WhaleCreep

Broad Run Investment Management 13F holdings, Q4 2014

Long-only investorSEC filingsCompare with another fundHoldings as of 2014-12-31, filed 2015-02-10

Broad Run Investment Management disclosed 22 US equity positions worth $1.4bn in its Q4 2014 13F filing. Its largest position is ORLY at 12.3% of the reported book, followed by AMT and KMX. Versus Q3 2014 it opened 1 new position, added to 4, reduced 1 and exited 2.

$1.4bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
22
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
12.3%
Largest position
The largest single position as a share of the reported equity book.
76.0%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
14
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
55
Quarters on file since Q4 2012
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q3 2014: 1 new, 4 added, 1 reduced, 2 exited

22 rows
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical12.3%$177m918,0260.0%held
AMT AMERICAN TOWER CORPReal Estate10.5%$150m1.52m+0.1%held
KMX CARMAX INCConsumer Cyclical10.0%$143m2.15m+0.1%held
MKL MARKEL GROUP INCFinancial Services9.7%$139m203,239+0.1%held
TWENTY FIRST CENTY FOX INC no ticker–7.3%$104m2.72m+0.1%held
AON AON PLCFinancial Services5.8%$83.0m875,110+0.1%held
ECPG ENCORE CAP GROUP INCFinancial Services5.6%$80.3m1.81m+7.5%added
BROOKFIELD ASSET MGMT INC no ticker–5.5%$78.6m1.57m+7.6%added
SCHW SCHWAB CHARLES CORPFinancial Services5.1%$72.9m2.41m+0.1%held
GLPI GAMING & LEISURE PReal Estate4.3%$61.4m2.09m0.0%held
DKS DICKS SPORTING GOODS INCConsumer Cyclical4.1%$59.4m1.20m+0.1%held
WKC WORLD KINECT CORPORATIONEnergy3.9%$56.5m1.20m+0.1%held
GOOGLE INC no ticker–2.6%$37.3m70,3670.0%held
GOOGLE INC no ticker–2.6%$37.3m70,788+0.2%held
AMERICAN WOODMARK CORPORATIO no ticker–2.4%$34.0m839,982–new
HSIC HENRY SCHEIN INCHealthcare1.8%$25.2m185,051+0.1%held
BVE DIAMOND HILL INVT GROUP INC–1.5%$22.0m159,727+0.1%held
ROADRUNNER TRANSN SYS INC no ticker–1.5%$21.8m934,237+0.1%held
PENN PENN ENTERTAINMENT INCConsumer Cyclical1.1%$16.4m1.20m0.0%held
MRLNUSD MARLIN BUSINESS SVCS CORP–1.0%$14.2m690,856+7.7%added
MG MISTRAS GROUP INCIndustrials0.9%$12.4m676,085+2.3%added
SSD SIMPSON MANUFACTURING CO INCBasic Materials0.5%$6.5m187,732−68%reduced

Exited since Q3 2014

2 rows
American Woodmark Corp. no ticker2.4%$30.7m
TROW PRICE T ROWE GROUP INC1.5%$19.9m

Sector mix

  • Consumer Cyclical27.6%
  • Financial Services26.2%
  • Unclassified24.4%
  • Real Estate14.8%
  • Energy3.9%
  • Healthcare1.8%
  • Industrials0.9%
  • Basic Materials0.5%

Book over time

Every quarter on file (55)
QuarterPositionsEquity book
Q2 202624$650m
Q1 202624$568m
Q4 202524$538m
Q3 202524$611m
Q2 202524$653m
Q1 202524$599m
Q4 202424$736m
Q3 202424$828m
Q2 202425$730m
Q1 202426$814m
Q4 202326$748m
Q3 202325$757m
Q2 202325$845m
Q1 202326$839m
Q4 202228$830m
Q3 202222$913m
Q2 202224$1.1bn
Q1 202222$1.4bn
Q4 202123$1.6bn
Q3 202124$1.6bn
Q2 202124$1.6bn
Q1 202122$1.5bn
Q4 202022$1.5bn
Q3 202022$1.5bn
Q2 202022$1.5bn
Q1 202023$1.4bn
Q4 201922$2.3bn
Q3 201923$2.3bn
Q2 201922$2.3bn
Q1 201924$2.3bn
Q4 201823$2.2bn
Q3 201823$2.7bn
Q2 201822$2.9bn
Q1 201824$3.1bn
Q4 201724$3.1bn
Q3 201726$3.0bn
Q2 201726$2.9bn
Q1 201725$2.7bn
Q4 201624$2.4bn
Q3 201622$2.2bn
Q2 201623$2.1bn
Q1 201623$2.0bn
Q4 201522$1.9bn
Q3 201523$1.8bn
Q2 201523$1.7bn
Q1 201522$1.6bn
Q4 201422$1.4bn
Q3 201423$1.3bn
Q2 201425$1.4bn
Q1 201434$1.3bn
Q4 201336$1.3bn
Q3 201323$1.1bn
Q2 201323$907m
Q1 201317$607m
Q4 201218$541m

Where Broad Run Investment Management was early

15 rows
ECPG ENCORE CAP GROUP INCQ2 20131 of 783.1%10.1%50Exited by Q4 2025+26%
KMX CARMAX INCQ2 20132 of 1689.4%10.9%53Held at last filing, Q2 2026+15%
PENN PENN NATL GAMING INCQ2 20133 of 1768.2%8.2%20Exited by Q2 2018+119%
NWSA NEWS CORPQ3 20133 of 1400.7%1.1%2Exited by Q1 2014+12%
MG MISTRAS GROUP INCQ4 20131 of 490.05%1.5%38Exited by Q2 2023−68%
GLPI GAMING AND LEISURE PROPERTIES INCQ4 20135 of 1615.4%5.8%18Exited by Q2 2018−34%
HXL HEXCEL CORP NEWQ1 20152 of 1251.2%7.5%27Exited by Q4 2021+16%
AME AMETEK INC NEWQ1 20163 of 1300.5%2.2%18Exited by Q3 2020+79%
NVR NVR INCQ2 20178 of 1453.2%5.9%37Held at last filing, Q2 2026+183%
CWH CAMPING WORLD HLDGS INCQ3 20186 of 1282.0%2.0%5Exited by Q4 2019−58%
RH RHQ1 202010 of 2041.0%5.7%26Held at last filing, Q2 2026+64%
ALGT ALLEGIANT TRAVEL COQ3 20205 of 1021.0%2.9%10Exited by Q1 2023−43%
ASTS AST SPACEMOBILE INCQ2 20211 of 1081.5%28.6%21Held at last filing, Q2 2026+587%
BAM BROOKFIELD ASSET MANAGMT LTDQ4 20221 of 971.8%4.7%15Held at last filing, Q2 2026+56%
BN BROOKFIELD CORPQ4 20225 of 1158.0%10.4%15Held at last filing, Q2 2026+103%

Concentration and tenure

11.1%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
75.2%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
7
Median completed holding, quarters