Akre Capital Managements's investing Guru
wears at least three hats: CEO, chief investment officer and
managing member. Employing an "all-weather" equity strategy, Akre
uses a classic value approach in selecting companies for his
portfolio, buying companies with high returns on capital and
pricing power in excess of input costs. He looks for a strong
"people model" or management that operates in the best interest
of all shareholders. Akre also shops for extensive reinvestment
opportunities. When all of these criteria are met, he makes
investments purchased at reasonable valuations. With his
investment approach in mind, here's a review of
's sells in the first quarter of 2013. Two of his sell-out
holdings, Jeffries Group Inc. (
) and White River Capital Inc. (
), are companies that were recently acquired by other companies.
Sold Out: Artio Global Investors Inc. (
) - Asset Management
sold out his position with the global investment advisor, ART, as
of March 31, 2013, unloading 800,000 shares at an average price
of $2.37 per share, for a 16% gain. According to GuruFocus
research, Akre held ART for four quarters; his highest gain was
the fourth quarter of 2012 for 21.1%. This trade impacts his
portfolio by 0.11%.
The current share price is $2.75 compared to valuations over 10
ART data by GuruFocus.com
Sold Out: Jeffries Group Inc. (
) - Global Investment Banking
Chuck Akre sold out his position with JEF, as of March 31, 2013.
This trade impacts his portfolio by 0.32%. The diversified
holding company Leucadia National Corporation (
) acquired Jeffries Group as of March 1, 2013.
Here's a look at LUK's valuation:
LUK data by GuruFocus.com
Sold Out: White River Capital Inc. (
) - Financial Services
Chuck Akre sold out his position with RVR, as of March 31, 2013.
This trade impacts his portfolio by 0.14%. In February 2013,
Parthenon Capital Partners acquired White River and its
subsidiary Coastal Credit.
Reduced: Annaly Capital Management Inc. (
) - REIT - Diversified
Chuck Akre sold out his position with NLY by 13.26%, as of March
31, 2013, unloading 336,116 shares at an average price of $15.11
per share, for a loss of 0.9%. According to GuruFocus research,
Akre held NLY for 11 quarters; his only gain was in the fourth
quarter of 2008 for 8.5%. Every quarter since has shown a loss.
The current share price is $14.97 compared to valuations over 10
NLY data by GuruFocus.com
Guru Chuck Akre is the founder of Akre Capital Management. He was
named to Barron's "Top 100 Mutual Fund Managers" list from 2003
to 2006, one of only two small cap growth managers to make the
list for four consecutive years. The current portfolio of Chuck
Akre of Akre Capital Management lists 37 stocks, four of them
new, with a total value of $1.76 billion and a
quarter-over-quarter turnover of 11%. Akre is known for his
long-term equity strategy and for being tax efficient. His
portfolio turnover is considered extremely low across portfolio
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