Akre Capital

Q1 2018 13F · by Chuck Akre, portfolio manager

Picture94.5% US stock

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

+1.3 pp in · −0.8 pp out

Concentrated · behaves like 13 equal-sized positions

Low turnover · 2.8% a year, more than 30 years per position


AMTAmerican Tower Corporation	13.46%	7,056,211	$1.0B	added+4%	+0.05 pp	20 q
MAMastercard Incorporated	12.24%	5,322,781	$932M	trimmed−0%	+1.08 pp	20 q
MCOMoody's Corporation	12.03%	5,684,806	$917M	trimmed−0%	+0.41 pp	20 q
MKLMarkel Group Inc.	7.88%	513,271	$601M	trimmed−0%	−0.22 pp	20 q
VVISA Inc.	7.67%	4,887,270	$585M	trimmed−0%	−0.04 pp	20 q
ORLYO'Reilly Automotive, Inc.	6.15%	1,893,659	$468M	trimmed−0%	−0.16 pp	20 q
DLTRDollar Tree Inc.	6.02%	4,836,865	$459M	trimmed−0%	−1.17 pp	20 q
ROPRoper Technologies, Inc.	5.73%	1,555,919	$437M	added0%	+0.16 pp	17 q
unresolvedSBA Comms Corp	5.53%	2,465,000	$421M	held	—	17 q
KMXCarMax Inc.	4.20%	5,162,166	$320M	added0%	−0.37 pp	18 q
ESGREnstar Group Ltd	3.88%	1,404,884	$295M	trimmed−3%	−0.14 pp	20 q
VRSKVerisk Analytics, Inc.	3.51%	2,569,932	$267M	trimmed−0%	+0.08 pp	20 q
UBNTUbiquiti Inc.	2.42%	2,680,000	$184M	held	—	15 q
AMTTd Ameritrade Holding Corp	2.32%	2,984,578	$177M	added+1%	+0.22 pp	20 q
DHRDanaher Corporation	2.13%	1,655,300	$162M	held	—	18 q
LKQLKQ Corporation	1.57%	3,150,000	$120M	held	—	12 q
unresolvedKkr & Co L P DEL	1.28%	4,800,000	$97M	new	+1.28 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	0.75%	287,713	$57M	trimmed−0%	−0.04 pp	20 q
BVEDiamond Hill Investment Grp	0.39%	145,500	$30M	held	—	20 q
PRMWPrimo Water Corp	0.29%	1,913,220	$22M	held	—	20 q
ALRMAlarm.com Holdings, Inc.	0.24%	483,487	$18M	added+4%	0.00 pp	12 q
BRK.ABerkshire Hathaway Inc.	0.16%	42	$13M	held	—	20 q
BOCBoston Omaha Corporation	0.10%	350,000	$8M	held	—	4 q
LAMRLamar Advertising Co	0.04%	48,530	$3M	held	—	14 q
American Tower Corpconvertible	—	−313,782	—	exited	−0.55 pp	—

A security outside the official 13F list — CUSIP 78388J106 not on the Official 13(f) List for 2018-03-31