Akre Capital

Q4 2015 13F · by Chuck Akre, portfolio manager

As of: Dec 31, 2015
Filed: Feb 12, 2016
US stock: $4.5B · prev $4.3B
Positions: 34 · prev 35
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 1.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves21 since the prior filing

+4.7 pp in · −4.7 pp out

New 1 +0.11 pp
Added 12 +4.62 pp
Trimmed 6 −0.54 pp
Exited 2 −4.18 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions49% of US stock

AMT American Tower Corporation added+0.72 pp added+0.7213.6%
MA Mastercard Incorporated added+0.34 pp added+0.3410.2%
MKL Markel Group Inc. added+0.53 pp added+0.5310.1%
MCO Moody's Corporation added−0.06 pp added−0.068.2%
DLTR Dollar Tree Inc. added+0.76 pp added+0.767.2%

Positions34 in this filing · 2 exited


AMTAmerican Tower Corporation	13.58%	6,309,016	$612M	added0%	+0.72 pp	11 q
MAMastercard Incorporated	10.18%	4,709,033	$458M	added0%	+0.34 pp	11 q
MKLMarkel Group Inc.	10.11%	515,457	$455M	added0%	+0.53 pp	11 q
MCOMoody's Corporation	8.15%	3,659,439	$367M	added+1%	−0.06 pp	11 q
DLTRDollar Tree Inc.	7.17%	4,184,400	$323M	added+1%	+0.76 pp	11 q
ROPRoper Technologies, Inc.	5.69%	1,350,018	$256M	added0%	+0.79 pp	8 q
ORLYO'Reilly Automotive, Inc.	4.66%	827,766	$210M	trimmed0%	−0.14 pp	11 q
VRSKVerisk Analytics, Inc.	4.41%	2,581,579	$198M	added+21%	+0.74 pp	11 q
unresolvedSBA Comms Corp	4.20%	1,800,000	$189M	added+33%	+0.92 pp	8 q
KMXCarMax Inc.	4.10%	3,417,359	$184M	added+23%	+0.28 pp	9 q
VVISA Inc.	3.93%	2,283,240	$177M	held	—	11 q
ESGREnstar Group Ltd	3.92%	1,176,274	$176M	added+12%	+0.27 pp	11 q
unresolvedColfax Corp	3.81%	7,345,908	$172M	added+4%	−1.07 pp	11 q
DHRDanaher Corporation	3.09%	1,500,000	$139M	held	—	9 q
AMTTd Ameritrade Holding Corp	2.29%	2,967,500	$103M	trimmed−8%	−0.09 pp	11 q
MNROMonro, Inc.	2.22%	1,507,930	$100M	held	—	11 q
LKQLKQ Corporation	2.09%	3,173,100	$94M	added+23%	+0.40 pp	3 q
UBNTUbiquiti Inc.	1.89%	2,680,000	$85M	held	—	6 q
American Tower Corpconvertible	1.16%	515,984	$52M	held	—	3 q
BRK.BBERKSHIRE HATHAWAY Class B	1.13%	386,043	$51M	trimmed−6%	−0.11 pp	11 q
BVEDiamond Hill Investment Grp	0.61%	145,500	$27M	held	—	11 q
PRMWPrimo Water Corp	0.30%	1,679,313	$13M	trimmed−3%	0.00 pp	11 q
American Tower Corpconvertible	0.23%	100,000	$10M	held	—	7 q
BRK.ABerkshire Hathaway Inc.	0.23%	52	$10M	trimmed−2%	−0.01 pp	11 q
AKXAnsys Inc	0.21%	100,300	$9M	held	—	11 q
ALRMAlarm.com Holdings, Inc.	0.15%	400,000	$7M	held	—	3 q
DLTHDuluth Holdings Inc. Class B	0.11%	350,000	$5M	new	+0.11 pp	new
unresolvedBank Of America Corporation	0.09%	732,890	$4M	held	—	11 q
unresolvedWmih Corp	0.09%	1,500,000	$4M	held	—	2 q
unresolvedAmerican Intl Group Inc	0.08%	147,295	$4M	trimmed−71%	−0.19 pp	3 q
LAMRLamar Advertising Co	0.07%	55,000	$3M	held	—	5 q
Crown Castle Intl Corpconvertible	0.05%	20,000	$2M	held	—	5 q
CSXCSX Corporation	0.02%	40,695	$1M	held	—	11 q
AIArlington Asset Investment-a	0.00%	10,000	$132,000	held	—	9 q
LYVLive Nation Entertainment Inc.	—	−6,260,154	—	exited	−3.49 pp	—
LPLALPL Financial Holdings Inc.	—	−750,500	—	exited	−0.69 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 5 unresolved
Accession: 0001112520-16-000026
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 2015-12-31

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