Akre Capital

Q3 2017 13F · by Chuck Akre, portfolio manager

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $6.8B · prev $6.2B
Positions: 26 · prev 28
Options notional: $0
Documents: 1· no amendments

Picture94.8% US stock

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

US stock listed on a US exchange 94.8%
Foreign stock not listed in the US 5.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves17 since the prior filing

+1.7 pp in · −1.3 pp out

New 0 0.00 pp
Added 2 +1.67 pp
Trimmed 13 −1.10 pp
Exited 2 −0.17 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.3% a year, about 19.0 years per position

Low
Moderate
High

Top 5 positions52% of US stock

AMT American Tower Corporation trimmed−1.09 pp trimmed−1.0913.6%
MCO Moody's Corporation trimmed+0.29 pp trimmed+0.2911.6%
MA Mastercard Incorporated trimmed+0.44 pp trimmed+0.4411.0%
MKL Markel Group Inc. trimmed−0.18 pp trimmed−0.188.0%
V VISA Inc. held held7.5%

Positions26 in this filing · 2 exited


AMTAmerican Tower Corporation	13.56%	6,790,527	$928M	trimmed−0%	−1.09 pp	18 q
MCOMoody's Corporation	11.56%	5,684,286	$791M	trimmed−0%	+0.29 pp	18 q
MAMastercard Incorporated	10.99%	5,325,084	$752M	trimmed−0%	+0.44 pp	18 q
MKLMarkel Group Inc.	8.01%	513,348	$548M	trimmed−1%	−0.18 pp	18 q
VVISA Inc.	7.52%	4,889,020	$515M	held	—	18 q
DLTRDollar Tree Inc.	6.14%	4,837,794	$420M	trimmed−0%	+0.63 pp	18 q
ORLYO'Reilly Automotive, Inc.	5.96%	1,893,626	$408M	added+59%	+1.72 pp	18 q
KMXCarMax Inc.	5.71%	5,154,513	$391M	trimmed−0%	+0.41 pp	16 q
ROPRoper Technologies, Inc.	5.53%	1,554,366	$378M	trimmed−1%	−0.37 pp	15 q
unresolvedSBA Comms Corp	5.19%	2,465,000	$355M	held	—	15 q
ESGREnstar Group Ltd	4.70%	1,445,300	$321M	trimmed−1%	−0.01 pp	18 q
VRSKVerisk Analytics, Inc.	3.14%	2,580,946	$215M	trimmed−1%	−0.43 pp	18 q
UBNTUbiquiti Inc.	2.19%	2,680,000	$150M	held	—	13 q
AMTTd Ameritrade Holding Corp	2.12%	2,967,500	$145M	held	—	18 q
DHRDanaher Corporation	2.07%	1,655,300	$142M	held	—	16 q
LKQLKQ Corporation	1.66%	3,150,000	$113M	trimmed−11%	−0.24 pp	10 q
MNROMonro, Inc.	1.31%	1,600,000	$90M	trimmed−1%	+0.21 pp	18 q
BRK.BBERKSHIRE HATHAWAY Class B	0.77%	287,403	$53M	trimmed−26%	−0.31 pp	18 q
American Tower Corpconvertible	0.56%	314,457	$38M	trimmed−39%	−0.45 pp	10 q
BVEDiamond Hill Investment Grp	0.45%	145,500	$31M	held	—	18 q
PRMWPrimo Water Corp	0.30%	1,705,868	$20M	added+2%	−0.05 pp	18 q
ALRMAlarm.com Holdings, Inc.	0.26%	400,000	$18M	held	—	10 q
BRK.ABerkshire Hathaway Inc.	0.17%	42	$12M	held	—	18 q
BOCBoston Omaha Corporation	0.08%	350,000	$5M	held	—	2 q
LAMRLamar Advertising Co	0.05%	48,530	$3M	held	—	12 q
CSXCSX Corporation	0.00%	4,899	$266,000	held	—	18 q
unresolvedBank Of America Corporation	—	−732,890	—	exited	−0.14 pp	—
unresolvedWmih Corp	—	−1,460,000	—	exited	−0.03 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 1 unresolved
Accession: 0001112520-17-000030
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 78388J106 not on the Official 13(f) List for 2017-09-30

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