Akre Capital

Q3 2015 13F · by Chuck Akre, portfolio manager

As of: Sep 30, 2015
Filed: Nov 12, 2015
US stock: $4.3B · prev $4.2B
Positions: 35 · prev 37
Options notional: $0
Documents: 1· no amendments

Picture98.8% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 98.8%
Foreign stock not listed in the US 1.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves24 since the prior filing

+1.7 pp in · −1.0 pp out

New 1 +0.09 pp
Added 16 +1.59 pp
Trimmed 4 −0.91 pp
Exited 3 −0.05 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.5% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions47% of US stock

AMT American Tower Corporation added+1.01 pp added+1.0112.9%
MA Mastercard Incorporated added+0.09 pp added+0.099.8%
MKL Markel Group Inc. trimmed−0.38 pp trimmed−0.389.6%
MCO Moody's Corporation added−1.06 pp added−1.068.2%
DLTR Dollar Tree Inc. added−0.35 pp added−0.356.4%

Positions35 in this filing · 3 exited


AMTAmerican Tower Corporation	12.86%	6,303,493	$555M	added+20%	+1.01 pp	10 q
MAMastercard Incorporated	9.84%	4,705,134	$424M	added+9%	+0.09 pp	10 q
MKLMarkel Group Inc.	9.58%	515,304	$413M	trimmed−0%	−0.38 pp	10 q
MCOMoody's Corporation	8.21%	3,605,620	$354M	added+1%	−1.06 pp	10 q
DLTRDollar Tree Inc.	6.41%	4,148,216	$277M	added+17%	−0.35 pp	10 q
ROPRoper Technologies, Inc.	4.90%	1,349,136	$211M	added+6%	−0.40 pp	7 q
unresolvedColfax Corp	4.88%	7,031,709	$210M	added+21%	−1.60 pp	10 q
ORLYO'Reilly Automotive, Inc.	4.80%	827,795	$207M	trimmed−0%	+0.28 pp	10 q
KMXCarMax Inc.	3.82%	2,773,660	$165M	added+63%	+1.11 pp	8 q
VVISA Inc.	3.69%	2,283,240	$159M	held	—	10 q
VRSKVerisk Analytics, Inc.	3.67%	2,140,928	$158M	added+8%	+0.19 pp	10 q
ESGREnstar Group Ltd	3.65%	1,049,549	$157M	added+84%	+1.52 pp	10 q
LYVLive Nation Entertainment Inc.	3.49%	6,260,154	$150M	held	—	10 q
unresolvedSBA Comms Corp	3.28%	1,350,000	$141M	added+13%	−0.04 pp	7 q
DHRDanaher Corporation	2.96%	1,500,000	$128M	held	—	8 q
AMTTd Ameritrade Holding Corp	2.38%	3,226,400	$103M	added+2%	−0.42 pp	10 q
MNROMonro, Inc.	2.36%	1,507,930	$102M	held	—	10 q
UBNTUbiquiti Inc.	2.11%	2,680,000	$91M	held	—	5 q
LKQLKQ Corporation	1.69%	2,575,000	$73M	added×3.7	+1.18 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	1.24%	411,007	$54M	added+31%	+0.21 pp	10 q
American Tower Corpconvertible	1.15%	515,984	$50M	added+3%	−0.05 pp	2 q
LPLALPL Financial Holdings Inc.	0.69%	750,500	$30M	trimmed−43%	−0.79 pp	10 q
BVEDiamond Hill Investment Grp	0.63%	145,500	$27M	held	—	10 q
PRMWPrimo Water Corp	0.30%	1,726,613	$13M	held	—	10 q
unresolvedAmerican Intl Group Inc	0.27%	509,800	$12M	added×3.4	+0.17 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.24%	53	$10M	added+23%	+0.03 pp	10 q
American Tower Corpconvertible	0.23%	100,000	$10M	held	—	6 q
AKXAnsys Inc	0.21%	100,300	$9M	held	—	10 q
ALRMAlarm.com Holdings, Inc.	0.11%	400,000	$5M	held	—	2 q
unresolvedBank Of America Corporation	0.10%	732,890	$4M	held	—	10 q
unresolvedWmih Corp	0.09%	1,500,000	$4M	new	+0.09 pp	new
LAMRLamar Advertising Co	0.07%	55,000	$3M	trimmed−18%	−0.02 pp	4 q
Crown Castle Intl Corpconvertible	0.05%	20,000	$2M	held	—	4 q
CSXCSX Corporation	0.03%	40,695	$1M	held	—	10 q
AIArlington Asset Investment-a	0.00%	10,000	$140,000	held	—	8 q
unresolvedNustar Gp Holdings LLC	—	−27,775	—	exited	−0.03 pp	—
WMBWilliams Companies Inc.	—	−16,140	—	exited	−0.02 pp	—
NLYAnnaly Capital Management. Inc.	—	−20,044	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 5 unresolved
Accession: 0001112520-15-000023
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 03027X407 not on the Official 13(f) List for 2015-09-30

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