Akre Capital

Q2 2021 13F · by John Neff, portfolio manager

As of: Jun 30, 2021
Filed: Aug 13, 2021
US stock: $16.2B · prev $14.7B
Positions: 25 · prev 24
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%

Moves17 since the prior filing

+4.9 pp in · −4.5 pp out

New 2 +4.24 pp
Added 2 +0.62 pp
Trimmed 12 −1.34 pp
Exited 1 −3.15 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.6 years per position

Low
Moderate
High

Top 5 positions51% of US stock

MA Mastercard Incorporated trimmed−1.03 pp trimmed−1.0313.2%
MCO Moody's Corporation trimmed+1.11 pp trimmed+1.1112.6%
AMT American Tower Corporation trimmed+0.25 pp trimmed+0.2511.7%
V VISA Inc. held held7.5%
KMX CarMax Inc. trimmed−0.77 pp trimmed−0.775.7%

Positions25 in this filing · 1 exited


MAMastercard Incorporated	13.19%	5,866,510	$2.1B	trimmed−0%	−1.03 pp	33 q
MCOMoody's Corporation	12.55%	5,625,255	$2.0B	trimmed−0%	+1.11 pp	33 q
AMTAmerican Tower Corporation	11.67%	7,016,262	$1.9B	trimmed−0%	+0.25 pp	33 q
VVISA Inc.	7.55%	5,244,738	$1.2B	held	—	33 q
KMXCarMax Inc.	5.66%	7,113,107	$919M	trimmed−0%	−0.77 pp	31 q
ADBEAdobe Inc.	5.52%	1,530,090	$896M	added0%	+0.57 pp	6 q
ORLYO'Reilly Automotive, Inc.	5.51%	1,581,514	$895M	trimmed−0%	+0.05 pp	33 q
KKRKKR & Co. Inc.	5.38%	14,732,744	$873M	trimmed−0%	+0.48 pp	13 q
CSGPCoStar Group Inc	4.98%	9,767,600	$809M	held	—	7 q
ROPRoper Technologies, Inc.	4.82%	1,665,028	$783M	trimmed−4%	+0.05 pp	30 q
CRMSalesforce, Inc.	4.21%	2,800,000	$684M	new	+4.21 pp	new
unresolvedBrookfield Asset Mgmt Inc	4.09%	13,040,095	$665M	held	—	8 q
SBACSBA Communications Corp	3.79%	1,930,190	$615M	trimmed−16%	−0.53 pp	8 q
DHRDanaher Corporation	2.74%	1,655,300	$444M	held	—	31 q
VRSKVerisk Analytics, Inc.	2.63%	2,446,916	$428M	trimmed−0%	−0.31 pp	33 q
DLTRDollar Tree Inc.	2.20%	3,587,666	$357M	trimmed−0%	−0.60 pp	33 q
AKXAnsys Inc	1.30%	609,764	$212M	held	—	7 q
ALRMAlarm.com Holdings, Inc.	1.03%	1,978,658	$168M	held	—	25 q
CLNSDigitalBridge Group, Inc.	0.51%	10,504,800	$83M	held	—	8 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.26%	500,000	$42M	held	—	8 q
GSHDGoosehead Insurance, Inc. Class A	0.23%	293,366	$37M	added+21%	+0.05 pp	11 q
MKLMarkel Group Inc.	0.10%	13,623	$16M	trimmed−0%	−0.01 pp	33 q
BRK.BBERKSHIRE HATHAWAY Class B	0.03%	17,949	$5M	held	—	33 q
unresolvedBrookfield Asset Mgmt Reins	0.03%	89,922	$5M	new	+0.03 pp	new
TDUPThredUp Inc. Class A	0.00%	22,500	$654,000	trimmed−89%	−0.03 pp	2 q
LYVLive Nation Entertainment Inc.	—	−5,469,400	—	exited	−3.15 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001112520-21-000020
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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