Chuck Akre (Akre Capital Management) disclosed in his Q1 2026 13F filing that he initiated new positions in CRM (Salesforce) and NOW (ServiceNow) worth $134M and $115M, respectively. Total AUM stands at $6.1B across 20 holdings, with MA remaining the top position at 18.6% ($1.1B). Notable adjustments include a 31% increase in FICO and an 80% reduction in AMT.
Top 5 Holdings — Q1 2026
- MA: $1.1B (18.6%)
- BN: $689M (11.2%)
- KKR: $621M (10.1%)
- MCO: $544M (8.9%)
- V: $495M (8.1%)
Q1 2026 Key Trading Activity
The most notable shift this quarter is Akre's entry into enterprise software. He initiated positions in CRM and NOW — neither previously held — for a combined ~$250M, marking his first foray into the cloud/SaaS sector. This aligns with Akre's core investment philosophy of owning high-quality compounders with recurring revenue, as both companies share subscription-based business models with strong long-term cash flow visibility.
- CRM: New buy $134M — First enterprise SaaS position with recurring revenue; consistent with compounding philosophy
- NOW: New buy $115M — Initiated in cloud workflow leader alongside CRM, expanding software exposure
- FICO: Added +31% ($388M) — Reassessing pricing power and data exclusivity; conviction rising
- ROP: Added +14% ($445M) — Doubling down on industrial software conglomerate
- AMT: Trimmed -80% ($9M remaining) — Significant reduction in rate-sensitive telecom infrastructure REIT
- ORLY: Trimmed -42% ($359M remaining) — Nearly halved auto parts retail position amid consumer spending uncertainty
- DHR: Sold out ($16M → 0) — Full exit from life sciences equipment
- KMX: Sold out ($6M → 0) — Full exit from used auto dealer position
Among existing holdings, FICO saw the largest increase at +31% ($388M), while ROP and CSGP were also added at +14% and +8%, respectively. On the other side, AMT was cut by 80% to just $9M, with ORLY and ABNB each trimmed by roughly 42% and 41%. DHR and KMX were fully liquidated. The overall pattern signals a deliberate shift away from hard assets and consumer-cyclical exposure toward data infrastructure, financial platforms, and software.
Concentrated Portfolio Tilts Further Toward Software
This quarter, Akre Capital preserved its core positions in financial data and payments infrastructure (MA, BN, KKR, MCO, V) while breaking new ground with the addition of CRM and NOW, establishing software as a meaningful allocation for the first time. The firm's signature approach — $6.1B concentrated across just 20 names — remains intact, but the direction is clear: reducing rate-sensitive assets (AMT) and consumer-cyclical names (ORLY, KMX) in favor of subscription-driven compounders. Simultaneous increases in FICO, ROP, and CSGP reinforce long-term conviction in data moats and mission-critical software, a theme likely to persist in coming quarters.
