Akre Capital

Q2 2016 13F · by Chuck Akre, portfolio manager

As of: Jun 30, 2016
Filed: Aug 18, 2017
US stock: $5.0B · prev $4.7B
Positions: 33 · prev 34
Options notional: $0
Documents: 1· 1 amendment

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves18 since the prior filing

+1.5 pp in · −1.4 pp out

New 0 0.00 pp
Added 5 +1.50 pp
Trimmed 12 −1.38 pp
Exited 1 0.00 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.0% a year, about 25.0 years per position

Low
Moderate
High

Top 5 positions48% of US stock

AMT American Tower Corporation trimmed+0.80 pp trimmed+0.8014.4%
MKL Markel Group Inc. trimmed+0.19 pp trimmed+0.199.9%
MA Mastercard Incorporated trimmed−1.04 pp trimmed−1.048.3%
DLTR Dollar Tree Inc. trimmed+0.67 pp trimmed+0.677.9%
MCO Moody's Corporation added−0.55 pp added−0.557.6%

Revealed late, restated

restated 33 rows corrected by the filer · US stock −5.38%; later quarters recomputed 13F-HR/A · Aug 18, 2017 ↗

Positions33 in this filing · 1 exited


AMTAmerican Tower Corporation	14.41%	6,294,196	$715M	trimmed−0%	+0.80 pp	13 q
MKLMarkel Group Inc.	9.87%	514,150	$490M	trimmed−0%	+0.19 pp	13 q
MAMastercard Incorporated	8.34%	4,700,118	$414M	trimmed−0%	−1.04 pp	13 q
DLTRDollar Tree Inc.	7.94%	4,180,340	$394M	trimmed−0%	+0.67 pp	13 q
MCOMoody's Corporation	7.62%	4,034,967	$378M	added0%	−0.55 pp	13 q
VVISA Inc.	5.40%	3,615,080	$268M	added+58%	+1.72 pp	13 q
ROPRoper Technologies, Inc.	5.15%	1,499,141	$256M	added+14%	+0.10 pp	10 q
KMXCarMax Inc.	4.90%	4,958,266	$243M	added+15%	+0.25 pp	11 q
ESGREnstar Group Ltd	4.72%	1,446,559	$234M	trimmed−0%	−0.25 pp	13 q
ORLYO'Reilly Automotive, Inc.	4.50%	824,295	$223M	trimmed−0%	−0.27 pp	13 q
VRSKVerisk Analytics, Inc.	4.22%	2,584,998	$210M	trimmed−0%	−0.13 pp	13 q
unresolvedSBA Comms Corp	4.06%	1,865,000	$201M	held	—	10 q
unresolvedColfax Corp	3.25%	6,100,000	$161M	trimmed−20%	−1.34 pp	13 q
DHRDanaher Corporation	3.05%	1,500,000	$152M	held	—	11 q
LKQLKQ Corporation	2.27%	3,550,000	$113M	added+4%	−0.02 pp	5 q
UBNTUbiquiti Inc.	2.09%	2,680,000	$104M	held	—	8 q
MNROMonro, Inc.	1.93%	1,507,930	$96M	held	—	13 q
AMTTd Ameritrade Holding Corp	1.70%	2,967,500	$85M	held	—	13 q
American Tower Corpconvertible	1.17%	515,032	$58M	trimmed−0%	+0.05 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	1.12%	383,304	$55M	trimmed−1%	−0.04 pp	13 q
BVEDiamond Hill Investment Grp	0.55%	145,500	$27M	held	—	13 q
PRMWPrimo Water Corp	0.40%	1,679,313	$20M	held	—	13 q
American Tower Corpconvertible	0.23%	100,000	$11M	held	—	9 q
BRK.ABerkshire Hathaway Inc.	0.23%	52	$11M	held	—	13 q
ALRMAlarm.com Holdings, Inc.	0.21%	400,000	$10M	held	—	5 q
AKXAnsys Inc	0.18%	100,300	$9M	held	—	13 q
DLTHDuluth Holdings Inc. Class B	0.17%	350,000	$9M	held	—	3 q
LAMRLamar Advertising Co	0.07%	49,297	$3M	trimmed−5%	0.00 pp	7 q
unresolvedWmih Corp	0.07%	1,500,000	$3M	held	—	4 q
unresolvedBank Of America Corporation	0.05%	732,890	$3M	held	—	13 q
Crown Castle Intl Corpconvertible	0.05%	20,000	$2M	held	—	7 q
unresolvedAmerican Intl Group Inc	0.04%	103,628	$2M	trimmed−30%	−0.02 pp	5 q
CSXCSX Corporation	0.02%	38,781	$1M	held	—	13 q
AIArlington Asset Investment-a	—	−10,000	—	exited	0.00 pp	—

Source

Form: 13F-HR/A
Reading: 0 defects · 5 unresolved
Accession: 0001112520-17-000026
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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