Akre Capital

Q1 2023 13F · by John Neff, portfolio manager

Picture99.9% US stock

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

+0.5 pp in · −1.2 pp out

Very concentrated · behaves like 9 equal-sized positions

Low turnover · 1.2% a year, more than 30 years per position


MAMastercard Incorporated	18.79%	5,869,459	$2.1B	added0%	+0.33 pp	40 q
MCOMoody's Corporation	15.38%	5,703,785	$1.7B	held	—	40 q
AMTAmerican Tower Corporation	12.60%	6,998,698	$1.4B	added0%	−0.81 pp	40 q
VVISA Inc.	9.78%	4,922,138	$1.1B	held	—	40 q
ORLYO'Reilly Automotive, Inc.	8.84%	1,182,168	$1.0B	trimmed−0%	−0.19 pp	40 q
KKRKKR & Co. Inc.	7.02%	15,176,368	$797M	added0%	+0.68 pp	20 q
ROPRoper Technologies, Inc.	6.43%	1,655,625	$730M	held	—	37 q
BNBrookfield Corporation	5.22%	18,186,754	$593M	added+5%	+0.28 pp	2 q
CSGPCoStar Group Inc	4.31%	7,111,430	$490M	held	—	14 q
ADBEAdobe Inc.	4.07%	1,199,081	$462M	trimmed−3%	+0.30 pp	13 q
DHRDanaher Corporation	3.97%	1,788,200	$451M	held	—	38 q
KMXCarMax Inc.	1.75%	3,098,466	$199M	trimmed−41%	−1.16 pp	38 q
BAMBrookfield Asset Management Ltd.	1.06%	3,691,684	$121M	held	—	2 q
DBRGDigitalBridge Group, Inc.	0.54%	5,134,535	$62M	added+3%	+0.05 pp	15 q
GSHDGoosehead Insurance, Inc. Class A	0.11%	243,672	$13M	held	—	18 q
BRK.BBERKSHIRE HATHAWAY Class B	0.05%	17,114	$5M	held	—	40 q
DLTRDollar Tree Inc.	0.04%	30,296	$4M	trimmed−0%	0.00 pp	40 q
VRSKVerisk Analytics, Inc.	0.03%	18,976	$4M	held	—	40 q
ALRMAlarm.com Holdings, Inc.	—	−263,939	—	exited	−0.12 pp	—