Broad Run Investment Management, based in Arlington, Virginia, was founded in 2012 by Brian Macauley, David Rainey, and Ira Rothberg. The colleagues have a history of collaboration: They have worked together since 2004, applying the same investment approach Broad Run uses today. As of June 30, 2016, Broad Run had $2.5 billion in assets under management in a sub-advised mutual fund and separately managed accounts (SMAs). The three portfolio managers’ track record dates back to Sept. 1, 2009, when they assumed responsibility of the mutual fund.