Inc. Industrials	Reduced	702,078	-2,452	$52,522,455	+14.5%	2	$70.19	8.07%
BN	BROOKFIELD Corp Financial Services	Reduced	1,204,081	-6,766	$51,281,809	+4.7%	15	unpriced	7.88%
MKL	Markel Group Inc. Financial Services	Reduced	20,578	-131	$40,189,039	+1.4%	26+	before history	6.17%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Reduced	376,817	-1,871	$34,701,077	−0.7%	26+	before history	5.33%
AON	Aon plc Financial Services	Reduced	100,650	-507	$33,384,598	+2.2%	25	$186.35	5.13%
BAM	Brookfield Asset Management Ltd. Financial Services	Reduced	602,709	-928	$27,031,498	+0.7%	15	$37.55	4.15%
HLT	Hilton Worldwide Holdings Inc. Consumer Cyclical	Held	64,139	0	$21,195,373	+8.7%	15	$169.79	3.26%
GOOG	Alphabet Inc. Communication Services	Reduced	54,423	-1,128	$19,229,278	+20.7%	26+	before history	2.95%
NVR	Nvr Inc Consumer Cyclical	Reduced	2,662	-11	$18,137,270	+3.0%	26+	before history	2.79%
CDW	CDW Corp Technology	Reduced	124,310	-301	$17,482,958	+15.9%	23	$155.25	2.69%
AMT	American Tower Corp Real Estate	Reduced	105,005	-573	$17,175,667	−5.7%	26+	before history	2.64%
KMX	Carmax Inc Consumer Cyclical	Reduced	283,226	-1,159	$14,979,823	+26.7%	26+	before history	2.30%
TDG	TransDigm Group INC Industrials	Held	10,801	0	$14,387,364	+14.9%	15	$847.67	2.21%
DHR	Danaher Corp Healthcare	Held	70,935	0	$13,511,698	+0.5%	15	unpriced	2.08%
RH	Rh Consumer Cyclical	Reduced	62,357	-177	$10,272,068	+17.5%	26+	before history	1.58%
SHEN	Shenandoah Telecommunications Co Communication Services	Reduced	658,567	-219,697	$9,931,190	−26.7%	17	$21.84	1.53%
CCOI	Cogent Communications Holdings, Inc. Communication Services	Reduced	660,130	-3,070	$9,162,604	−26.7%	15	$61.35	1.41%
FND	Floor & Decor Holdings, Inc. Consumer Cyclical	Held	62,000	0	$3,680,320	+16.9%	10	$113.54	0.57%
DIS	Walt Disney Co Communication Services	Reduced	33,559	-711	$3,230,053	−2.2%	26+	before history	0.50%
RELX	Relx PLC Industrials	Held	47,000	0	$1,488,490	−4.5%	6	$48.94	0.23%
BNT	Brookfield Wealth Solutions Ltd. Financial Services	Held	23,581	0	$1,005,965	+3.0%	8	$31.55	0.15%
GOOGL	Alphabet Inc. Communication Services	Held	2,535	0	$905,932	+24.3%	26+	before history	0.14%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.