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Tracking Charles Akre's Akre Capital Management Portfolio - Q4 2019 Update

John Vincent profile picture
John Vincent


  • Chuck Akre’s portfolio value increased from $10.14B to $10.91B this quarter.
  • Akre Capital Management added CoStar Group and increased Brookfield Asset Management during the quarter.
  • The top three positions are American Tower, Mastercard, and Moody’s, and they add up to ~42% of the entire portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory 13F Form filed on 02/14/2020. Please visit our Tracking Charles Akre’s Akre Capital Management Portfolio series to get an idea of their investment philosophy and our last update for their moves in Q3 2019.

This quarter, Akre’s 13F portfolio value increased 7.5% from $10.14B to $10.91B. The number of positions stayed steady at 25. The largest five stakes are American Tower (AMT), Mastercard (MA), Moody’s Corporation (MCO), Visa (V), and O’Reilly Auto (ORLY). They account for ~58% of the total portfolio value.

AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (MUTF:AKREX) (AKRIX) (AKRSX). Since the 2009 inception, the mutual fund’s annualized returns are at 16.72% compared to 14.14% for the S&P 500 Index. For 2019, the fund returned 35.15% compared to 31.50% for the S&P 500 Index. Their cash allocation is ~17% of the portfolio. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out 100 to 1 in the Stock Market.

New Stakes

CoStar Group (CSGP) and Ansys Inc. (ANSS): These are small new positions established this quarter. The 1.37% CSTR stake was purchased at prices between $544 and $617 and the stock currently trades at $707. ANSS is a minutely small 0.39% of the portfolio position established at prices between $214 and $259 and it is now at $238.

Stake Disposals

Enstar Group (ESGR): ESGR stake was almost eliminated last quarter and the remaining position was disposed this quarter. The bulk of the original stake was from Q1 and Q2 2008 at prices between $89 and $119. The position

This article was written by

John Vincent profile picture
Focused on analyzing 13F reports & building tools to help DIY investors generate absolute returns through exploiting inefficiency, volatility, and momentum.

Analyst’s Disclosure: I am/we are long MKL, BRK.B, CLNY. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Comments (1)

Many thanks for this great snapshot. As a long term owner of AKREX I think shareholders would be well served if management put out a similar product periodically.
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