Akre Capital

Q4 2019 13F · by Chuck Akre, portfolio manager

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $10.9B · prev $10.1B
Positions: 25 · prev 25
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves19 since the prior filing

+2.2 pp in · −2.0 pp out

New 2 +1.76 pp
Added 6 +0.47 pp
Trimmed 9 −1.97 pp
Exited 2 −0.01 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions58% of US stock

AMT American Tower Corporation trimmed−0.53 pp trimmed−0.5315.1%
MA Mastercard Incorporated trimmed+0.33 pp trimmed+0.3314.6%
MCO Moody's Corporation trimmed+0.90 pp trimmed+0.9012.4%
V VISA Inc. held held8.4%
ORLY O'Reilly Automotive, Inc. trimmed+0.17 pp trimmed+0.177.6%

Positions25 in this filing · 2 exited


AMTAmerican Tower Corporation	15.14%	7,186,212	$1.7B	trimmed0%	−0.53 pp	27 q
MAMastercard Incorporated	14.59%	5,326,849	$1.6B	trimmed−0%	+0.33 pp	27 q
MCOMoody's Corporation	12.37%	5,681,643	$1.3B	trimmed0%	+0.90 pp	27 q
VVISA Inc.	8.42%	4,887,270	$918M	held	—	27 q
ORLYO'Reilly Automotive, Inc.	7.58%	1,886,926	$827M	trimmed−0%	+0.17 pp	27 q
SBACSBA Communications Corp	5.45%	2,465,000	$594M	held	—	2 q
KMXCarMax Inc.	5.42%	6,747,651	$592M	added+7%	−0.03 pp	25 q
MKLMarkel Group Inc.	5.38%	512,764	$586M	trimmed−0%	−0.60 pp	27 q
ROPRoper Technologies, Inc.	5.09%	1,567,132	$555M	trimmed0%	−0.42 pp	24 q
DLTRDollar Tree Inc.	4.39%	5,084,880	$478M	trimmed−0%	−1.33 pp	27 q
VRSKVerisk Analytics, Inc.	3.48%	2,544,142	$380M	trimmed0%	−0.49 pp	27 q
KKRKKR & Co. Inc.	3.41%	12,754,820	$372M	held	—	7 q
unresolvedBrookfield Asset Mgmt Inc	3.31%	6,250,000	$361M	added+17%	+0.52 pp	2 q
DHRDanaher Corporation	2.33%	1,655,300	$254M	held	—	25 q
CSGPCoStar Group Inc	1.37%	250,000	$150M	new	+1.37 pp	new
ALRMAlarm.com Holdings, Inc.	0.63%	1,607,502	$69M	added+18%	0.00 pp	19 q
BRK.BBERKSHIRE HATHAWAY Class B	0.59%	285,342	$65M	trimmed−0%	0.00 pp	27 q
AKXAnsys Inc	0.39%	163,740	$42M	new	+0.39 pp	new
PRMWPrimo Water Corp	0.33%	3,222,200	$36M	added+5%	−0.04 pp	27 q
BRK.ABerkshire Hathaway Inc.	0.13%	42	$14M	held	—	27 q
GSHDGoosehead Insurance, Inc. Class A	0.07%	172,168	$7M	added+70%	+0.02 pp	5 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.06%	106,437	$7M	added+6%	0.00 pp	2 q
LAMRLamar Advertising Co	0.04%	48,530	$4M	held	—	21 q
DSGXDescartes Systems Group Inc	0.02%	50,000	$2M	held	—	2 q
CLNSDigitalBridge Group, Inc.	0.00%	10,000	$47,000	held	—	2 q
ESGREnstar Group Ltd	—	−2,890	—	exited	−0.01 pp	—
BOCBoston Omaha Corporation	—	−21,483	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001112520-20-000010
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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