- 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 .
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