Akre Capital

Q4 2017 13F · by Chuck Akre, portfolio manager

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $7.2B · prev $6.8B
Positions: 24 · prev 26
Options notional: $0
Documents: 1· no amendments

Picture94.4% US stock

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

US stock listed on a US exchange 94.4%
Foreign stock not listed in the US 5.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves16 since the prior filing

+1.0 pp in · −2.2 pp out

New 0 0.00 pp
Added 11 +0.96 pp
Trimmed 3 −0.86 pp
Exited 2 −1.31 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.5% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions52% of US stock

AMT American Tower Corporation added−0.15 pp added−0.1513.4%
MCO Moody's Corporation added+0.06 pp added+0.0611.6%
MA Mastercard Incorporated added+0.17 pp added+0.1711.2%
MKL Markel Group Inc. added+0.09 pp added+0.098.1%
V VISA Inc. held held7.7%

Positions24 in this filing · 2 exited


AMTAmerican Tower Corporation	13.41%	6,792,187	$969M	added0%	−0.15 pp	19 q
MCOMoody's Corporation	11.62%	5,686,967	$839M	added0%	+0.06 pp	19 q
MAMastercard Incorporated	11.16%	5,329,057	$807M	added0%	+0.17 pp	19 q
MKLMarkel Group Inc.	8.10%	513,923	$585M	added0%	+0.09 pp	19 q
VVISA Inc.	7.71%	4,889,020	$557M	held	—	19 q
DLTRDollar Tree Inc.	7.19%	4,840,619	$519M	added0%	+1.05 pp	19 q
ORLYO'Reilly Automotive, Inc.	6.31%	1,894,595	$456M	added0%	+0.35 pp	19 q
ROPRoper Technologies, Inc.	5.57%	1,555,441	$403M	added0%	+0.04 pp	16 q
unresolvedSBA Comms Corp	5.57%	2,465,000	$403M	held	—	16 q
KMXCarMax Inc.	4.57%	5,153,910	$331M	trimmed−0%	−1.14 pp	17 q
ESGREnstar Group Ltd	4.02%	1,446,996	$290M	added0%	−0.68 pp	19 q
VRSKVerisk Analytics, Inc.	3.43%	2,580,065	$248M	trimmed−0%	+0.29 pp	19 q
UBNTUbiquiti Inc.	2.63%	2,680,000	$190M	held	—	14 q
DHRDanaher Corporation	2.13%	1,655,300	$154M	held	—	17 q
AMTTd Ameritrade Holding Corp	2.10%	2,967,500	$152M	held	—	19 q
LKQLKQ Corporation	1.77%	3,150,000	$128M	held	—	11 q
BRK.BBERKSHIRE HATHAWAY Class B	0.79%	288,137	$57M	added0%	+0.02 pp	19 q
American Tower Corpconvertible	0.55%	313,782	$39M	trimmed−0%	−0.01 pp	11 q
BVEDiamond Hill Investment Grp	0.42%	145,500	$30M	held	—	19 q
PRMWPrimo Water Corp	0.33%	1,913,220	$24M	added+12%	+0.03 pp	19 q
ALRMAlarm.com Holdings, Inc.	0.24%	466,698	$18M	added+17%	−0.02 pp	11 q
BRK.ABerkshire Hathaway Inc.	0.17%	42	$12M	held	—	19 q
BOCBoston Omaha Corporation	0.16%	350,000	$11M	held	—	3 q
LAMRLamar Advertising Co	0.05%	48,530	$4M	held	—	13 q
MNROMonro, Inc.	—	−1,600,000	—	exited	−1.31 pp	—
CSXCSX Corporation	—	−4,899	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001112520-18-000007
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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