WhaleCreep

Broad Run Investment Management 13F holdings, Q3 2019

Long-only investorSEC filingsCompare with another fundHoldings as of 2019-09-30, filed 2019-11-14

Broad Run Investment Management disclosed 23 US equity positions worth $2.3bn in its Q3 2019 13F filing. Its largest position is AMT at 10.5% of the reported book, followed by KMX and ORLY. Versus Q2 2019 it opened 1 new position, added to 5, reduced 12 and exited 0.

$2.3bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
23
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
10.5%
Largest position
The largest single position as a share of the reported equity book.
82.6%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
13
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 2019: 1 new, 5 added, 12 reduced, 0 exited

23 rows
AMT AMERICAN TOWER CORPReal Estate10.5%$246m1.11m−4.9%reduced
KMX CARMAX INCConsumer Cyclical10.3%$240m2.72m−5.5%reduced
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical10.0%$234m588,0830.0%held
BROOKFIELD ASSET MGMT INC no ticker–10.0%$234m4.41m−6.3%reduced
MKL MARKEL GROUP INCFinancial Services9.0%$210m177,901−5.2%reduced
AON AON PLCFinancial Services8.3%$193m997,052−2.0%reduced
AMERICAN WOODMARK CORPORATIO no ticker–6.8%$159m1.79m+0.5%added
SCHW SCHWAB CHARLES CORPFinancial Services6.3%$148m3.55m+0.5%held
HXL HEXCEL CORP NEWIndustrials5.8%$136m1.65m−4.7%reduced
ECPG ENCORE CAP GROUP INCFinancial Services5.5%$130m3.89m+0.5%added
NVR NVR INCConsumer Cyclical5.4%$127m34,273−15%reduced
GOOG ALPHABET INCCommunication Services2.4%$56.5m46,356+1.5%added
AME AMETEK INCIndustrials2.0%$46.9m511,027−4.4%reduced
DIS DISNEY WALT COCommunication Services1.8%$41.0m314,958+3.3%added
MRLNUSD MARLIN BUSINESS SVCS CORP–1.3%$30.4m1.21m−0.5%reduced
SSNC SS&C TECHNOLOGIES HLDGS INCTechnology0.9%$21.8m423,411–new
META META PLATFORMS INCCommunication Services0.8%$19.8m110,942+4.6%added
MG MISTRAS GROUP INCIndustrials0.7%$15.9m971,5580.0%held
CWH CAMPING WORLD HLDGS INCConsumer Cyclical0.7%$15.6m1.75m−29%reduced
DSEUR DRIVE SHACK INC–0.6%$13.4m3.12m−0.7%reduced
SBAC SBA COMMUNICATIONS CORPReal Estate0.5%$11.3m46,799−5.3%reduced
AZO AUTOZONE INCConsumer Cyclical0.3%$7.1m6,5220.0%held
GOOGL ALPHABET INCCommunication Services0.04%$1.0m8420.0%held

Sector mix

  • Financial Services29.1%
  • Consumer Cyclical26.7%
  • Unclassified18.7%
  • Real Estate11.0%
  • Industrials8.5%
  • Communication Services5.1%
  • Technology0.9%

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