Akre Capital Management Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

The psychological portrait of Akre Capital Management is one of extreme conviction and patience. In an era of high-frequency trading and algorithmic volatility, Akre’s portfolio stands as a monument to long-termism. The fact that the firm manages over $9 billion with fewer than 20 positions indicates a level of concentration that is rare among institutional managers. This "high-conviction, low-turnover" style suggests that the firm does not merely "buy stocks" but rather "owns businesses." Each position is vetted for its ability to compound capital at high rates over decades, not quarters.

The institutional mindset this quarter appears to be one of "strategic reallocation." While the firm has reduced several of its "legacy" compounders—names like MA (Mastercard) , V (Visa) , and MCO (Moody's) —it has significantly increased its stakes in newer, data-driven platforms like CPRT (Copart) and CCCS (CCC Intelligent Solutions) . This suggests a subtle but profound shift in the firm's judgment of where the next decade of compounding will occur. Akre is moving from the "toll booths" of the physical and financial world toward the "digital nervous systems" of specific industries.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The top three sectors— Financials (64.02%) , Technology (12.70%) , and Consumer Discretionary (11.95%) —account for a staggering 88.67% of the total portfolio. This extreme concentration indicates a highly focused investment philosophy. Akre Capital is not attempting to track the S&P 500; it is attempting to own the best businesses in the world, which, in their view, are currently clustered in the financial and technological infrastructure of the global economy. This concentration allows the firm to generate significant alpha if their core sectors outperform, but it also exposes them to sector-specific regulatory or macroeconomic shocks.

The dominance of Financials (64.02%) is somewhat misleading if one thinks of "Financials" as traditional banks. In Akre’s world, "Financials" means payment networks like MA (Mastercard) and V (Visa) , credit rating agencies like MCO (Moody's) , and alternative asset managers like BN (Brookfield) and KKR . These are "capital-light" businesses that benefit from the global expansion of credit and assets under management. The high weight in this sector suggests a macro judgment that the global financial infrastructure remains the most fertile ground for compounding, regardless of interest rate fluctuations.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Mastercard is the quintessential "conviction holding." It operates in a global duopoly with Visa, benefiting from the secular shift away from cash. Its business model is nearly perfect: high margins, low capital expenditure, and a massive network effect. Akre’s continued commitment to MA, even as they trim it, suggests they view it as a "permanent" holding. The slight reduction is likely a risk management move rather than a change in fundamental thesis. In the context of 2025, Mastercard is not just a payment processor; it is a data and security company that sits at the center of global commerce.

The Top 10 holdings account for approximately 83.24% of the portfolio. This is an incredibly high level of concentration. The logic is clear: Akre believes that diversification is a hedge for ignorance. By focusing on these 10 businesses, the firm can deeply understand the competitive dynamics and management quality of each. The portfolio is tilted toward Large-Cap Growth , with a heavy emphasis on Financial Infrastructure and Data Monopolies . The risk-return characteristic is one of "lower volatility than the market during downturns" (due to the quality of the businesses) but "significant outperformance during bull markets" (due to the compounding nature of the earnings).

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The motivation here appears to be a " growth acceleration bet ." As vehicles become more complex (EVs, ADAS sensors), the cost to repair them increases, leading insurance companies to "total" vehicles more frequently. This increases the supply of cars for Copart’s auctions. By nearly doubling their position, Akre is signaling that Copart is moving from a "peripheral" holding to a "core" compounder. The current valuation may be high, but Akre is looking at the 10-year horizon where Copart’s dominance in the global salvage market is likely to yield exceptional returns.

The 6.36% add in FICO (approx. $28.1 million ) is significant because FICO is already a high-priced, high-multiple stock. This move qualifies as " compounding the winners ." FICO scores are essential for almost every credit decision in the United States. The company has recently been aggressive in changing its pricing model, moving from a per-score fee to a more value-based pricing structure. Akre’s addition suggests they believe FICO still has "significant runway" to increase its take-rate from the financial system without facing meaningful competition.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The 21.98% reduction in O'Reilly (est. $172.2 million ) is a significant "trimming of the sails." O'Reilly has been a phenomenal performer, but the auto parts retail industry is facing long-term headwinds from the shift to Electric Vehicles (EVs), which have fewer moving parts and require less frequent maintenance. While this transition is slow, Akre’s move suggests they are starting to reduce exposure to "physical retail compounders" in favor of "digital platform compounders." This is a " High amount + high weight " strategic adjustment.

The aggressive selling in Danaher and American Tower serves as a warning signal. Akre is telling the market that the "old reliable" compounders may no longer be the best place to hide. If a firm as patient as Akre is exiting Danaher, it suggests that the "quality" of that business’s future growth is being questioned. Investors should take note: the "moats" of the 2010s are being tested by the technological and macro realities of the late 2020s.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: Sell the mature, sell the physical, buy the digital, buy the data. Akre is contracting his front lines in areas of uncertainty (Healthcare, Retail) and focusing his capital on high-certainty, high-growth "digital monopolies." For retail investors, the reference value here is not to blindly copy the buys, but to understand the shift in quality. The "safe" stocks of the last decade (like Danaher) are being replaced by the "essential" platforms of the next decade.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.