Insights into Akre's Q2 2024 Portfolio Adjustments
Chuck Akre (Trades, Portfolio), the founder of Akre Capital Management, has a storied career in the securities business, starting at Johnston, Lemon & Co. and later operating under Friedman, Billings, Ramsey & Co. before taking his firm private in 2000. Known for his "three-legged stool" investment philosophy, Akre focuses on identifying companies with exceptional business models, management teams, and reinvestment opportunities. His long-term value investment approach is evident in his latest 13F filing for the second quarter of 2024, which reveals significant portfolio adjustments.
Summary of New Buys
Chuck Akre (Trades, Portfolio)'s portfolio welcomed a new addition in the second quarter of 2024:
- Airbnb Inc (ABNB, Financial) with 935,876 shares, representing 1.25% of the portfolio and valued at $141.91 million.
Key Position Increases
Akre also strategically increased his stakes in several companies:
- CoStar Group Inc (CSGP, Financial) saw an addition of 1,507,797 shares, bringing the total to 8,770,423 shares. This adjustment marks a 20.78% increase in share count and a 0.98% impact on the current portfolio, valued at $650.24 million.
- SBA Communications Corp (SBAC, Financial) with an additional 319,371 shares, bringing the total to 500,000 shares. This represents a 176.81% increase in share count, valued at $98.15 million.
Summary of Sold Out Positions
During the quarter, Akre exited positions in three companies:
- Uber Technologies Inc (UBER, Financial), selling all 1,775,000 shares, impacting the portfolio by -1.13%.
- Brookfield Asset Management Ltd (BAM, Financial), liquidating all 63,000 shares, causing a -0.02% impact on the portfolio.
Key Position Reductions
The most notable reductions in Akre's portfolio included:
- Mastercard Inc (MA, Financial), with a reduction of 570,943 shares, resulting in a -12.38% decrease in shares and a -2.27% impact on the portfolio. The stock traded at an average price of $455.54 during the quarter and has returned 0.19% over the past three months and 7.84% year-to-date.
- KKR & Co Inc (KKR, Financial), with a reduction of 1,189,735 shares, resulting in an -8% reduction in shares and a -0.99% impact on the portfolio. The stock traded at an average price of $101.81 during the quarter and has returned 15.20% over the past three months and 39.86% year-to-date.
Portfolio Overview
As of the second quarter of 2024, Chuck Akre (Trades, Portfolio)'s portfolio included 19 stocks. The top holdings were:
- 15.68% in Mastercard Inc (MA, Financial)
- 15.63% in Moody's Corporation (MCO, Financial)
- 12.68% in KKR & Co Inc (KKR, Financial)
- 10.49% in American Tower Corp (AMT, Financial)
- 8.88% in O'Reilly Automotive Inc (ORLY, Financial)
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
