Broad Run Investment Management, LLC

Q4 2025 13F-HR Holdings

Location
Arlington, VA
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
24
Total value ($000)
$538,467
Net value change ($000)
-72,466 (-11.9%)
New positions
1
Sold out positions
1
Turnover %
0.8%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
AMAT 7,162 21.6%
MKL 4,849 12.3%
GOOGL 4,699 28.3%
ITOT 2,774 NEW
DHR 2,174 15.5%
HLT 1,784 10.7%
GOOGL 177 28.7%
BN 136 0.2%
TDG 128 0.9%
BROOKFIELD WEALTH SOL LTD 7 0.6%
Top Reduces (Value $000, Stocks/ETFs)
ASTS -60,435 -34.6%
CCOI -10,390 -42.1%
ORLY -6,710 -15.6%
CDW -3,331 -16.3%
KMX -2,433 -18.1%
AMT -2,302 -10.7%
NVR -2,089 -9.3%
BAM -1,850 -8.0%
SHEN -1,743 -14.5%
RH -1,739 -13.2%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type