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 09/30/18* % Net Assets
Mastercard, Inc. 11.8%
American Tower Corp. 11.0%
Moody’s Corp. 10.6%
Visa, Inc. 9.0%
O’Reilly Automotive, Inc. 6.6%
Markel Corp. 6.2%
Roper Technologies, Inc. 5.1%
SBA Communications Corp. 4.9%
CarMax, Inc. 4.7%
Constellation Software, Inc. 4.5%

*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.