Akre Q1 2026: Trimming Its Quality Compounders

Akre Capital Management, the firm built on Chuck Akre's famous "compounder" philosophy, reported a $6.13B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001112520-26-000009, filed 2026-05-14). The book remains a textbook collection of high-quality compounders — Mastercard (MA), Moody's (MCO), Visa (V), Roper (ROP) — but it is shrinking fast. The reported value fell 32.7% on the quarter, and Akre trimmed heavily across most of its largest positions.

Akre is one of the most concentrated managers in the market, holding just 19 names with the top five at roughly 57% of the book. Mastercard alone is 18.58%. So when the firm cuts Mastercard 24%, Visa 39%, Moody's 28%, and Brookfield 37% in a single quarter, the trims are not minor housekeeping — they are major capital-allocation moves in a tiny book.

Against the broad reductions, Akre added to a few names: Fair Isaac (FICO) up 31%, Roper up 14%, and CoStar (CSGP) up 8%.

A quality-compounder book

The Akre method seeks businesses with high returns on capital, durable advantages, and the ability to reinvest — and the holdings show it. After Mastercard come Brookfield at 11.23%, KKR at 10.13%, Moody's at 8.86%, and Visa at 8.07%, followed by Roper, CoStar, FICO, O'Reilly Automotive (ORLY), and Copart (CPRT).

These are classic compounders: payments networks and ratings oligopolies (Mastercard, Visa, Moody's), data and software franchises (CoStar, FICO), and capital-allocation machines (Brookfield, KKR, Roper). It is the kind of book Akre is known for — few names, all high quality, held for the long term.

Trimming the compounders

The quarter's defining feature is the breadth of the trims. Visa (-39%), O'Reilly (-42%), Brookfield (-37%), Moody's (-28%), and Mastercard (-24%) were all cut substantially. The even, across-the-book reductions — paired with a 32.7% drop in reported value — point to portfolio-wide selling, consistent with outflows rather than a change of view on any single business.

The additions to FICO, Roper, and CoStar show Akre still expressing conviction in select compounders even as it raises cash elsewhere. But the dominant story is contraction: Akre's reported book has fallen from above $11B in 2024 to $6.13B.

What it means for 13F readers

Akre is a clear example of a high-conviction compounder strategy under pressure. The holdings are exactly the durable, high-return businesses the firm is known for, which makes the steep, broad-based trimming read as outflows rather than a loss of faith in the names. The FICO, Roper, and CoStar adds are where conviction still shows. Track the firm's quarter-over-quarter holdings on the Akre Capital filer page.

FAQ

What is Akre Capital Management?

Akre Capital is an investment firm built on Chuck Akre's "compounder" philosophy of owning high-quality, high-return businesses for the long term. It reported a $6.13B U.S. equity 13F book for the quarter ended March 31, 2026, across just 19 positions.

What are Akre's largest holdings?

Its five largest positions are Mastercard (18.58%), Brookfield (11.23%), KKR (10.13%), Moody's (8.86%), and Visa (8.07%) — classic quality compounders.

Why did Akre's 13F value fall 32.7% in Q1 2026?

Akre trimmed most of its positions heavily — Visa -39%, O'Reilly -42%, Brookfield -37% — and the reported value fell to $6.13B. The broad, even reductions are consistent with outflows rather than a change of view.

What did Akre add to in Q1 2026?

Akre raised Fair Isaac (FICO) by 31%, Roper by 14%, and CoStar by 8% — select compounders where it still expressed conviction while cutting elsewhere.