AKRE CAPITAL MANAGEMENT LLC

Akre Capital's 13F for the quarter ending March 31, 2026 shed nearly a third of its value — from $9.1B to $6.1B across just 20 names — but the revealing part is which positions got cut. The deepest trims by share count hit the portfolio's own anchors: Visa (-39%), Brookfield (-37%), Moody's (-28%), Mastercard (-24%) and O'Reilly (-42%). This isn't a fund dumping losers; it's a concentrated manager pulling capital out of its highest-conviction core. Mastercard still dominates at 18.6% of the book and the top five names remain ~57% of assets, so single-name risk is intact even after the sell-down. The only fresh money went into two names new to the book — Salesforce ($153M) and ServiceNow ($115M) — software exposure sitting apart from the payment-rail and ratings compounders that define the rest of the portfolio. One detail most readers miss: Akre 'increased' six positions, yet the dollar value of every one (Fair Isaac, CCC, CoStar, Roper) still fell — the firm was adding shares into declining prices, not building exposure. The net is a book simultaneously de-risking its winners and reaching into a new lane.