Tracking Charles Akre's Akre Capital Management Portfolio - Q3 2016 Update

• Chuck Akre’s portfolio decreased marginally from $5.24B to $5.21B this quarter.
• A minutely small stake in ANSYS was sold while marginally reducing several other stakes.
• The top three positions are American Tower, MasterCard, and Markel.

Charles Akre’s Akre Capital Management portfolio decreased marginally from $5.24B to $5.21B this quarter. The number of positions decreased from 31 to 30. The largest five stakes are American Tower (AMT), MasterCard (MA), Markel Corporation (MKL), Moody’s Corporation (MCO), and Dollar Tree (DLTR) and they together account for ~48% of the total portfolio value.

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.

Below are the portfolio highlights:

American Tower (AMT), MasterCard (MA), and Markel Corporation (MKL): American Tower and Markel positions have been in the portfolio for over sixteen years. AMT is the largest stake at ~15% while MKL is at ~9.2% of the portfolio. AMT & MKL currently trade at $103 and $885 respectively. The MasterCard position was first purchased in 2010 in the low-20s price-range and it currently trades at ~$104. The stake saw increases every year thru 2015 but has been kept relatively steady YTD. All three positions saw marginal trimming this quarter.

Moody’s Corporation (MCO) and Dollar Tree (DLTR): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position has been doubled at higher prices. It currently trades at $100. DLTR was first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at $87.76. The position has been kept relatively steady so far this year although previous years have seen significant buying. Both stakes saw marginal trimming this quarter.

Visa Inc. (V): V is a fairly large 5.74% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase at a cost-basis in the low-40s. Last quarter saw a huge ~58% increase at prices between $73 and $82. The stock is now at ~$79.14. For investors attempting to follow Akre, V is a good option to consider for further research. 

Roper Technologies (ROP): ROP is a fairly large ~5.5% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters as well. Last quarter saw another ~19% increase at prices between $165 and $185. The stock is now at $186. There was marginal trimming this quarter.

CarMax Inc. (KMX): The ~5% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. The stock is now at ~$62.80.

Colfax Corp. (CFX): The medium-sized 3.68% CFX position was first purchased in Q3 2012 and built up over the last four years at prices between $20 and $75. Last quarter saw an about-turn: ~20% reduction at prices between $25 and $34. The stock is now at $39.21.

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q3 2016. Please check out our previous update to have an idea on how the portfolio is progressing:

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking Charles Akre's Akre Capital Management Portfolio - Q2 2016 Update

• Chuck Akre’s portfolio increased ~10% from $4.75B to $5.24B this quarter.
• Visa Inc., Roper Technologies, and CarMax were increased while reducing Colfax Corp.
• The top two positions are American Tower and Markel. They have both been in the portfolio for over sixteen years.

Charles Akre’s Akre Capital Management portfolio increased 10.42% from $4.75B to $5.24B this quarter. Of the 34 positions in the portfolio, 21 are fairly large (more than ~0.5% of the portfolio each). The largest five positions are American Tower (AMT), Markel Corporation (MKL), MasterCard (MA), Moody’s Corporation (MCO), and Dollar Tree (DLTR) and they together account for ~48% of the total portfolio value.

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.

Below are the highlights of the activity this quarter:

Visa Inc. (V): V is a fairly large 5.38% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase at a cost-basis in the low-40s. This quarter saw a huge ~58% increase at prices between $73 and $82. The stock is now at ~$82. For investors attempting to follow Akre, V is a good option to consider for further research.  

Roper Technologies (ROP): ROP is a fairly large ~5% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters as well. This quarter saw another ~19% increase at prices between $165 and $185. The stock is now at $182.

CarMax Inc. (KMX): The 5.51% KMX stake is a very long-term stake first purchased in 2002. The bulk of the current position was built over the last four quarters at prices between $42 and $68. The stock is now at ~$60.

Colfax Corp. (CFX): The medium-sized 3.42% CFX position was first purchased in Q3 2012 and built up over the last four years at prices between $20 and $75. This quarter saw an about-turn: ~20% reduction at prices between $25 and $34. The stock is now at $29.84.

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q2 2016. Please check out our previous update to have an idea on how the portfolio is progressing:

 To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking Charles Akre's Akre Capital Management Portfolio - Q1 2016 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q1 2016. Please check out our previous update to have an idea on how the portfolio is progressing:

 Akre coined the term "compounding machines" to describe the type of business he invests in. To learn more about it, check out 100 to 1 in the Stock Market.

 To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking Charles Akre's Akre Capital Management Portfolio - Q4 2015 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q4 2015. Please check out our previous update to have an idea on how the portfolio is progressing:

 Akre coined the term "compounding machines" to describe the type of business he invests in. To learn more about it, check out 100 to 1 in the Stock Market.

 To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking Charles Akre's Akre Capital Management Portfolio - Q2 2015 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q2 2015. Please check out our previous update to have an idea on how the portfolio is progressing:

Akre coined the term "compounding machines" to describe the type of business he invests in. To learn more about it, check out 100 to 1 in the Stock Market.

 To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy . 

Tracking Charles Akre's Akre Capital Management Portfolio - Q1 2015 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q1 2015. Please check out our previous update to have an idea on how the portfolio is progressing:

 To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking Charles Akre's Akre Capital Management Portfolio - Q4 2014 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q4 2014. Please check out our previous update to have an idea on how the portfolio is progressing:

 To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking Charles Akre's Akre Capital Management Portfolio - Q3 2014 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q3 2014. Please check out our previous update to have an idea on how the portfolio is progressing:

 To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking Charles Akre's Akre Capital Management Portfolio - Q2 2014 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q2 2014. Please check out our previous update to have an idea on how the portfolio is progressing:

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

  

Tracking Charles Akre's Akre Capital Management Portfolio - Q1 2014 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q1 2014. Please check out our previous update to have an idea on how the portfolio is progressing:

Akre is bullish on Colfax Corporation (CFX), Discovery Communication (DISCK), Live Nation (LYV), and Visa (V). He is bearish on Ross Stores (ROST). 

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

 

Tracking Charles Akre's Akre Capital Management Portfolio - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q4 2013. Please check out our previous update to have an idea on how the portfolio is progressing:

Significant activity in the quarter include:

1. Increasing large stakes in American Tower (AMT), Colfax Corporation (CFX), Dollar Tree (DLTR), Markel (MKL), and Ross Stores (ROST) substantially,
2. Reducing a 4.34% of the portfolio position in Directv (DTV) by more than two-thirds to a 1.28% position, and
3. Eliminating a 1.74% position in NuStar Energy (NS).

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

 

Tracking Charles Akre's Akre Capital Management Portfolio - Q2 2013 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q2 2013. Please check out our previous update to have an idea on how the portfolio is progressing:

 Akre established a 2.28% position in Live Nation Entertainment (LYV) this quarter. Other significant moves include a ~140% stake increase in Colfax Corporation (CFX) and a stake doubling in Directv (DTV). The positions now account for over 9% of the US long portfolio each.

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .


 

Tracking Charles Akre's Akre Capital Management Portfolio - Q1 2013 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q1 2013. Please check out our previous update to have an idea on how the portfolio is progressing:

 The portfolio vaulted almost 30% this quarter from around $1.4B to over $1.8B. There were a large number of minor stake adjustments and a small number of significant moves. They include a 60% increase in the holdings in Directv (DTV) to a 4.94% position and more than doubling of the stake in Apple (AAPL). Chuck Akre also established a significantly large 3.06% new stake in NuStar Energy (NS). The largest position continues to be Mastercard (MA) at over 10% despite a minor stake reduction this quarter. Colfax (CFX) which saw a major stake increase last quarter was increased again this quarter by one-third. The position now accounts for 4.11% of the portfolio. The very large over 5% positions in American Tower (AMT), Dollar Tree (DLTR), Markel (MKL), Moody's (MCO), and Ross Stores (ROST) only saw minor adjustments this quarter.

Tracking Charles Akre's Akre Capital Management Portfolio - Q4 2012 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q4 2012. Please check out our previous update to have an idea on how the portfolio is progressing:

There were a large number of incremental changes this quarter. Only one position was eliminated - a 1% position in Carmax (KMX). That position was trimmed by around 30% last quarter and was eliminated this quarter. Colfax (CFX) was a substantially large stake increase this quarter as the position was increased from a very small 0.60% position to a fairly large 3.85% position at prices between $33.50 and $40. The stock currently trades at around $42, just outside the range of Akre's most recent purchase.  Dollar Tree (DLTR), Moody's (MCO), and Annaly Capital (NLY) are other positions that saw significant stake increases. All three are trading close to the low end of the price range Akre increased the stakes at and as such they are good candidates for further research for investors attempting to follow Akre.

Tracking Charles Akre's Akre Capital Management Portfolio - Q3 2012 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q3 2012:

 Chuck Akre has a long-term, concentrated value investment philosophy. As such large-scale changes to the portfolio are a rarity at Akre Capital Management. For Q3 2012, there were minor adjustments to several positions. Also, no positions were eliminated and three new positions were established - Colfax (CFX), a 0.60% position, Monro Muffler Brake (MNRO) a 1.10% position, and Verisk Analytics (VRSK), a 2.52% position.