Chuck Akre

Across Chuck Akre’s registered funds — $12.38B disclosed in SEC Form N-PORT — just 85.3% sits in US-listed equity, the only slice a 13F reports. The other $1.82B is foreign listings and cash — none of which a 13F can show.

From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 1 fund. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $5.11B for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.

About Chuck Akre

Chuck Akre built Akre Capital Management around a framework he calls the "three-legged stool" — businesses with high returns on equity, skilled reinvestment-minded management, and long runways for compounding — and the 19-position, roughly 57%-in-top-five portfolio visible in the 13F reflects that discipline in practice. The current book is anchored in financial-infrastructure compounders: Mastercard, Brookfield, KKR, Moody's, and Visa collectively represent the thesis that toll-road-style businesses with embedded pricing power and capital-light models can compound intrinsic value over decades without requiring active trading. Akre is known for near-zero turnover; positions like Moody's have been held across multiple market cycles. What the 13F captures accurately here is the actual strategy — Akre does not run a significant options overlay or short book, so filings are a reasonably faithful snapshot. The latticework backtest showing roughly -2 percentage points of annual drag versus SPY over twelve years reflects the cost of concentration and low turnover in periods when momentum and breadth rewarded different behavior, not a strategy malfunction.