Portfolio Construction

The portfolio is focused when warranted and positions are “confidence weighted”:

A

Core positions:

Businesses about which we have the highest conviction in regards to quality, business risk, reinvestment opportunity and valuation.

B

Workbench positions:

Businesses which are typically new to us or where valuation has precluded greater accumulation.

Top Holdings as of 09/30/23*

% Net Assets

Mastercard, Inc.

16.3%

Moody’s Corp.

12.1%

Constellation Software, Inc.

10.7%

Visa, Inc.

9.0%

KKR & Co., Inc.

8.0%

American Tower Corp.

7.9%

Roper Technologies, Inc.

6.0%

O’Reilly Automotive, Inc.

5.8%

Brookfield Corp.

4.5%

CoStar Group, Inc.

4.3%

*Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

The Fund discloses its top ten quarter-end portfolio holdings on its website within 30 days after the quarter-end. The quarter-end portfolio holdings for the Fund will remain posted on the Fund’s website until the following quarter-end portfolio holdings are posted.

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.