WhaleCreep

Broad Run Investment Management 13F holdings, Q3 2021

Long-only investorSEC filingsCompare with another fundHoldings as of 2021-09-30, filed 2021-11-15

Broad Run Investment Management disclosed 24 US equity positions worth $1.6bn in its Q3 2021 13F filing. Its largest position is BROOKFIELD ASSET MGMT INC at 10.7% of the reported book, followed by AMT and KMX. Versus Q2 2021 it opened 1 new position, added to 1, reduced 10 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.
24
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
10.7%
Largest position
The largest single position as a share of the reported equity book.
77.3%
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 Q2 2021: 1 new, 1 added, 10 reduced, 1 exited

24 rows
BROOKFIELD ASSET MGMT INC no ticker–10.7%$167m3.13m−5.8%reduced
AMT AMERICAN TOWER CORPReal Estate9.8%$152m573,895−4.6%reduced
KMX CARMAX INCConsumer Cyclical9.3%$145m1.14m−0.4%held
AON AON PLCFinancial Services9.2%$143m501,885−5.6%reduced
MKL MARKEL GROUP INCFinancial Services8.5%$133m111,127−0.4%held
ECPG ENCORE CAP GROUP INCFinancial Services8.1%$126m2.56m−0.3%held
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical6.9%$108m176,232−6.2%reduced
RH RHConsumer Cyclical5.7%$88.5m132,685−0.3%held
SSNC SS&C TECHNOLOGIES HLDGS INCTechnology4.6%$71.8m1.04m−0.4%held
NVR NVR INCConsumer Cyclical4.6%$71.5m14,907−0.3%held
AMERICAN WOODMARK CORPORATIO no ticker–3.7%$58.3m891,832−0.3%held
GOOG ALPHABET INCCommunication Services3.5%$54.1m20,302−4.9%reduced
ALGT ALLEGIANT TRAVEL COIndustrials2.8%$44.3m226,479−0.4%held
CDW CDW CORPTechnology2.5%$39.4m216,660−0.2%held
HXL HEXCEL CORP NEWIndustrials2.2%$33.7m568,087−42%reduced
DIS DISNEY WALT COCommunication Services2.0%$31.6m186,760−1.6%reduced
MRLNUSD MARLIN BUSINESS SVCS CORP–1.6%$24.4m1.10m−4.4%reduced
AMAT APPLIED MATLS INCTechnology1.4%$21.4m166,149–new
ASTS AST SPACEMOBILE INCTechnology1.2%$19.4m1.80m−0.4%held
META META PLATFORMS INCCommunication Services0.8%$12.4m36,496−2.5%reduced
MG MISTRAS GROUP INCIndustrials0.5%$8.0m785,9840.0%held
DSEUR DRIVE SHACK INC–0.3%$4.7m1.66m+0.8%added
GOOGL ALPHABET INCCommunication Services0.1%$1.8m6870.0%held
BROOKFIELD ASSET MGMT REINS no ticker–0.08%$1.2m21,524−3.8%reduced

Exited since Q2 2021

1 row
FAST FASTENAL CO0.6%$10.3m

Sector mix

  • Consumer Cyclical26.4%
  • Financial Services25.8%
  • Unclassified16.4%
  • Real Estate9.8%
  • Technology9.7%
  • Communication Services6.4%
  • Industrials5.5%

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