Akre Capital

Q2 2018 13F · by Chuck Akre, portfolio manager

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $7.9B · prev $7.6B
Positions: 23 · prev 24
Options notional: $0
Documents: 1· no amendments

Picture94.9% US stock

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

US stock listed on a US exchange 94.9%
Foreign stock not listed in the US 5.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves18 since the prior filing

+2.8 pp in · −3.3 pp out

New 1 +3.14 pp
Added 8 −0.30 pp
Trimmed 7 −0.46 pp
Exited 2 −2.85 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.7 years per position

Low
Moderate
High

Top 5 positions54% of US stock

MA Mastercard Incorporated added+0.99 pp added+0.9913.2%
AMT American Tower Corporation added−0.58 pp added−0.5812.9%
MCO Moody's Corporation trimmed+0.21 pp trimmed+0.2112.2%
V VISA Inc. held held8.2%
MKL Markel Group Inc. added−0.85 pp added−0.857.0%

Positions23 in this filing · 2 exited


MAMastercard Incorporated	13.23%	5,329,671	$1.0B	added0%	+0.99 pp	21 q
AMTAmerican Tower Corporation	12.88%	7,071,319	$1.0B	added0%	−0.58 pp	21 q
MCOMoody's Corporation	12.24%	5,682,813	$969M	trimmed−0%	+0.21 pp	21 q
VVISA Inc.	8.18%	4,887,270	$647M	held	—	21 q
MKLMarkel Group Inc.	7.03%	513,418	$557M	added0%	−0.85 pp	21 q
ORLYO'Reilly Automotive, Inc.	6.53%	1,888,330	$517M	trimmed−0%	+0.38 pp	21 q
ROPRoper Technologies, Inc.	5.44%	1,559,634	$430M	added0%	−0.29 pp	18 q
DLTRDollar Tree Inc.	5.40%	5,032,556	$428M	added+4%	−0.62 pp	21 q
unresolvedSBA Comms Corp	5.14%	2,465,000	$407M	held	—	18 q
KMXCarMax Inc.	4.84%	5,254,491	$383M	added+2%	+0.64 pp	19 q
VRSKVerisk Analytics, Inc.	3.46%	2,544,553	$274M	trimmed−1%	−0.05 pp	21 q
ESGREnstar Group Ltd	3.45%	1,317,002	$273M	trimmed−6%	−0.43 pp	21 q
KKRKKR & Co. Inc.	3.14%	10,000,000	$249M	new	+3.14 pp	new
UBNTUbiquiti Inc.	2.87%	2,680,000	$227M	held	—	16 q
DHRDanaher Corporation	2.06%	1,655,300	$163M	held	—	19 q
AMTTd Ameritrade Holding Corp	2.05%	2,967,500	$163M	trimmed−1%	−0.27 pp	21 q
BRK.BBERKSHIRE HATHAWAY Class B	0.68%	286,576	$53M	trimmed−0%	−0.07 pp	21 q
PRMWPrimo Water Corp	0.63%	2,843,220	$50M	added+49%	+0.34 pp	21 q
ALRMAlarm.com Holdings, Inc.	0.31%	600,770	$24M	added+24%	+0.07 pp	13 q
BVEDiamond Hill Investment Grp	0.16%	65,848	$13M	trimmed−55%	−0.23 pp	21 q
BRK.ABerkshire Hathaway Inc.	0.15%	42	$12M	held	—	21 q
BOCBoston Omaha Corporation	0.09%	350,000	$7M	held	—	5 q
LAMRLamar Advertising Co	0.04%	48,530	$3M	held	—	15 q
LKQLKQ Corporation	—	−3,150,000	—	exited	−1.57 pp	—
unresolvedKkr & Co L P DEL	—	−4,800,000	—	exited	−1.28 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001112520-18-000015
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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