13F filing recap · Q4 2011

What did Akre Capital Management buy in Q4 2011?

Reported stock-position changes between this filing and the previous one.

Stock value

$642.54M

Positions

Estimated turnover

17.6%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

BACBank of America Corp$4.45Mreported value+800.0K shares XOMExxon Mobil Corp.$214.0Kreported value+2.5K shares

Increased positions

AMTAmerican Tower Corporation$83.24Mreported value+14.7K shares+1.1%MAMastercard Inc$71.45Mreported value+4.6K shares+2.5%ROSTRoss Stores, Inc.$71.33Mreported value+859.2K shares+133.9%DLTRDollar Tree, Inc.$60.96Mreported value+15.4K shares

Reduced positions

LAMRLamar Advertising Co/new$35.25Mreported value-156.9K shares-10.9%HIGThe Hartford Insurance Group, Inc.$13.99Mreported value-4.9K shares-0.7%FDSFactset Research Systems Inc.$11.35Mreported value-23.8K shares-15.4%PENNPenn Entertainment, Inc.$10.64Mreported value-5.8K shares

Exited positions

MBRGMiddleburg Financial Corp$1.93Mprior reported value-128.5K shares-100.0%