WhaleCreep

Broad Run Investment Management 13F holdings, Q4 2025

Long-only investorSEC filingsCompare with another fundHoldings as of 2025-12-31, filed 2026-02-17

Broad Run Investment Management disclosed 24 US equity positions worth $538.5m in its Q4 2025 13F filing. Its largest position is ASTS at 21.2% of the reported book, followed by BN and MKL. Versus Q3 2025 it opened 1 new position, added to 3, reduced 8 and exited 1.

$538m
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.
21.2%
Largest position
The largest single position as a share of the reported equity book.
76.2%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
11
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 2025: 1 new, 3 added, 8 reduced, 1 exited

24 rows
ASTS AST SPACEMOBILE INCTechnology21.2%$114m1.57m−56%reduced
BN BROOKFIELD CORPFinancial Services10.4%$55.8m1.21m+50%added
MKL MARKEL GROUP INCFinancial Services8.2%$44.1m20,525−0.1%held
AMAT APPLIED MATLS INCTechnology7.5%$40.4m157,103−3.2%reduced
AON AON PLCFinancial Services7.0%$37.6m106,5670.0%held
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical6.8%$36.4m398,754−0.2%held
GOOG ALPHABET INCCommunication Services4.0%$21.3m67,914−0.4%held
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services3.9%$21.1m403,356−0.1%held
NVR NVR INCConsumer Cyclical3.8%$20.3m2,783−0.1%held
AMT AMERICAN TOWER CORPReal Estate3.6%$19.3m109,875−2.1%reduced
HLT HILTON WORLDWIDE HLDGS INCConsumer Cyclical3.4%$18.4m64,1390.0%held
CDW CDW CORPTechnology3.2%$17.1m125,837−2.1%reduced
DHR DANAHER CORP DELHealthcare3.0%$16.2m70,9350.0%held
TDG TRANSDIGM GROUP INCIndustrials2.7%$14.4m10,8010.0%held
CCOI COGENT COMMUNICATIONS HLDGSCommunication Services2.7%$14.3m663,700+3.1%added
RH RHConsumer Cyclical2.1%$11.4m63,554−1.6%reduced
KMX CARMAX INCConsumer Cyclical2.0%$11.0m285,542−4.9%reduced
SHEN SHENANDOAH TELECOMMUNICATIONCommunication Services1.9%$10.3m891,096−0.7%reduced
DIS DISNEY WALT COCommunication Services0.8%$4.5m39,806−5.4%reduced
FND FLOOR & DECOR HLDGS INCConsumer Cyclical0.7%$3.8m62,0000.0%held
ITOT ISHARES TR–0.5%$2.8m18,657–new
RELX RELX PLCIndustrials0.4%$1.9m47,0000.0%held
BROOKFIELD WEALTH SOL LTD no ticker–0.2%$1.1m23,581+50%added
GOOGL ALPHABET INCCommunication Services0.1%$793k2,5350.0%held

Exited since Q3 2025

1 row
ECPG ENCORE CAP GROUP INC0.2%$1.5m

Sector mix

  • Technology31.9%
  • Financial Services29.5%
  • Consumer Cyclical18.8%
  • Communication Services9.5%
  • Real Estate3.6%
  • Industrials3.0%
  • Healthcare3.0%
  • Unclassified0.7%

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