Broad Run Investment Management, LLC

Long Only Manager • Value

Broad Run Investment Management, LLC is a Value-focused institution based in Arlington, VA led by Ira Mitchell Rothberg, reporting $805.3M in AUM as of Q3 2025 with 37% Technology concentration, 78% concentrated in top 10 holdings, and 29% allocation to ASTS.

Managing PartnerIra Mitchell Rothberg

Portfolio Value: $610.9M
Positions: 24
Top Holding: ASTS at 28.58%
Last Reported: Q3 2025

Address1530 Wilson Blvd, Suite 530, Arlington, VA, 22209, United States

Top Holdings

Largest long holdings in Broad Run Investment Management, LLC's portfolio (77.8% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 AST SpaceMobile ASTS	Communication Equipment Technology	$174.6M	28.58%	-$6.1M Sold	1.31% 3.6M shares	Q2 2021 Held for 4y 5m
2 Brookfield BN	Asset Management Financial Services	$55.6M	9.10%	-$3.4M Sold	0.05% 811.0K shares	Q4 2022 Held for 2y 11m
3 O'Reilly Automotive ORLY	Specialty Retail Consumer Cyclical	$43.1M	7.05%	-$4.3M Sold	0.05% 399.6K shares	≤ Q2 2013 Held for 12y 5m+
4 Markel MKL	Insurance - Property & Casualty Financial Services	$39.3M	6.43%	-$2.4M Sold	0.16% 20.5K shares	≤ Q2 2013 Held for 12y 5m+
5 Aon plc AON	Insurance - Brokers Financial Services	$38.0M	6.22%	-$2.4M Sold	0.05% 106.6K shares	≤ Q2 2013 Held for 12y 5m+
6 Applied Materials AMAT	Semiconductors Technology	$33.2M	5.44%	-$2.2M Sold	0.02% 162.2K shares	Q3 2021 Held for 4y 2m
7 Cogent Communications Holdings CCOI	Telecommunications Services Communication Services	$24.7M	4.04%	-$1.3M Sold	1.31% 644.0K shares	Q4 2022 Held for 2y 11m
8 Brookfield Asset Management BAM	Asset Management Financial Services	$23.0M	3.76%	-$684.8K Sold	0.03% 403.6K shares	Q4 2022 Held for 2y 11m
9 NVR NVR	Residential Construction Consumer Cyclical	$22.4M	3.66%	-$1.1M Sold	0.10% 2.8K shares	Q2 2017 Held for 8y 5m
10 American Tower AMT	REIT - Specialty Real Estate	$21.6M	3.53%	-$1.5M Sold	0.02% 112.3K shares	≤ Q2 2013 Held for 12y 5m+

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Broad Run Investment Management, LLC's latest filing

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Market Value

$610.9M

Prior: $652.8M

Q/Q Change

-6.42%

-$41.9M

Net Flows % of MV

-8.73%

Turnover Ratio

2.78%

New Purchases

0 stocks

Added To

0 stocks

Sold Out Of

0 stocks

Reduced Holdings

18 stocks

-$53.3M

Increased Positions

Position	Shares Δ	Change
No increased positions

Decreased Positions

Position	Shares Δ	Change
1 Encore Capital Group ECPG	-93.33%	536.1K → 35.7K −$20.9M
2 Walt Disney DIS	-18.6%	51.7K → 42.1K −$1.1M
3 Alphabet Inc. GOOG	-17.73%	82.9K → 68.2K −$3.6M
4 O'Reilly Automotive ORLY	-9.01%	439.1K → 399.6K −$4.3M
5 American Tower AMT	-6.67%	120.3K → 112.3K −$1.5M