About the Akre Focus Fund

We focus our capital in a select number of what we believe to be extraordinary businesses. These companies meet specific standards related to the business itself, the people who manage it, and the discipline they demonstrate when it comes to reinvesting free cash flow1.

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We begin with the premise that our return on an investment2 has the ability to approximate the company’s growth in book value over time. As a result, we look for businesses that have historically compounded book value3 or shareholders’ equity per share at very high rates. These businesses, in our opinion, also have a high likelihood of producing such returns for the foreseeable future. High barriers to entry and significant pricing power tend to characterize these businesses.

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The businesses in which we typically invest are run by highly skilled managers who have a demonstrable history of treating shareholders as though they were partners. Great managers possess equal parts of integrity and skill. One without the other is insufficient.

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We strive to invest in businesses that, because of the integrity and skill of their management, can reinvest their free cash flow in a manner that continues to earn above-average returns. This reinvestment acumen generates compelling compounded growth in economic value per share.


These three areas of analysis – business, management, and reinvestment – are the key components of what we call our “three-legged stool.” When we find a business that satisfies all three of our requirements, we refer to it as a “compounding machine,” and we seek to purchase shares at a modest valuation.

We know from experience that these businesses are rare.

1Free cash flow (FCF): the cash that a company is able to generate after laying out the money required to maintain or expand its asset base.
2Return on investment: the benefit (or return) of an investment is divided by the cost of the investment, and the result is expressed as a percentage or a ratio.
3Book value: the net asset value of a company calculated by total assets minus liabilities.

Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may focus its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in small- and medium-capitalization companies, which involve additional risks such as limited liquidity and greater volatility than larger capitalization companies. Download the prospectus.

The Akre Focus Fund is distributed by Quasar Distributors, LLC