Broad Run Investment Management, Llc
- Regulatory AUM
- $682M
- Discretionary
- $682M
- Clients
- 140
- Avg AUM / client
- $4.9M
- Accounts
- 140
- Employees
- 6
AUM over time
Annual snapshots from Form ADV filings · as of Mar 20, 2026
Investments (13F portfolio — 24 positions, $567,861,853)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Ast Spacemobile Inc | COM CL A | $121,246,600 | 1,463,094 | 21.4% | 17.8% |
| 2 | Applied Matls Inc | COM | $50,694,293 | 148,320 | 8.93% | 7.44% |
| 3 | Brookfield Corp | CL A LTD VT SH | $49,002,978 | 1,210,847 | 8.63% | 7.19% |
| 4 | Sunbelt Rentals Holdings Inc | SHS | $44,196,543 | 704,530 | 7.78% | 6.48% |
| 5 | Markel Corp | COM | $39,638,476 | 20,709 | 6.98% | 5.81% |
| 6 | Oreilly Automotive Inc | COM | $34,956,689 | 378,688 | 6.16% | 5.13% |
| 7 | Aon Plc | SHS CL A | $32,651,456 | 101,157 | 5.75% | 4.79% |
| 8 | Brookfield Asset Managmt Ltd | CL A LMT VTG SHS | $26,831,665 | 603,637 | 4.73% | 3.94% |
| 9 | Hilton Worldwide Hldgs Inc | COM | $19,503,387 | 64,139 | 3.43% | 2.86% |
| 10 | American Tower Corp New | COM | $18,220,651 | 105,578 | 3.21% | 2.67% |
| 11 | Nvr Inc | COM | $17,614,616 | 2,673 | 3.1% | 2.58% |
| 12 | Alphabet Inc | CAP STK CL C | $15,935,360 | 55,551 | 2.81% | 2.34% |
| 13 | Cdw Corp | COM | $15,080,423 | 124,611 | 2.66% | 2.21% |
| 14 | Shenandoah Telecommunication | COM | $13,542,831 | 878,264 | 2.38% | 1.99% |
| 15 | Danaher Corporation | COM | $13,449,276 | 70,935 | 2.37% | 1.97% |
| 16 | Transdigm Group Inc | COM | $12,517,927 | 10,801 | 2.2% | 1.84% |
| 17 | Cogent Communications Hldgs | COM NEW | $12,494,688 | 663,200 | 2.2% | 1.83% |
| 18 | Carmax Inc | COM | $11,824,728 | 284,385 | 2.08% | 1.73% |
| 19 | Rh | COM | $8,743,504 | 62,534 | 1.54% | 1.28% |
| 20 | Disney Walt Co | COM | $3,302,894 | 34,270 | 0.58% | 0.48% |
| 21 | Floor & Decor Hldgs Inc | CL A | $3,149,600 | 62,000 | 0.55% | 0.46% |
| 22 | Relx Plc | SPONSORED ADR | $1,558,050 | 47,000 | 0.27% | 0.23% |
| 23 | Brookfield Wealth Sol Ltd | CL A EXCHANGEAB | $976,253 | 23,581 | 0.17% | 0.14% |
| 24 | Alphabet Inc | CAP STK CL A | $728,965 | 2,535 | 0.13% | 0.11% |
Top 25 of 24 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 20 | $9.4M | 1.37% |
| High net worth individuals | 111 | $135M | 19.7% |
| Investment companies | 1 | $513M | 75.3% |
| Pooled investment vehicles (non-investment companies) | 1 | $7.1M | 1.05% |
| Charitable organizations | 7 | $17.5M | 2.56% |
People (5)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Brian Edward Macauley | Portfolio Manager/Managing Member | CFA | Jul 2012 (14y) | 25% – 50% |
| David Shaffer Rainey | Portfolio Manager/Managing Member | CFA | Jul 2012 (14y) | 25% – 50% |
| Ira Mitchell Rothberg | Portfolio Manager/Managing Member | CFA | Jul 2012 (14y) | 25% – 50% |
| Bryan Hughes Adkins | Chief Operating Officer & Chief Compliance Officer | CFA | Oct 2013 (13y) | Less than 5% |
| Claire Simone Spirtas Hurst | Registered representative | Aug 2025 (1y) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/20/2026 | 1.03 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Northern Trust $71.3M (4% of AUM) Dec 2022
- Charles Schwab & Co. $61.7M (9% of AUM) Mar 2026
- Goldman Sachs $52.6M (2% of AUM) Jun 2020
- BNY Mellon $51.8M (3% of AUM) Sep 2021
- U.S. Bank $48.3M (5% of AUM) Mar 2023
- Scm Dma (Mauritius) Limited $37.8M (6% of AUM) Mar 2026
- National Financial Services (Fidelity) $31.6M (5% of AUM) Mar 2026
- Pnc Bank $30.3M (4% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 20, 2026.
View current Form ADV (SEC/IAPD) ↗