WhaleCreep

Broad Run Investment Management 13F holdings, Q3 2017

Long-only investorSEC filingsCompare with another fundHoldings as of 2017-09-30, filed 2017-11-14

Broad Run Investment Management disclosed 26 US equity positions worth $3.0bn in its Q3 2017 13F filing. Its largest position is AMT at 11.1% of the reported book, followed by MKL and KMX. Versus Q2 2017 it opened 0 new positions, added to 3, reduced 4 and exited 0.

$3.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
26
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
11.1%
Largest position
The largest single position as a share of the reported equity book.
72.1%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
16
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 Q2 2017: 0 new, 3 added, 4 reduced, 0 exited

26 rows
AMT AMERICAN TOWER CORPReal Estate11.1%$331m2.42m−0.4%held
MKL MARKEL GROUP INCFinancial Services9.2%$274m256,9120.0%held
KMX CARMAX INCConsumer Cyclical8.6%$256m3.37m−0.2%held
BROOKFIELD ASSET MGMT INC no ticker–7.4%$220m5.33m0.0%held
AON AON PLCFinancial Services7.1%$211m1.45m0.0%held
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical7.0%$210m973,260−0.5%held
SCHW SCHWAB CHARLES CORPFinancial Services6.8%$203m4.63m−0.1%held
HXL HEXCEL CORP NEWIndustrials5.7%$171m2.98m−0.1%held
AMERICAN WOODMARK CORPORATIO no ticker–4.7%$139m1.45m+2.8%added
GOOG ALPHABET INCCommunication Services4.7%$139m144,8930.0%held
GLPI GAMING & LEISURE PReal Estate4.5%$134m3.63m−0.2%held
ECPG ENCORE CAP GROUP INCFinancial Services4.3%$128m2.90m−0.6%reduced
NVR NVR INCConsumer Cyclical3.6%$108m37,9280.0%held
TWENTY FIRST CENTY FOX INC no ticker–3.6%$108m4.08m+0.3%held
GOOGL ALPHABET INCCommunication Services2.3%$68.1m69,9410.0%held
HSIC HENRY SCHEIN INCHealthcare1.9%$55.6m678,226+100%added
WKC WORLD KINECT CORPORATIONEnergy1.6%$47.8m1.41m−22%reduced
AME AMETEK INCIndustrials1.3%$37.7m570,245+0.3%held
MRLNUSD MARLIN BUSINESS SVCS CORP–1.2%$35.3m1.23m0.0%held
MG MISTRAS GROUP INCIndustrials1.1%$32.3m1.57m−0.1%held
PENN PENN ENTERTAINMENT INCConsumer Cyclical0.9%$28.0m1.20m0.0%held
BVE DIAMOND HILL INVT GROUP INC–0.7%$20.1m94,7290.0%held
DSEUR DRIVE SHACK INC–0.3%$10.4m2.89m−0.3%held
TWENTY FIRST CENTY FOX INC no ticker–0.3%$9.3m360,428−4.4%reduced
SBAC SBA COMMUNICATIONS CORPReal Estate0.2%$7.0m48,474−5.4%reduced
AZO AUTOZONE INCConsumer Cyclical0.1%$3.7m6,216+7.0%added

Sector mix

  • Financial Services27.3%
  • Consumer Cyclical20.3%
  • Unclassified18.2%
  • Real Estate15.8%
  • Industrials8.1%
  • Communication Services6.9%
  • Healthcare1.9%
  • Energy1.6%

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