Akre Capital

Q4 2022 13F · by John Neff, portfolio manager

Picture99.9% US stock

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

+6.6 pp in · −9.3 pp out

Very concentrated · behaves like 9 equal-sized positions

Moderate turnover · 25% a year, about 4.0 years per position


MAMastercard Incorporated	18.46%	5,866,026	$2.0B	trimmed−0%	+3.67 pp	39 q
MCOMoody's Corporation	14.38%	5,703,785	$1.6B	held	—	39 q
AMTAmerican Tower Corporation	13.41%	6,993,427	$1.5B	added0%	+0.19 pp	39 q
VVISA Inc.	9.25%	4,922,138	$1.0B	trimmed−6%	+1.02 pp	39 q
ORLYO'Reilly Automotive, Inc.	9.03%	1,182,283	$998M	trimmed−20%	−0.11 pp	39 q
ROPRoper Technologies, Inc.	6.47%	1,655,625	$715M	trimmed0%	+1.21 pp	36 q
KKRKKR & Co. Inc.	6.34%	15,102,918	$701M	trimmed−2%	+0.47 pp	19 q
CSGPCoStar Group Inc	4.97%	7,111,430	$550M	held	—	13 q
BNBrookfield Corporation	4.94%	17,366,753	$546M	new	+4.94 pp	new
DHRDanaher Corporation	4.29%	1,788,200	$475M	added+8%	+0.51 pp	37 q
ADBEAdobe Inc.	3.77%	1,239,558	$417M	trimmed−26%	−0.28 pp	12 q
KMXCarMax Inc.	2.91%	5,291,022	$322M	trimmed−28%	−1.38 pp	37 q
BAMBrookfield Asset Management Ltd.	0.96%	3,691,684	$106M	new	+0.96 pp	new
DBRGDigitalBridge Group, Inc.	0.49%	4,991,720	$55M	added+8%	−0.02 pp	14 q
ALRMAlarm.com Holdings, Inc.	0.12%	263,939	$13M	held	—	31 q
GSHDGoosehead Insurance, Inc. Class A	0.08%	243,672	$8M	held	—	17 q
BRK.BBERKSHIRE HATHAWAY Class B	0.05%	17,114	$5M	held	—	39 q
DLTRDollar Tree Inc.	0.04%	30,439	$4M	trimmed−8%	0.00 pp	39 q
VRSKVerisk Analytics, Inc.	0.03%	18,976	$3M	trimmed−99%	−3.65 pp	39 q
unresolvedBrookfield Asset Mgmt Inc	—	−13,366,753	—	exited	−4.83 pp	—
CRMSalesforce, Inc.	—	−3,095,500	—	exited	−3.93 pp	—
SNOWSnowflake Inc.	—	−1,000,000	—	exited	−1.50 pp	—

Options 2

Contract	% of notional	Shares	Notional
GOOG CALL	71.86%	100,000	$9M
MA CALL	28.14%	10,000	$3M

Notes 0

None in this filing