Chuck Akre

Akre Capital's $6.1B book is undergoing a visible, if gradual, quality-compounders rotation: the firm trimmed its two largest legacy positions—MA (–24% to 18.6%) and V (–39% to 8.1%)—as well as BN (–37% to 11.3%), MCO (–28% to 8.9%), ORLY (–42% to 5.9%), and ABNB (–41% to 4.2%), raising substantial cash from the portfolio's most appreciated names. Those proceeds appear partly redeployed into two new software positions: CRM (2.2%) and NOW (1.9%), marking Akre's clearest step yet into enterprise SaaS—businesses with Akre-style recurring revenue and high switching costs but historically outside the firm's wheelhouse. FICO was added to aggressively (+31% to 6.4%), reinforcing the analytical/scoring infrastructure theme alongside MCO. The breadth of trimming across six positions suggests valuation discipline rather than a thesis change, but the pivot toward software is worth noting in a fund built on financial and consumer compounders. Watch whether CRM and NOW get sized up toward the 5%+ threshold that would signal genuine conviction, or remain exploratory.