Broad Run Investment Management
David FirestoneARLINGTON, VAfiles as Broad Run Investment Management, LLC
$650m in 24 US stocks at the end of 30 June 2026. The top 10 are 79.2% of the money. It changed about 8.1% of the portfolio this quarter.
Value
$650m
Stocks
24
Top 10 share
79.2%
Turnover
8.1%
What changed this quarter
New
Bought for the first time this quarter.
None this quarter.
Added
Bought more of a stock they already held.
None this quarter.
Cut
Sold some of their stake.
- AlphabetGOOG3.0% of the fund-2%
- Shenandoah TelecommunicationsSHEN1.5% of the fund-25%
- Walt DisneyDIS0.5% of the fund-2%
Sold out
Sold their entire stake.
None this quarter.
Holdings
- BrookfieldBN
- Share
- 7.9%
- Value
- $51m
- Shares
- 1,204,081
Held
- RelxRELX
- Share
- 0.2%
- Value
- $1m
- Shares
- 47,000
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| AST SpaceMobileASTS | 19.9% | $129m | 1,455,969 | Held |
| Applied MaterialsAMAT | 16.4% | $107m | 147,512 | Held |
| Sunbelt Rentals HoldingsSUNB | 7.9% | $51m | 702,078 | Held |
| BrookfieldBN | 7.9% | $51m | 1,204,081 | Held |
| Markel GroupMKL | 6.2% | $40m | 20,578 | Held |
| O'Reilly AutomotiveORLY | 5.3% | $35m | 376,817 | Held |
| AonAON | 5.1% | $33m | 100,650 | Held |
| Brookfield Asset ManagementBAM | 4.2% | $27m | 602,709 | Held |
| Hilton Worldwide HoldingsHLT | 3.3% | $21m | 64,139 | Held |
| AlphabetGOOG | 3.0% | $19m | 54,423 | -2% |
| NVRNVR | 2.8% | $18m | 2,662 | Held |
| CDWCDW | 2.7% | $17m | 124,310 | Held |
| American TowerAMT | 2.6% | $17m | 105,005 | Held |
| CarMaxKMX | 2.3% | $15m | 283,226 | Held |
| TransDigm GroupTDG | 2.2% | $14m | 10,801 | Held |
| DanaherDHR | 2.1% | $14m | 70,935 | Held |
| RHRH | 1.6% | $10m | 62,357 | Held |
| Shenandoah TelecommunicationsSHEN | 1.5% | $10m | 658,567 | -25% |
| Cogent Communications HoldingsCCOI | 1.4% | $9m | 660,130 | Held |
| Floor & Decor HoldingsFND | 0.6% | $4m | 62,000 | Held |
| Walt DisneyDIS | 0.5% | $3m | 33,559 | -2% |
| RelxRELX | 0.2% | $1m | 47,000 | Held |
| Brookfield Wealth SolutionsBNT | 0.2% | $1m | 23,581 | Held |
| AlphabetGOOGL | 0.1% | $905,933 | 2,535 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 0.5% since 30 June 2025.
Where the money is
Technology27.0%
Media & telecom26.4%
Retail & consumer15.8%
Financial services15.6%
Real estate10.5%
Industrials2.2%
Health care2.1%
Other0.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.