WhaleCreep

Broad Run Investment Management 13F holdings, Q1 2015

Long-only investorSEC filingsCompare with another fundHoldings as of 2015-03-31, filed 2015-05-15

Broad Run Investment Management disclosed 22 US equity positions worth $1.6bn in its Q1 2015 13F filing. Its largest position is ORLY at 12.0% of the reported book, followed by MKL and AMT. Versus Q4 2014 it opened 1 new position, added to 5, reduced 1 and exited 1.

$1.6bn
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.
12.0%
Largest position
The largest single position as a share of the reported equity book.
74.0%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
15
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 Q4 2014: 1 new, 5 added, 1 reduced, 1 exited

22 rows
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical12.0%$186m861,384−6.2%reduced
MKL MARKEL GROUP INCFinancial Services10.1%$156m203,450+0.1%held
AMT AMERICAN TOWER CORPReal Estate9.9%$155m1.64m+8.4%added
KMX CARMAX INCConsumer Cyclical9.5%$149m2.15m+0.1%held
BROOKFIELD ASSET MGMT INC no ticker–6.1%$94.8m1.77m+13%added
TWENTY FIRST CENTY FOX INC no ticker–5.9%$92.0m2.72m+0.1%held
AON AON PLCFinancial Services5.4%$84.2m876,402+0.1%held
ECPG ENCORE CAP GROUP INCFinancial Services5.4%$83.4m2.01m+11%added
GLPI GAMING & LEISURE PReal Estate5.0%$77.3m2.10m+0.1%held
SCHW SCHWAB CHARLES CORPFinancial Services4.7%$73.6m2.42m+0.1%held
WKC WORLD KINECT CORPORATIONEnergy4.4%$69.3m1.20m+0.1%held
DKS DICKS SPORTING GOODS INCConsumer Cyclical4.4%$68.3m1.20m+0.1%held
AMERICAN WOODMARK CORPORATIO no ticker–3.0%$46.0m840,738+0.1%held
GOOGLE INC no ticker–2.5%$39.0m70,3670.0%held
GOOGLE INC no ticker–2.5%$38.9m71,002+0.3%held
HSIC HENRY SCHEIN INCHealthcare1.7%$25.9m185,252+0.1%held
BVE DIAMOND HILL INVT GROUP INC–1.6%$25.6m160,151+0.3%held
ROADRUNNER TRANSN SYS INC no ticker–1.5%$23.6m933,9090.0%held
PENN PENN ENTERTAINMENT INCConsumer Cyclical1.2%$18.8m1.20m0.0%held
HXL HEXCEL CORP NEWIndustrials1.2%$18.2m353,633–new
MG MISTRAS GROUP INCIndustrials1.1%$17.0m882,025+30%added
MRLNUSD MARLIN BUSINESS SVCS CORP–0.9%$14.6m727,213+5.3%added

Exited since Q4 2014

1 row
SSD SIMPSON MANUFACTURING CO INC0.5%$6.5m

Sector mix

  • Consumer Cyclical27.1%
  • Financial Services25.6%
  • Unclassified24.1%
  • Real Estate14.9%
  • Energy4.4%
  • Industrials2.3%
  • Healthcare1.7%

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