We break down the stocks Chuck Akre (Akre) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Akre's 13F filed on August 13, 2024.
Who are Chuck Akre and Akre?
Akre Capital Management is an investment firm founded in 1989 by Charles "Chuck" Akre, known for his "three-legged stool" approach to identifying exceptional investments. The firm focuses on a concentrated portfolio of extraordinary businesses characterized by superior returns on capital, talented and ethical management teams, and the ability to reinvest free cash flow at high rates of return. This disciplined strategy has enabled Akre to deliver market-beating returns over multiple decades through long-term ownership of compounding machines rather than frequent trading.
Akrecapital.com
Wikipedia on Chuck Akre
Portfolio Changes in Q2 2024
New positions
Akre initiated a new position in Airbnb (ABNB), purchasing 935,876 shares valued at $141.9 million.
Bought
Akre significantly increased its holdings in Sophia Genetics (SOPH) by 1.6 million shares and CoStar (CSGP) by 1.5 million shares, representing the largest additions to existing positions. The firm also added meaningfully to CCC Intelligent Solutions (CCCS) with 815,722 additional shares, Brookfield (BN) with 507,467 shares, SBA Communications (SBAC) with 319,371 shares, and Goosehead (GSHD) with 122,453 shares.
Sold
Akre completely exited positions in Uber (UBER), Brookfield Asset Management (BAM), and Dollar Tree (DLTR). Among existing holdings, the firm reduced its largest positions including KKR (KKR) by 1.2 million shares, Mastercard (MA) by 571,000 shares, CarMax (KMX) by 556,000 shares, and DigitalBridge (DBRG) by 466,000 shares, while making smaller trims to Moody's (MCO), American Tower (AMT), O'Reilly Automotive (ORLY), Verisk (VRSK), and Roper Technologies (ROP).
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| ABNB | Airbnb | 100.0% | NEW | $141.91M |
Airbnb ABNB
Chuck Akre bought $141.91M of Airbnb in Q2 2024. Airbnb reported 6% year-over-year revenue growth to $2.3 billion in Q1 2025, driven by an 8% increase in nights stayed and strategic product investments. While net income declined to $154 million due to higher expenses, the company demonstrated strong cash flow generation with $1.8 billion free cash flow and accelerated share repurchases. Recent announcements about expanding beyond accommodations (May 13 launch) and sustained growth in underpenetrated markets position Airbnb for potential value creation.
- Gross booking value grew 7% YoY to $24.5 billion in Q1 2025.
- Generated 39% free cash flow margin and repurchased $807 million of stock in Q1.
- Latin America bookings grew ~20% YoY, with Asia Pacific up mid-teens percentage.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| MA | Mastercard | 15.7% | Trimmed (-12%) | $1.78B |
| MCO | Moody's | 15.6% | Trimmed (-5%) | $1.78B |
| KKR | KKR | 12.7% | Trimmed (-8%) | $1.44B |
| AMT | American Tower | 10.5% | Trimmed (-1%) | $1.19B |
| ORLY | O'Reilly Automotive | 8.9% | Trimmed (-3%) | $1.01B |
| ROP | Roper Technologies | 7.7% | Trimmed (-0%) | $870.11M |
| V | Visa | 7.6% | $858.73M | |
| BN | Brookfield | 6.8% | Added (+3%) | $767.07M |
| CSGP | CoStar | 5.7% | Added (+21%) | $650.24M |
| DHR | Danaher | 3.9% | $443.58M | |
| KMX | CarMax | 1.4% | Trimmed (-21%) | $157.35M |
| ABNB | Airbnb | 1.2% | NEW | $141.91M |
| SBAC | SBA Communications | 0.9% | Added (+177%) | $98.15M |
| CCCS | CCC Intelligent Solutions | 0.8% | Added (+12%) | $86.83M |
| DBRG | DigitalBridge | 0.4% | Trimmed (-11%) | $49.91M |
| GSHD | Goosehead | 0.2% | Added (+50%) | $21.03M |
| SOPH | Sophia Genetics | 0.1% | Added (+568%) | $8.8M |
| VRSK | Verisk | 0.0% | Trimmed (-7%) | $4.33M |
| UBER | Uber | 0.0% | Exited | $0 |
| BAM | Brookfield Asset Management | 0.0% | Exited | $0 |
| DLTR | Dollar Tree | 0.0% | Exited | $0 |
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