WhaleCreep

Broad Run Investment Management 13F holdings, Q1 2025

Long-only investorSEC filingsCompare with another fundHoldings as of 2025-03-31, filed 2025-05-15

Broad Run Investment Management disclosed 24 US equity positions worth $599.0m in its Q1 2025 13F filing. Its largest position is ASTS at 14.3% of the reported book, followed by BN and AON. Versus Q4 2024 it opened 1 new position, added to 0, reduced 16 and exited 1.

$599m
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.
14.3%
Largest position
The largest single position as a share of the reported equity book.
71.4%
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 2024: 1 new, 0 added, 16 reduced, 1 exited

24 rows
ASTS AST SPACEMOBILE INCTechnology14.3%$85.4m3.76m−0.5%held
BN BROOKFIELD CORPFinancial Services8.8%$52.8m1.01m−6.2%reduced
AON AON PLCFinancial Services7.8%$46.7m117,085−27%reduced
MKL MARKEL GROUP INCFinancial Services7.6%$45.6m24,408−26%reduced
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical7.5%$45.2m31,533−31%reduced
CCOI COGENT COMMUNICATIONS HLDGSCommunication Services7.1%$42.8m698,063−0.3%held
AMAT APPLIED MATLS INCTechnology5.0%$29.8m205,439−5.5%reduced
AMT AMERICAN TOWER CORPReal Estate4.6%$27.8m127,912−39%reduced
KMX CARMAX INCConsumer Cyclical4.5%$27.1m348,317−32%reduced
CDW CDW CORPTechnology4.1%$24.5m152,705−11%reduced
ECPG ENCORE CAP GROUP INCFinancial Services3.8%$22.6m660,661−30%reduced
NVR NVR INCConsumer Cyclical3.7%$22.5m3,099−2.1%reduced
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services3.7%$21.9m452,652−3.8%reduced
TDG TRANSDIGM GROUP INCIndustrials3.0%$17.7m12,801−7.2%reduced
RH RHConsumer Cyclical2.7%$16.0m68,464−6.5%reduced
HLT HILTON WORLDWIDE HLDGS INCConsumer Cyclical2.6%$15.6m68,639−15%reduced
DHR DANAHER CORP DELHealthcare2.4%$14.5m70,9350.0%held
GOOG ALPHABET INCCommunication Services2.4%$14.3m91,520−2.1%reduced
SHEN SHENANDOAH TELECOMMUNICATIONCommunication Services2.0%$11.7m933,5760.0%held
DIS DISNEY WALT COCommunication Services0.9%$5.7m57,349−2.2%reduced
FND FLOOR & DECOR HLDGS INCConsumer Cyclical0.8%$5.0m62,0000.0%held
RELX RELX PLCIndustrials0.4%$2.4m47,000–new
BROOKFIELD WEALTH SOL LTD no ticker–0.1%$820k15,7210.0%held
GOOGL ALPHABET INCCommunication Services0.07%$426k2,7540.0%held

Exited since Q4 2024

1 row
WMG WARNER MUSIC GROUP CORP0.5%$3.3m

Sector mix

  • Financial Services31.7%
  • Technology23.3%
  • Consumer Cyclical21.9%
  • Communication Services12.5%
  • Real Estate4.6%
  • Industrials3.4%
  • Healthcare2.4%
  • Unclassified0.1%

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