Broad Run Investment Management 13F, Q3 2025
Broad Run Investment · quarter ending 30 September 2025 · filed 14 November 2025 · SEC CIK 1568621
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| AST SPACEMOBILE INC | ASTS | $174.60M | 28.6% | -3% shares |
| BROOKFIELD CORP | BN | $55.62M | 9.1% | -6% shares |
| OREILLY AUTOMOTIVE INC | ORLY | $43.08M | 7.0% | -9% shares |
| MARKEL CORP | MKL | $39.27M | 6.4% | -6% shares |
| AON PLC | $38.02M | 6.2% | -6% shares | |
| APPLIED MATLS INC | AMAT | $33.21M | 5.4% | -6% shares |
| COGENT COMMUNICATIONS HLDGS | CCOI | $24.70M | 4.0% | -5% shares |
| BROOKFIELD ASSET MANAGMT LTD | BAM | $22.98M | 3.8% | -3% shares |
| NVR INC | NVR | $22.38M | 3.7% | -5% shares |
| AMERICAN TOWER CORP NEW | AMT | $21.59M | 3.5% | -7% shares |
| CDW CORP | CDW | $20.47M | 3.4% | -3% shares |
| HILTON WORLDWIDE HLDGS INC | HLT | $16.64M | 2.7% | unchanged |
| ALPHABET INC | GOOG | $16.61M | 2.7% | -18% shares |
| TRANSDIGM GROUP INC | TDG | $14.24M | 2.3% | unchanged |
| DANAHER CORPORATION | DHR | $14.06M | 2.3% | unchanged |
| CARMAX INC | KMX | $13.47M | 2.2% | -6% shares |
| RH | RH | $13.12M | 2.1% | -4% shares |
| SHENANDOAH TELECOMMUNICATION | SHEN | $12.04M | 2.0% | -3% shares |
| DISNEY WALT CO | DIS | $4.82M | 0.8% | -19% shares |
| FLOOR & DECOR HLDGS INC | FND | $4.57M | 0.8% | unchanged |
| RELX PLC | RELX | $2.24M | 0.4% | unchanged |
| ENCORE CAP GROUP INC | ECPG | $1.49M | 0.2% | -93% shares |
| BROOKFIELD WEALTH SOL LTD | $1.08M | 0.2% | unchanged | |
| ALPHABET INC | GOOGL | $616.3K | 0.1% | -5% shares |
What changed since Q2 2025
Against the Q2 2025 filing, Broad Run Investment Management opened 0 new positions, added to 0, trimmed 18, left 6 unchanged and exited 0. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001568621-25-000014, filed by Broad Run Investment Management, LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.