Akre Capital

Q3 2021 13F · by John Neff, portfolio manager

As of: Sep 30, 2021
Filed: Nov 12, 2021
US stock: $16.2B · prev $16.2B
Positions: 23 · prev 25
Options notional: $5M
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

+0.2 pp in · −0.6 pp out

New 0 0.00 pp
Added 1 +0.24 pp
Trimmed 12 −0.47 pp
Exited 2 −0.13 pp

Options: 2 moves on a notional base, in the table below.

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.2% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions49% of US stock

Positions23 in this filing · 2 exited


MAMastercard Incorporated	12.54%	5,858,416	$2.0B	trimmed−0%	−0.65 pp	34 q
MCOMoody's Corporation	12.29%	5,620,036	$2.0B	trimmed−0%	−0.26 pp	34 q
AMTAmerican Tower Corporation	11.46%	7,007,787	$1.9B	trimmed−0%	−0.21 pp	34 q
VVISA Inc.	7.20%	5,244,738	$1.2B	held	—	34 q
ORLYO'Reilly Automotive, Inc.	5.94%	1,578,707	$965M	trimmed−0%	+0.43 pp	34 q
KMXCarMax Inc.	5.60%	7,109,082	$910M	trimmed−0%	−0.06 pp	32 q
KKRKKR & Co. Inc.	5.52%	14,730,028	$897M	trimmed−0%	+0.14 pp	14 q
ADBEAdobe Inc.	5.43%	1,529,985	$881M	trimmed−0%	−0.09 pp	7 q
CSGPCoStar Group Inc	5.17%	9,763,000	$840M	trimmed−0%	+0.19 pp	8 q
CRMSalesforce, Inc.	4.68%	2,800,000	$759M	held	—	2 q
ROPRoper Technologies, Inc.	4.57%	1,662,585	$742M	trimmed−0%	−0.25 pp	31 q
unresolvedBrookfield Asset Mgmt Inc	4.33%	13,127,268	$702M	added+1%	+0.24 pp	9 q
SBACSBA Communications Corp	3.93%	1,930,190	$638M	held	—	9 q
DHRDanaher Corporation	3.10%	1,655,300	$504M	held	—	32 q
VRSKVerisk Analytics, Inc.	3.01%	2,444,255	$490M	trimmed−0%	+0.38 pp	34 q
DLTRDollar Tree Inc.	2.11%	3,581,673	$343M	trimmed−0%	−0.09 pp	34 q
AKXAnsys Inc	1.28%	609,764	$208M	held	—	8 q
ALRMAlarm.com Holdings, Inc.	0.95%	1,978,658	$155M	held	—	26 q
CLNSDigitalBridge Group, Inc.	0.39%	10,504,800	$63M	held	—	9 q
GSHDGoosehead Insurance, Inc. Class A	0.28%	293,366	$45M	held	—	12 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.19%	500,000	$30M	held	—	9 q
BRK.BBERKSHIRE HATHAWAY Class B	0.03%	17,504	$5M	trimmed−2%	0.00 pp	34 q
TDUPThredUp Inc. Class A	0.00%	22,500	$488,000	held	—	3 q
MKLMarkel Group Inc.	—	−13,623	—	exited	−0.10 pp	—
unresolvedBrookfield Asset Mgmt Reins	—	−89,922	—	exited	−0.03 pp	—