Data as of Q4 2025 (Dec 31, 2025)

Broad Run Investment Management, LLC

•CIK: 1568621•Filing: Q4 2025

**Broad Run Investment Management, LLC** manages $538M across a concentrated portfolio of 24 positions. The fund exhibits significant conviction in technology and industrials, with its largest holding in ASTS accounting for $114.2M. Notable allocations include substantial positions in BN ($55.8M), MKL ($44.1M), and AMAT ($40.4M). This structure suggests a high-conviction, sector-specific approach to generating alpha.

Total AUM
$538.5M
QoQ Performance
-11.9%
Positions
23
Top 10 Concentration
76.2%
Latest Filing
Q4 2025

Top Holdings Allocation

ASTS
BN
MKL
AMAT
AON
ORLY
ASTS21.2%
BN10.4%
MKL8.2%
AMAT7.5%
AON7.0%
ORLY6.8%
GOOG4.0%
BAM3.9%

📈 Biggest Buys

BN
BROOKFIELD CORP
+49.8%
10.4% of portfolio
ITOT
ISHARES TR
NEW
0.5% of portfolio
OGM1
COGENT COMMUNICATIONS HLDGS
+3.1%
2.7% of portfolio
—
BROOKFIELD WEALTH SOL LTD
+50.0%
0.2% of portfolio

📉 Biggest Sells

ASTS
AST SPACEMOBILE INC
-55.8%
21.2% of portfolio
AMAT
APPLIED MATLS INC
-3.2%
7.5% of portfolio
KMX
CARMAX INC
-4.9%
2.0% of portfolio
AMT
AMERICAN TOWER CORP NEW
-2.1%
3.6% of portfolio
CDW
CDW CORP
-2.1%
3.2% of portfolio

Sector Breakdown

Other67.7%
Financial17.3%
Technology4.1%
Real Estate3.6%
Consumer3.4%
Healthcare3.0%
Communication0.8%

🚪 Exited Positionssold since Q3 2025

ECPG
ENCORE CAP GROUP INC
SOLD
$1.5M

Changes from Q3 2025

NEW1 new position
↑3 increased
↓14 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

ASTS21.2%
AST SPACEMOBILE INC
$114.2M
BN10.4%
BROOKFIELD CORP
$55.8M
MKL8.2%
MARKEL CORP
$44.1M
AMAT7.5%
APPLIED MATLS INC
$40.4M
AON7.0%
AON PLC
$37.6M

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