Broad Run Investment Management, LLC Long-Term Concentrated

Location: Arlington, VA

CIK: 0001568621 · Show all filings

Period: Q1 2026 (← Previous)

Filing Date: May 15, 2026

Total Value: $568M (100.0% shares, 0.0% debt)

Holdings (24)

New Positions (1)

SUNB SUNBELT RENTALS HOLDINGS INC 7.8%

Value $44.2M Shares 704,530 Est. Cost $62.73 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SUNB	SUNBELT RENTALS HOLDINGS INC	704,530	$44.2M	7.8%	$62.73	—	SHS	866966104

Increased Positions (1)

BAM BROOKFIELD ASSET MANAGMT LTD 4.7%

Value $26.83M (+27.0%) Shares 603,637 (+49.7%) Est. Cost $36.48 Unrealized +41.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BAM	BROOKFIELD ASSET MANAGMT LTD	603,637 (+49.7%)	$26.83M (+27.0%)	4.7%	$36.48	+41.1%	CL A LMT VTG SHS	113004105

Exited Positions (1)

ITOT ISHARES TR 0.5%

Value $2.774M Shares 18,657 Est. Cost $148.69 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ITOT	ISHARES TR	18,657	$2.774M	0.5%	$148.69	—	—	464287150

Decreased Positions (10)

AMAT APPLIED MATLS INC 8.9%

Value $50.69M (+25.6%) Shares 148,320 (-5.6%) Est. Cost $130.69 Unrealized +149.9%

ASTS AST SPACEMOBILE INC 21.4%

Value $121M (+6.2%) Shares 1,463,094 (-6.9%) Est. Cost $6.51 Unrealized +1407.0%

GOOG ALPHABET INC 2.8%

Value $15.94M (-25.2%) Shares 55,551 (-18.2%) Est. Cost $107.05 Unrealized +202.4%

AON AON PLC 5.7%

Value $32.65M (-13.2%) Shares 101,157 (-5.1%) Est. Cost $178.56 Unrealized +88.2%

SHEN SHENANDOAH TELECOMMUNICATION 2.4%

Value $13.54M (+31.5%) Shares 878,264 (-1.4%) Est. Cost $21.84 Unrealized -44.6%

NVR NVR INC 3.1%

Value $17.61M (-13.2%) Shares 2,673 (-4.0%) Est. Cost $3286.93 Unrealized +131.9%

Value $8.744M (-23.2%) Shares 62,534 (-1.6%) Est. Cost $242.72 Unrealized -14.2%

ORLY OREILLY AUTOMOTIVE INC 6.2%

Value $34.96M (-3.9%) Shares 378,688 (-5.0%) Est. Cost $85.24 Unrealized +11.4%

DIS DISNEY WALT CO 0.6%

Value $3.303M (-27.1%) Shares 34,270 (-13.9%) Est. Cost $117.02 Unrealized -6.5%

AMT AMERICAN TOWER CORP NEW 3.2%

Value $18.22M (-5.5%) Shares 105,578 (-3.9%) Est. Cost $65.47 Unrealized +167.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC	148,320 (-5.6%)	$50.69M (+25.6%)	8.9%	$130.69	+149.9%	COM	038222105
ASTS	AST SPACEMOBILE INC	1,463,094 (-6.9%)	$121M (+6.2%)	21.4%	$6.51	+1407.0%	COM CL A	00217D100
GOOG	ALPHABET INC	55,551 (-18.2%)	$15.94M (-25.2%)	2.8%	$107.05	+202.4%	CAP STK CL C	02079K107
AON	AON PLC	101,157 (-5.1%)	$32.65M (-13.2%)	5.7%	$178.56	+88.2%	SHS CL A	G0403H108
SHEN	SHENANDOAH TELECOMMUNICATION	878,264 (-1.4%)	$13.54M (+31.5%)	2.4%	$21.84	-44.6%	COM	82312B106
NVR	NVR INC	2,673 (-4.0%)	$17.61M (-13.2%)	3.1%	$3286.93	+131.9%	COM	62944T105
RH	RH	62,534 (-1.6%)	$8.744M (-23.2%)	1.5%	$242.72	-14.2%	COM	74967X103
ORLY	OREILLY AUTOMOTIVE INC	378,688 (-5.0%)	$34.96M (-3.9%)	6.2%	$85.24	+11.4%	COM	67103H107
DIS	DISNEY WALT CO	34,270 (-13.9%)	$3.303M (-27.1%)	0.6%	$117.02	-6.5%	COM	254687106
AMT	AMERICAN TOWER CORP NEW	105,578 (-3.9%)	$18.22M (-5.5%)	3.2%	$65.47	+167.0%	COM	03027X100

Unchanged Positions (12)

BN BROOKFIELD CORP 8.6%

Value $49M Shares 1,210,847 Est. Cost $29.76 Unrealized +56.8%

MKL MARKEL CORP 7.0%

Value $39.64M Shares 20,709 Est. Cost $597.59 Unrealized +247.7%

DHR DANAHER CORPORATION 2.4%

Value $13.45M Shares 70,935 Est. Cost $230.89 Unrealized -2.7%

CDW CDW CORP 2.7%

Value $15.08M Shares 124,611 Est. Cost $146.74 Unrealized -11.4%

TDG TRANSDIGM GROUP INC 2.2%

Value $12.52M Shares 10,801 Est. Cost $741.62 Unrealized +83.6%

CCOI COGENT COMMUNICATIONS HLDGS 2.2%

Value $12.49M Shares 663,200 Est. Cost $52.54 Unrealized -55.7%

HLT HILTON WORLDWIDE HLDGS INC 3.4%

Value $19.5M Shares 64,139 Est. Cost $168.73 Unrealized +80.8%

KMX CARMAX INC 2.1%

Value $11.82M Shares 284,385 Est. Cost $52.56 Unrealized -14.6%

FND FLOOR & DECOR HLDGS INC 0.6%

Value $3.15M Shares 62,000 Est. Cost $113.54 Unrealized -38.4%

RELX RELX PLC 0.3%

Value $1.558M Shares 47,000 Est. Cost $50.41 Unrealized —

BNT BROOKFIELD WEALTH SOL LTD 0.2%

Value $976K Shares 23,581 Est. Cost $36.07 Unrealized +29.9%

GOOGL ALPHABET INC 0.1%

Value $729K Shares 2,535 Est. Cost $106.26 Unrealized +204.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BN	BROOKFIELD CORP	1,210,847	$49M	8.6%	$29.76	+56.8%	CL A LTD VT SH	11271J107
MKL	MARKEL CORP	20,709	$39.64M	7.0%	$597.59	+247.7%	COM	570535104
DHR	DANAHER CORPORATION	70,935	$13.45M	2.4%	$230.89	-2.7%	COM	235851102
CDW	CDW CORP	124,611	$15.08M	2.7%	$146.74	-11.4%	COM	12514G108
TDG	TRANSDIGM GROUP INC	10,801	$12.52M	2.2%	$741.62	+83.6%	COM	893641100
CCOI	COGENT COMMUNICATIONS HLDGS	663,200	$12.49M	2.2%	$52.54	-55.7%	COM NEW	19239V302
HLT	HILTON WORLDWIDE HLDGS INC	64,139	$19.5M	3.4%	$168.73	+80.8%	COM	43300A203
KMX	CARMAX INC	284,385	$11.82M	2.1%	$52.56	-14.6%	COM	143130102
FND	FLOOR & DECOR HLDGS INC	62,000	$3.15M	0.6%	$113.54	-38.4%	CL A	339750101
RELX	RELX PLC	47,000	$1.558M	0.3%	$50.41	—	SPONSORED ADR	759530108
BNT	BROOKFIELD WEALTH SOL LTD	23,581	$976K	0.2%	$36.07	+29.9%	CL A EXCHANGEAB	G17434104
GOOGL	ALPHABET INC	2,535	$729K	0.1%	$106.26	+204.3%	CAP STK CL A	02079K305