Akre Capital

Q1 2022 13F · by John Neff, portfolio manager

Picture98.5% US stock

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

−0.5 pp in · −1.0 pp out

Options: 1 move on a notional base, in the table below.

Concentrated · behaves like 12 equal-sized positions

Low turnover · 1.4% a year, more than 30 years per position


MAMastercard Incorporated	14.48%	5,855,151	$2.1B	trimmed−0%	+2.26 pp	36 q
MCOMoody's Corporation	13.22%	5,659,712	$1.9B	added+1%	+0.48 pp	36 q
AMTAmerican Tower Corporation	12.17%	6,998,377	$1.8B	trimmed−0%	+0.27 pp	36 q
VVISA Inc.	8.05%	5,244,738	$1.2B	held	—	36 q
ORLYO'Reilly Automotive, Inc.	7.48%	1,577,141	$1.1B	trimmed−0%	+1.01 pp	36 q
KKRKKR & Co. Inc.	6.02%	14,865,320	$869M	added+1%	−0.35 pp	16 q
ROPRoper Technologies, Inc.	5.43%	1,660,730	$784M	trimmed−0%	+0.68 pp	33 q
unresolvedBrookfield Asset Mgmt Inc	5.14%	13,127,694	$743M	trimmed0%	+0.54 pp	11 q
ADBEAdobe Inc.	4.94%	1,567,090	$714M	added+2%	−0.09 pp	9 q
KMXCarMax Inc.	4.90%	7,339,952	$708M	added+1%	−0.61 pp	34 q
CSGPCoStar Group Inc	4.46%	9,668,180	$644M	trimmed−1%	−0.02 pp	10 q
CRMSalesforce, Inc.	4.17%	2,837,210	$602M	added+1%	+0.04 pp	4 q
VRSKVerisk Analytics, Inc.	3.63%	2,444,286	$525M	trimmed−0%	+0.38 pp	36 q
DHRDanaher Corporation	3.36%	1,655,300	$486M	held	—	34 q
AKXAnsys Inc	1.34%	609,764	$194M	held	—	10 q
CLNSDigitalBridge Group, Inc.	0.52%	10,504,800	$76M	held	—	11 q
ALRMAlarm.com Holdings, Inc.	0.45%	968,939	$64M	trimmed−51%	−0.52 pp	28 q
GSHDGoosehead Insurance, Inc. Class A	0.16%	293,366	$23M	held	—	14 q
BRK.BBERKSHIRE HATHAWAY Class B	0.04%	16,414	$6M	trimmed−6%	+0.01 pp	36 q
DLTRDollar Tree Inc.	0.04%	32,427	$5M	trimmed−99%	−2.12 pp	36 q
TDUPThredUp Inc. Class A	0.00%	22,500	$173,000	held	—	5 q
SBACSBA Communications Corp	—	−1,547,180	—	exited	−3.49 pp	—