Broad Run Focus Equity Composite

Broad Run Focus Equity Composite 1Q16 Letter – The "Watch List"; Long AMETEK

Broad Run Focus Equity Composite letter to investors for the first quarter ended March 31, 2016.

For the quarter, the Broad Run Focus Equity Composite returned 2.1% net of fees1 compared to 1.0% for the Russell 3000 Index. The results for your account will differ somewhat from the Composite due to variations in account holdings and other client-specific circumstances. Your account’s actual results are presented in an attachment. We remind you that we manage your account for long-term results, so we encourage you to evaluate its performance over a multi-year time frame. Long-term . . .

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