Tracking Akre Capital Management Portfolio - Q4 2023 Update

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Akre Capital Management's 13F portfolio value increased by 4% to $11.88B, with 18 positions in total.The largest stakes in the portfolio are Mastercard, Moody's, American Tower, KKR, and O'Reilly ...

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Q4 2023 Update\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-02-12 19:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4669489-akre-capital-management-portfolio-q4-2023-update><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Akre Capital Management's 13F portfolio value increased by 4% to $11.88B, with 18 positions in total.The largest stakes in the portfolio are Mastercard, Moody's, American Tower, KKR, and O'Reilly ...</p>\n\n<a href=\"https://seekingalpha.com/article/4669489-akre-capital-management-portfolio-q4-2023-update\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BWXC8680.SGD","symbol_name":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","start_time":0,"source_url":"https://seekingalpha.com/article/4669489-akre-capital-management-portfolio-q4-2023-update","article_id":"2410452588","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1275708831/image_1275708831.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2410452588","pubTimestamp":1707737593,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Akre Capital Management's 13F portfolio value increased by 4% to $11.88B, with 18 positions in total.The largest stakes in the portfolio are Mastercard, Moody's, American Tower, KKR, and O'Reilly Auto","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU1923621640.USD":"Natixis Thematics Water R/A USD","DHR":"丹纳赫","DLTR":"美元树公司","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","CNSWF":"Constellation Software, Inc.","CSGP":"科斯塔","LU0861579265.USD":"联博低波幅策略股票基金A","LU1046421795.USD":"富达环球科技A-ACC","BK4214":"汽车零售","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - 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It is based on Akre's regulatory 13F Form filed on 2/9/2024. Please visit our Tracking Akre Capital Management Portfolio series to get an idea of their investment philosophy and our last update for their moves in Q3 2023. This quarter, Akre's 13F portfolio value increased ~4% from ~$11.52B to ~$11.88B. The number of positions increased from 17 to 18. The largest five stakes are Mastercard, Moody's, American Tower, KKR, and O'Reilly Automotive. They account for ~66% of the total portfolio value. AUM is distributed among private funds, separately managed accounts, and the Akre Focus Fund (MUTF:AKREX) (MUTF:AKRIX). Since the 2009 inception through 2023, the mutual fund's annualized returns are at 14.88% compared to 13.55% for the S&P 500 Index. For 2023, the fund returned 28.39% compared to 26.29% for the S&P 500 Index. Their cash allocation is currently at ~3.4%, near the bottom end of their historical range. Akre coined the term \"compounding machines\" to describe the types of businesses he invests in. To learn more about that investing style, check out 100 to 1 in the Stock Market. Note: positions in the mutual fund not reported through the 13F filings include Constellation Software (OTCPK:CNSWF) and Topicus.com (OTCPK:TOITF). Topicus.com is a spinoff from Constellation Software. New Stakes: SBA Communications (SBAC): SBAC is a minutely small 0.39% of the portfolio stake established during the quarter. Note: SBAC is back in the portfolio after a gap of two years - a medium-sized long-term position was sold in Q1 2022. Stake Increases: American Tower (AMT): AMT has been in the portfolio for over two decades. It is the third-largest stake at 12.36% of the portfolio. Recent activity follows: the six years through Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there have only been minor adjustments. The stock is now at ~$194. This quarter saw a marginal increase. Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tailwind. CoStar Group (CSGP): The 5.34% CSGP stake was purchased in Q4 2019 at prices between ~$54 and ~$62 and increased by ~75% next quarter at prices between ~$52 and ~$74. Q2 2020 saw another ~120% stake increase at prices between ~$53 and ~$73. There was a ~25% reduction in Q2 2022 at prices between ~$54 and ~$68. The stock currently trades at $83.13. This quarter saw a marginal increase. Note: The prices quoted above are adjusted for the 10-for-1 stock split in June 2022. Stake Decreases: Mastercard (MA): MA is currently the largest 13F stake at ~18% of the portfolio. It was first purchased in 2010 and has consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$458 per share. Q1 2020 saw a ~9% stake increase, while Q2 2022 saw a ~14% selling at prices between ~$309 and ~$379. That was followed by a similar reduction this quarter. Moody's Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size has doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. Since then, the activity has been minor. It currently trades at ~$405 and is now the second-largest stake at ~16% of the portfolio. There was a ~6% trimming this quarter. Note: Akre's cost-basis on MCO is ~$39. KKR & Co. (KKR): KKR is a ~12% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The first three quarters of 2020 also saw a ~15% increase. That was followed by a ~10% increase last quarter prices between ~$54 and ~$65. The stock currently trades at ~$97. This quarter saw a minor ~2% trimming. Note: KKR converted from a partnership to a corporation effective July 1, 2018. O'Reilly Automotive (ORLY): ORLY is a large 8.15% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall, the stake had remained remarkably steady over that twelve-year period - the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. Q1 2021 saw a ~14% selling at prices between ~$425 and ~$509. There was a ~20% selling during Q4 2022 at prices between ~$703 and ~$865. The stock is now at ~$1026. The last three quarters also saw a ~16% trimming. Visa Inc. (V): Visa is a ~8% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s, and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. This quarter saw a ~27% selling at prices between ~$229 and ~$262. The stock is now at ~$276. Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split. Roper Technologies (ROP): ROP is a 7.21% 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. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The first three quarters of 2020 saw a ~22% stake increase at prices between $254 and $453. H1 2021 saw a ~12% trimming and that was followed by a ~5% trimming last quarter. There was a marginal reduction this quarter. The stock is now at ~$550. Brookfield Corp. (BN): BN is a ~6% of the portfolio stake established in Q3 2019 at prices between $20 and $24 and increased by ~18% next quarter at prices between $22 and $27. The first three quarters of 2020 saw another ~45% increase at prices between $10 and $33.50. That was followed with another ~30% stake increase during Q4 2022 at prices between ~$31 and ~$35. The stock currently trades at $40.84. There were minor further increases during H1 2023 while the last two quarters saw marginal trimming. Note: the prices quoted above are adjusted for the Asset Management Business spinoff completed in December 2022. Shares of the spinoff, which assumed the name Brookfield Asset Management, were distributed at a ratio of 1 share of the separated business for every 4 Class A shares held. The parent company was then renamed Brookfield Corp. Berkshire Hathaway (BRK.B), Brookfield Asset Management (BAM), CarMax, Inc. (KMX), DigitalBridge (DBRG), Dollar Tree (DLTR), and Verisk Analytics (VRSK): These small (less than ~2% of the portfolio each) stakes were reduced this quarter. Kept Steady: Danaher Corporation (DHR): DHR is a 3.46% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. Since then, the activity has been minor. The stock is now at ~$243. Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017. Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. There has been periodic buying since. Goosehead had an IPO in April 2018 priced at $10. Q3 2022 saw a ~30% selling at prices between ~$36 and ~$71. It currently trades at ~$83. The position is very small at 0.16% of the portfolio. Below is a spreadsheet that highlights the changes to Akre Capital Management's 13F stock portfolio as of Q4 2023: Chuck Akre - Akre Capital Management Portfolio - Q4 2023 13F Report Q/Q Comparison (John Vincent (author))  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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