WhaleCreep

Broad Run Investment Management 13F holdings, Q4 2023

Long-only investorSEC filingsCompare with another fundHoldings as of 2023-12-31, filed 2024-02-14

Broad Run Investment Management disclosed 26 US equity positions worth $748.4m in its Q4 2023 13F filing. Its largest position is BN at 8.6% of the reported book, followed by AMT and MKL. Versus Q3 2023 it opened 1 new position, added to 2, reduced 19 and exited 0.

$748m
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.
8.6%
Largest position
The largest single position as a share of the reported equity book.
71.7%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
17
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 2023: 1 new, 2 added, 19 reduced, 0 exited

26 rows
BN BROOKFIELD CORPFinancial Services8.6%$64.5m1.61m−16%reduced
AMT AMERICAN TOWER CORPReal Estate8.1%$60.9m282,129−16%reduced
MKL MARKEL GROUP INCFinancial Services8.1%$60.8m42,797−7.4%reduced
ECPG ENCORE CAP GROUP INCFinancial Services7.6%$57.2m1.13m−8.6%reduced
KMX CARMAX INCConsumer Cyclical7.4%$55.1m718,274−11%reduced
AON AON PLCFinancial Services7.4%$55.0m189,139−13%reduced
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical7.2%$53.8m56,679−12%reduced
CCOI COGENT COMMUNICATIONS HLDGSCommunication Services6.5%$48.6m638,877−4.6%reduced
AMAT APPLIED MATLS INCTechnology5.5%$40.9m252,086−6.3%reduced
CDW CDW CORPTechnology5.3%$39.7m174,748−11%reduced
AMERICAN WOODMARK CORPORATIO no ticker–4.2%$31.7m341,902−34%reduced
RH RHConsumer Cyclical3.9%$28.8m98,911−10%reduced
ASTS AST SPACEMOBILE INCTechnology3.2%$23.9m3.96m+75%added
NVR NVR INCConsumer Cyclical2.8%$21.2m3,026−14%reduced
SHEN SHENANDOAH TELECOMMUNICATIONCommunication Services2.8%$21.1m977,368−3.6%reduced
GOOG ALPHABET INCCommunication Services2.7%$20.3m144,061−21%reduced
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services2.4%$18.1m451,378−8.3%reduced
DHR DANAHER CORP DELHealthcare1.2%$9.1m39,135+88%added
TDG TRANSDIGM GROUP INCIndustrials1.2%$9.0m8,8730.0%held
HLT HILTON WORLDWIDE HLDGS INCConsumer Cyclical1.0%$7.2m39,5790.0%held
DIS DISNEY WALT COCommunication Services0.9%$6.7m74,018−18%reduced
SSNC SS&C TECHNOLOGIES HLDGS INCTechnology0.9%$6.4m104,689−70%reduced
WMG WARNER MUSIC GROUP CORPCommunication Services0.8%$5.9m165,6010.0%held
GOOGL ALPHABET INCCommunication Services0.2%$1.3m9,238−0.9%reduced
BROOKFIELD REINS LTD no ticker–0.09%$699k17,3060.0%held
ITOT ISHARES TR–0.05%$352k3,342–new

Sector mix

  • Financial Services34.2%
  • Consumer Cyclical22.2%
  • Technology14.8%
  • Communication Services13.9%
  • Real Estate8.1%
  • Unclassified4.4%
  • Healthcare1.2%
  • Industrials1.2%

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