Akre Capital

Q3 2018 13F · by Chuck Akre, portfolio manager

Picture95.4% US stock

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

+1.0 pp in · −0.7 pp out

Concentrated · behaves like 13 equal-sized positions

Low turnover · 1.7% a year, more than 30 years per position


MAMastercard Incorporated	13.85%	5,327,165	$1.2B	trimmed−0%	+0.62 pp	22 q
AMTAmerican Tower Corporation	11.99%	7,068,048	$1.0B	trimmed−0%	−0.89 pp	22 q
MCOMoody's Corporation	11.09%	5,681,621	$950M	trimmed−0%	−1.15 pp	22 q
VVISA Inc.	8.56%	4,887,270	$734M	held	—	22 q
ORLYO'Reilly Automotive, Inc.	7.65%	1,887,307	$655M	trimmed−0%	+1.12 pp	22 q
MKLMarkel Group Inc.	7.12%	513,090	$610M	trimmed−0%	+0.09 pp	22 q
ROPRoper Technologies, Inc.	5.39%	1,559,194	$462M	trimmed−0%	−0.05 pp	19 q
DLTRDollar Tree Inc.	4.84%	5,086,035	$415M	added+1%	−0.56 pp	22 q
unresolvedSBA Comms Corp	4.62%	2,465,000	$396M	held	—	19 q
KMXCarMax Inc.	4.58%	5,254,491	$392M	held	—	20 q
VRSKVerisk Analytics, Inc.	3.58%	2,543,442	$307M	trimmed−0%	+0.12 pp	22 q
KKRKKR & Co. Inc.	3.18%	10,000,000	$273M	held	—	2 q
UBNTUbiquiti Inc.	3.09%	2,680,000	$265M	held	—	17 q
ESGREnstar Group Ltd	2.85%	1,169,714	$244M	trimmed−11%	−0.60 pp	22 q
DHRDanaher Corporation	2.10%	1,655,300	$180M	held	—	20 q
AMTTd Ameritrade Holding Corp	1.83%	2,967,500	$157M	held	—	22 q
2JEFocus Financial Partners-a	1.52%	2,750,000	$131M	new	+1.52 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	0.72%	286,076	$61M	trimmed−0%	+0.04 pp	22 q
PRMWPrimo Water Corp	0.60%	2,843,220	$51M	held	—	22 q
ALRMAlarm.com Holdings, Inc.	0.40%	600,770	$34M	held	—	14 q
BRK.ABerkshire Hathaway Inc.	0.16%	42	$13M	held	—	22 q
BVEDiamond Hill Investment Grp	0.13%	65,848	$11M	held	—	22 q
BOCBoston Omaha Corporation	0.09%	263,834	$8M	trimmed−25%	0.00 pp	6 q
LAMRLamar Advertising Co	0.04%	48,530	$4M	held	—	16 q