Akre Capital

Q1 2021 13F · by John Neff, portfolio manager

As of: Mar 31, 2021
Filed: Jul 9, 2021
US stock: $14.7B · prev $14.8B
Positions: 24 · prev 28
Options notional: $0
Documents: 1· 1 amendment

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%

Moves24 since the prior filing

+1.3 pp in · −1.7 pp out

New 1 +0.03 pp
Added 4 +1.22 pp
Trimmed 14 −1.53 pp
Exited 5 −0.12 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.4% a year, about 18.4 years per position

Low
Moderate
High

Top 5 positions51% of US stock

Revealed late, restated

restated 13 rows corrected by the filer · US stock −0.28%; later quarters recomputed 13F-HR/A · Jul 9, 2021 ↗

Positions24 in this filing · 5 exited


MAMastercard Incorporated	14.22%	5,867,210	$2.1B	trimmed−0%	+0.04 pp	32 q
MCOMoody's Corporation	11.44%	5,625,845	$1.7B	trimmed−0%	+0.39 pp	32 q
AMTAmerican Tower Corporation	11.42%	7,016,902	$1.7B	trimmed−2%	+0.60 pp	32 q
VVISA Inc.	7.56%	5,244,738	$1.1B	added0%	−0.19 pp	32 q
KMXCarMax Inc.	6.43%	7,113,557	$944M	trimmed−5%	+1.66 pp	30 q
CSGPCoStar Group Inc	5.47%	976,760	$803M	added+1%	−0.56 pp	6 q
ORLYO'Reilly Automotive, Inc.	5.46%	1,581,854	$802M	trimmed−14%	−0.17 pp	32 q
ADBEAdobe Inc.	4.95%	1,529,870	$727M	added+34%	+1.10 pp	5 q
KKRKKR & Co. Inc.	4.90%	14,733,824	$720M	added0%	+0.87 pp	12 q
ROPRoper Technologies, Inc.	4.77%	1,735,458	$700M	trimmed−9%	−0.80 pp	29 q
SBACSBA Communications Corp	4.32%	2,285,126	$634M	trimmed−7%	−0.38 pp	7 q
unresolvedBrookfield Asset Mgmt Inc	3.95%	13,040,095	$580M	trimmed0%	+0.31 pp	7 q
LYVLive Nation Entertainment Inc.	3.15%	5,469,400	$463M	held	—	5 q
VRSKVerisk Analytics, Inc.	2.94%	2,447,186	$432M	trimmed−0%	−0.50 pp	32 q
DLTRDollar Tree Inc.	2.80%	3,588,186	$411M	trimmed−21%	−0.50 pp	32 q
DHRDanaher Corporation	2.54%	1,655,300	$373M	held	—	30 q
AKXAnsys Inc	1.41%	609,764	$207M	held	—	6 q
ALRMAlarm.com Holdings, Inc.	1.16%	1,978,658	$171M	trimmed−0%	−0.23 pp	24 q
CLNSDigitalBridge Group, Inc.	0.46%	10,504,800	$68M	trimmed−2%	+0.11 pp	7 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.30%	500,000	$44M	held	—	7 q
GSHDGoosehead Insurance, Inc. Class A	0.18%	243,366	$26M	held	—	10 q
MKLMarkel Group Inc.	0.11%	13,646	$16M	trimmed−96%	−2.06 pp	32 q
BRK.BBERKSHIRE HATHAWAY Class B	0.03%	17,949	$5M	trimmed−4%	0.00 pp	32 q
TDUPThredUp Inc. Class A	0.03%	200,000	$5M	new	+0.03 pp	new
DSGXDescartes Systems Group Inc	—	−207,300	—	exited	−0.08 pp	—
LAMRLamar Advertising Co	—	−48,530	—	exited	−0.03 pp	—
BRK.ABerkshire Hathaway Inc.	—	−3	—	exited	−0.01 pp	—
BCBPrimo Water Corp	—	−29,899	—	exited	0.00 pp	—
TTDThe Trade Desk, Inc.	—	−445	—	exited	0.00 pp	—