PaperPanda Fund Terminal
Chuck Akre
AKRE CAPITAL MANAGEMENT LLC · CIK: 1112520 · Report Period: 2025-12-31 · Filed: 2026-02-13
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $9,120,742,965 · 18 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 MA
|
MASTERCARD INCORPORATED | COM | 18.8% | $1,715,654,246 | 3,005,280 | REDUCE | -150,314 |
| 2 |
 BN
|
BROOKFIELD CORP | COM | 13.5% | $1,231,854,338 | 26,843,633 | ADD | +7,627,692 |
| 3 | [48251w] | KKR & CO L P DEL | COM | 11.3% | $1,033,359,070 | 8,106,049 | REDUCE | -607,215 |
| 4 |
 V
|
VISA INC | COM | 10.3% | $938,720,206 | 2,676,628 | REDUCE | -297,132 |
| 5 |
 MCO
|
MOODYS CORP | COM | 9.7% | $886,442,756 | 1,735,231 | REDUCE | -383,718 |
| 6 |
 CSGP
|
COSTAR GROUP INC | COM | 7.1% | $646,701,208 | 9,617,805 | ADD | +311,320 |
| 7 |
 ORLY
|
OREILLY AUTOMOTIVE INC | COM | 6.7% | $612,914,691 | 6,719,819 | REDUCE | -1,892,609 |
| 8 |
 ROP
|
ROPER TECHNOLOGIES INC | COM | 5.4% | $491,936,755 | 1,105,153 | REDUCE | -51,520 |
| 9 |
 ABNB
|
AIRBNB INC | COM | 5.2% | $471,388,540 | 3,473,243 | - | - |
| 10 |
 FICO
|
FAIR ISAAC CORP | COM | 5.1% | $469,054,066 | 277,445 | ADD | +16,596 |
| 11 |
 CPRT
|
COPART INC | COM | 3.4% | $308,030,908 | 7,867,967 | ADD | +3,631,207 |
| 12 |
 CCCS
|
CCC INTELLIGENT SOLUTIONS HL | COM | 2.2% | $197,454,023 | 24,836,984 | ADD | +8,566,856 |
| 13 |
 AMT
|
AMERICAN TOWER CORP NEW | COM | 0.5% | $44,817,227 | 255,267 | REDUCE | -187,576 |
| 14 |
 GSHD
|
GOOSEHEAD INS INC | COM | 0.3% | $27,331,220 | 371,096 | ADD | +4,971 |
| 15 |
 SOPH
|
SOPHIA GENETICS SA | COM | 0.2% | $17,368,384 | 3,719,140 | - | - |
| 16 |
 DHR
|
DANAHER CORPORATION | COM | 0.2% | $15,913,603 | 69,516 | REDUCE | -805,315 |
| 17 |
 BRKB
|
BERKSHIRE HATHAWAY INC DEL | COM | 0.1% | $5,982,540 | 11,902 | REDUCE | -2,083 |
| 18 |
 KMX
|
CARMAX INC | COM | 0.1% | $5,819,184 | 150,600 | - | - |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | BRKB | BERKSHIRE HATHAWAY INC DEL | REDUCE | -2,083 | -14.9% | 11,902 | $5,982,540 |
| 2 | - | VERISK ANALYTICS INC | SOLD | -8,279 | Exit | - | - |
| 3 | DHR | DANAHER CORPORATION | REDUCE | -805,315 | -92.1% | 69,516 | $15,913,603 |
| 4 | MA | MASTERCARD INCORPORATED | REDUCE | -150,314 | -4.8% | 3,005,280 | $1,715,654,246 |
| 5 | MCO | MOODYS CORP | REDUCE | -383,718 | -18.1% | 1,735,231 | $886,442,756 |
| 6 | FICO | FAIR ISAAC CORP | ADD | +16,596 | +6.4% | 277,445 | $469,054,066 |
| 7 | BN | BROOKFIELD CORP | ADD | +7,627,692 | +39.7% | 26,843,633 | $1,231,854,338 |
| 8 | ORLY | OREILLY AUTOMOTIVE INC | REDUCE | -1,892,609 | -22.0% | 6,719,819 | $612,914,691 |
| 9 | - | KKR & CO L P DEL | REDUCE | -607,215 | -7.0% | 8,106,049 | $1,033,359,070 |
| 10 | V | VISA INC | REDUCE | -297,132 | -10.0% | 2,676,628 | $938,720,206 |
| 11 | CSGP | COSTAR GROUP INC | ADD | +311,320 | +3.3% | 9,617,805 | $646,701,208 |
| 12 | GSHD | GOOSEHEAD INS INC | ADD | +4,971 | +1.4% | 371,096 | $27,331,220 |
| 13 | CPRT | COPART INC | ADD | +3,631,207 | +85.7% | 7,867,967 | $308,030,908 |
| 14 | CCCS | CCC INTELLIGENT SOLUTIONS HL | ADD | +8,566,856 | +52.7% | 24,836,984 | $197,454,023 |
| 15 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -187,576 | -42.4% | 255,267 | $44,817,227 |
| 16 | ROP | ROPER TECHNOLOGIES INC | REDUCE | -51,520 | -4.5% | 1,105,153 | $491,936,755 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | VERISK ANALYTICS INC | REDUCE | -360 | -4.2% | 8,279 | $2,082,251 |
| 2 | MCO | MOODYS CORP | REDUCE | -186,475 | -8.1% | 2,118,949 | $1,009,636,820 |
| 3 | BN | BROOKFIELD CORP | REDUCE | -3,349 | -0.0% | 19,215,941 | $1,317,829,230 |
| 4 | - | KKR & CO L P DEL | REDUCE | -134,300 | -1.5% | 8,713,264 | $1,132,288,599 |
| 5 | V | VISA INC | REDUCE | -201,480 | -6.3% | 2,973,760 | $1,015,182,189 |
| 6 | CCCS | CCC INTELLIGENT SOLUTIONS HL | ADD | +1,500,000 | +10.2% | 16,270,128 | $148,220,866 |
| 7 | DHR | DANAHER CORPORATION | REDUCE | -900,569 | -50.7% | 874,831 | $173,443,994 |
| 8 | MA | MASTERCARD INCORPORATED | REDUCE | -139,692 | -4.2% | 3,155,594 | $1,794,933,423 |
| 9 | FICO | FAIR ISAAC CORP | ADD | +251,701 | +2751.4% | 260,849 | $390,368,354 |
| 10 | ORLY | OREILLY AUTOMOTIVE INC | REDUCE | -798,286 | -8.5% | 8,612,428 | $928,505,863 |
| 11 | CSGP | COSTAR GROUP INC | REDUCE | -2,747 | -0.0% | 9,306,485 | $785,188,139 |
| 12 | CPRT | COPART INC | ADD | +3,036,760 | +253.1% | 4,236,760 | $190,527,097 |
| 13 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -472,406 | -51.6% | 442,843 | $85,167,566 |
| 14 | ROP | ROPER TECHNOLOGIES INC | REDUCE | -282,795 | -19.6% | 1,156,673 | $576,821,258 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | BRKB | BERKSHIRE HATHAWAY INC DEL | REDUCE | -1,190 | -7.8% | 13,985 | $6,793,493 |
| 2 | - | DIGITALBRIDGE GROUP INC | SOLD | -164,740 | Exit | - | - |
| 3 | - | VERISK ANALYTICS INC | REDUCE | -1,500 | -14.8% | 8,639 | $2,691,048 |
| 4 | MA | MASTERCARD INCORPORATED | REDUCE | -35,790 | -1.1% | 3,295,286 | $1,851,753,015 |
| 5 | MCO | MOODYS CORP | REDUCE | -130,034 | -5.3% | 2,305,424 | $1,156,377,624 |
| 6 | FICO | FAIR ISAAC CORP | NEW BUY | +9,148 | New | 9,148 | $16,722,178 |
| 7 | ABNB | AIRBNB INC | ADD | +555,510 | +19.0% | 3,473,243 | $459,648,979 |
| 8 | BN | BROOKFIELD CORP | ADD | +125,269 | +0.7% | 19,219,290 | $1,188,713,075 |
| 9 | ROP | ROPER TECHNOLOGIES INC | REDUCE | -9,720 | -0.7% | 1,439,468 | $815,948,041 |
| 10 | ORLY | OREILLY AUTOMOTIVE INC | ADD | +8,546,804 | +989.3% | 9,410,714 | $848,187,653 |
| 11 | KMX | CARMAX INC | REDUCE | -54,675 | -26.6% | 150,600 | $10,121,826 |
| 12 | SOPH | SOPHIA GENETICS SA | ADD | +1,481,636 | +66.2% | 3,719,140 | $11,529,334 |
| 13 | CSGP | COSTAR GROUP INC | REDUCE | -4,360 | -0.0% | 9,309,232 | $748,462,253 |
| 14 | CPRT | COPART INC | NEW BUY | +1,200,000 | New | 1,200,000 | $58,884,000 |
| 15 | CCCS | CCC INTELLIGENT SOLUTIONS HL | ADD | +1,579,744 | +12.0% | 14,770,128 | $138,986,904 |
| 16 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -1,673,943 | -64.7% | 915,249 | $202,288,334 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | BRKB | BERKSHIRE HATHAWAY INC DEL | REDUCE | -99 | -0.6% | 15,175 | $8,081,901 |
| 2 | - | DIGITALBRIDGE GROUP INC | REDUCE | -599,990 | -78.5% | 164,740 | $1,453,003 |
| 3 | - | VERISK ANALYTICS INC | REDUCE | -1,162 | -10.3% | 10,139 | $3,017,569 |
| 4 | MA | MASTERCARD INCORPORATED | REDUCE | -372,663 | -10.1% | 3,331,076 | $1,825,829,377 |
| 5 | MCO | MOODYS CORP | REDUCE | -643,469 | -20.9% | 2,435,458 | $1,134,168,436 |
| 6 | ABNB | AIRBNB INC | ADD | +268,335 | +10.1% | 2,917,733 | $348,552,384 |
| 7 | BN | BROOKFIELD CORP | ADD | +124,842 | +0.7% | 19,094,021 | $1,000,717,618 |
| 8 | ORLY | OREILLY AUTOMOTIVE INC | REDUCE | -31,370 | -3.5% | 863,910 | $1,237,620,188 |
| 9 | - | KKR & CO L P DEL | REDUCE | -1,436,000 | -14.0% | 8,847,564 | $1,022,866,823 |
| 10 | KMX | CARMAX INC | REDUCE | -462,162 | -69.2% | 205,275 | $15,995,028 |
| 11 | V | VISA INC | REDUCE | -96,500 | -2.9% | 3,175,240 | $1,112,794,610 |
| 12 | CSGP | COSTAR GROUP INC | REDUCE | -288 | -0.0% | 9,313,592 | $737,915,894 |
| 13 | CCCS | CCC INTELLIGENT SOLUTIONS HL | ADD | +2,508,986 | +23.5% | 13,190,384 | $119,109,168 |
| 14 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -2,914,221 | -53.0% | 2,589,192 | $563,408,179 |
| 15 | ROP | ROPER TECHNOLOGIES INC | REDUCE | -32,741 | -2.2% | 1,449,188 | $854,412,261 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | DIGITALBRIDGE GROUP INC | REDUCE | -550,346 | -41.8% | 764,730 | $8,626,152 |
| 2 | - | VERISK ANALYTICS INC | REDUCE | -1,077 | -8.7% | 11,301 | $3,112,634 |
| 3 | MA | MASTERCARD INCORPORATED | REDUCE | -216,853 | -5.5% | 3,703,739 | $1,950,277,845 |
| 4 | MCO | MOODYS CORP | REDUCE | -283,953 | -8.4% | 3,078,927 | $1,457,471,674 |
| 5 | BN | BROOKFIELD CORP | ADD | +30,748 | +0.2% | 18,969,179 | $1,089,779,362 |
| 6 | ORLY | OREILLY AUTOMOTIVE INC | REDUCE | -23,785 | -2.6% | 895,280 | $1,061,623,024 |
| 7 | - | KKR & CO L P DEL | REDUCE | -1,110,272 | -9.7% | 10,283,564 | $1,521,041,886 |
| 8 | KMX | CARMAX INC | REDUCE | -629,714 | -48.5% | 667,437 | $54,569,649 |
| 9 | CSGP | COSTAR GROUP INC | ADD | +379,787 | +4.3% | 9,313,880 | $666,780,669 |
| 10 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -549,119 | -9.1% | 5,503,413 | $1,009,380,978 |
| 11 | ROP | ROPER TECHNOLOGIES INC | REDUCE | -17,500 | -1.2% | 1,481,929 | $770,380,791 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | BRKB | BERKSHIRE HATHAWAY INC DEL | REDUCE | -621 | -3.9% | 15,274 | $7,030,011 |
| 2 | - | DIGITALBRIDGE GROUP INC | REDUCE | -2,328,018 | -63.9% | 1,315,076 | $18,582,026 |
| 3 | - | VERISK ANALYTICS INC | REDUCE | -3,691 | -23.0% | 12,378 | $3,316,809 |
| 4 | MA | MASTERCARD INCORPORATED | REDUCE | -118,757 | -2.9% | 3,920,592 | $1,935,988,330 |
| 5 | MCO | MOODYS CORP | REDUCE | -858,224 | -20.3% | 3,362,880 | $1,595,989,219 |
| 6 | ABNB | AIRBNB INC | ADD | +1,713,522 | +183.1% | 2,649,398 | $335,970,160 |
| 7 | BN | BROOKFIELD CORP | ADD | +472,549 | +2.6% | 18,938,431 | $1,006,577,612 |
| 8 | ORLY | OREILLY AUTOMOTIVE INC | REDUCE | -37,014 | -3.9% | 919,065 | $1,058,395,254 |
| 9 | - | KKR & CO L P DEL | REDUCE | -2,295,980 | -16.8% | 11,393,836 | $1,487,807,047 |
| 10 | KMX | CARMAX INC | REDUCE | -848,358 | -39.5% | 1,297,151 | $100,373,544 |
| 11 | CSGP | COSTAR GROUP INC | ADD | +163,670 | +1.9% | 8,934,093 | $673,987,976 |
| 12 | SOPH | SOPHIA GENETICS SA | ADD | +317,072 | +16.5% | 2,237,504 | $8,166,890 |
| 13 | CCCS | CCC INTELLIGENT SOLUTIONS HL | ADD | +2,865,676 | +36.7% | 10,681,398 | $118,029,448 |
| 14 | - | SBA COMMUNICATIONS CORP NEW | SOLD | -500,000 | Exit | - | - |
| 15 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -81,775 | -1.3% | 6,052,532 | $1,407,576,842 |
| 16 | ROP | ROPER TECHNOLOGIES INC | REDUCE | -44,250 | -2.9% | 1,499,429 | $834,342,273 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | DOLLAR TREE INC | SOLD | -2,229 | Exit | - | - |
| 2 | - | VERISK ANALYTICS INC | REDUCE | -1,256 | -7.2% | 16,069 | $4,331,399 |
| 3 | MCO | MOODYS CORP | REDUCE | -231,863 | -5.2% | 4,221,104 | $1,776,789,307 |
| 4 | - | UBER TECHNOLOGIES INC | SOLD | -1,775,000 | Exit | - | - |
| 5 | BN | BROOKFIELD CORP | ADD | +507,467 | +2.8% | 18,465,882 | $767,072,738 |
| 6 | - | KKR & CO L P DEL | REDUCE | -1,189,735 | -8.0% | 13,689,816 | $1,440,716,189 |
| 7 | SOPH | SOPHIA GENETICS SA | NEW BUY | +1,920,432 | New | 1,920,432 | $8,795,579 |
| 8 | CCCS | CCC INTELLIGENT SOLUTIONS HL | ADD | +815,722 | +11.7% | 7,815,722 | $86,832,671 |
| 9 | BRKB | BERKSHIRE HATHAWAY INC DEL | REDUCE | -595 | -3.6% | 15,895 | $6,466,086 |
| 10 | - | DIGITALBRIDGE GROUP INC | REDUCE | -465,911 | -11.3% | 3,643,094 | $49,910,391 |
| 11 | - | BROOKFIELD ASSET MANAGMT LTD | SOLD | -63,000 | Exit | - | - |
| 12 | MA | MASTERCARD INCORPORATED | REDUCE | -570,943 | -12.4% | 4,039,349 | $1,781,999,205 |
| 13 | ABNB | AIRBNB INC | NEW BUY | +935,876 | New | 935,876 | $141,906,878 |
| 14 | ROP | ROPER TECHNOLOGIES INC | REDUCE | -1,021 | -0.1% | 1,543,679 | $870,110,105 |
| 15 | ORLY | OREILLY AUTOMOTIVE INC | REDUCE | -32,335 | -3.3% | 956,079 | $1,009,676,789 |
| 16 | KMX | CARMAX INC | REDUCE | -556,320 | -20.6% | 2,145,509 | $157,351,630 |
| 17 | CSGP | COSTAR GROUP INC | ADD | +1,508,797 | +20.8% | 8,770,423 | $650,239,161 |
| 18 | GSHD | GOOSEHEAD INS INC | ADD | +122,453 | +50.3% | 366,125 | $21,030,220 |
| 19 | - | SBA COMMUNICATIONS CORP NEW | ADD | +319,371 | +176.8% | 500,000 | $98,150,000 |
| 20 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -63,518 | -1.0% | 6,134,307 | $1,192,386,595 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | DOLLAR TREE INC | REDUCE | -19,542 | -89.8% | 2,229 | $296,791 |
| 2 | MCO | MOODYS CORP | REDUCE | -323,973 | -6.8% | 4,452,967 | $1,750,149,620 |
| 3 | - | UBER TECHNOLOGIES INC | NEW BUY | +1,775,000 | New | 1,775,000 | $136,657,250 |
| 4 | BN | BROOKFIELD CORP | REDUCE | -95,076 | -0.5% | 17,958,415 | $751,918,836 |
| 5 | - | KKR & CO L P DEL | REDUCE | -1,768,668 | -10.6% | 14,879,551 | $1,496,585,195 |
| 6 | V | VISA INC | REDUCE | -237,000 | -6.8% | 3,271,740 | $913,077,199 |
| 7 | CCCS | CCC INTELLIGENT SOLUTIONS HL | NEW BUY | +7,000,000 | New | 7,000,000 | $83,720,000 |
| 8 | BRKB | BERKSHIRE HATHAWAY INC DEL | REDUCE | -70 | -0.4% | 16,490 | $6,934,375 |
| 9 | - | DIGITALBRIDGE GROUP INC | REDUCE | -293,215 | -6.7% | 4,109,005 | $79,180,525 |
| 10 | - | BROOKFIELD ASSET MANAGMT LTD | REDUCE | -3,392,966 | -98.2% | 63,000 | $2,647,260 |
| 11 | MA | MASTERCARD INCORPORATED | REDUCE | -451,542 | -8.9% | 4,610,292 | $2,220,178,318 |
| 12 | ORLY | OREILLY AUTOMOTIVE INC | REDUCE | -31,450 | -3.1% | 988,414 | $1,115,800,796 |
| 13 | KMX | CARMAX INC | REDUCE | -24,866 | -0.9% | 2,701,829 | $235,356,324 |
| 14 | CSGP | COSTAR GROUP INC | ADD | +5,957 | +0.1% | 7,261,626 | $701,473,072 |
| 15 | AMT | AMERICAN TOWER CORP NEW | REDUCE | -606,774 | -8.9% | 6,197,825 | $1,224,628,242 |
| 16 | ROP | ROPER TECHNOLOGIES INC | REDUCE | -27,992 | -1.8% | 1,544,700 | $866,329,548 |
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