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Broad Run Investment Management, LLC
Broad Run Investment Management, LLC is an independent, employee-owned investment adviser headquartered in Arlington, Virginia. Founded in 2012 by Brian E. Macauley, David S. Rainey, and Ira M. Rothberg, the firm is registered with the SEC and provides discretionary portfolio management services to both institutional and individual investors. As of March 2025, the firm manages approximately $805.3 million in assets and has 7 employees, the majority of whom are investment professionals.
Investment Strategy
Broad Run Investment Management, LLC primarily pursues long-term capital appreciation through two main strategies: the Focus Equity Strategy and the Select Equity Strategy. Both strategies concentrate on domestic equity investments, with an emphasis on high-conviction holdings in high-quality companies. The firm’s approach involves in-depth research, bottom-up stock selection, and constructing relatively concentrated portfolios to capitalize on its best investment ideas. Its investment philosophy emphasizes investing in businesses with sustainable competitive advantages and capable management teams, held over long periods to benefit from compounding returns.
Latest 13F Filing Activity
Broad Run Investment Management, LLC filed their most recent 13F report on Jun 30, 2025 disclosing 24 equity positions with a total 13F market value of $653M. The fund increased holdings in Ast Spacemobile Inc., Applied Matls Inc., Hilton Worldwide HLDGS Inc. among other positions. Broad Run Investment Management, LLC reduced exposure to Cogent Communications HLDGS, Aon PLC, Carmax Inc. among others.
Top Holdings
Equity Positions (24)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
A ASTS | AST SPACEMOBILE INC | 26.36% | $172.1M | 3,682,428 | $8.53 | $46.73 | +$86.7M |
B BN | BROOKFIELD CORP | 8.15% | $53.2M | 860,134 | $31.46 | $61.85 | +$433.9K |
M MKL | MARKEL CORP | 6.68% | $43.6M | 21,826 | $558.48 | $1997.36 | -$2.0M |
A AON | AON PLC | 6.19% | $40.4M | 113,237 | $192.60 | $356.76 | -$6.3M |
O ORLY | OREILLY AUTOMOTIVE INC | 6.06% | $39.6M | 439,149 | $92.19 | $90.13 | -$5.6M |
Industry Allocation
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