Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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CA

Chuck Akre

T3InvestorsQuality and growth compounders

Investor in Middleburg, Virginia, who founded Akre Capital Management and sits on the board of the Bermuda reinsurer Enstar Group.

Akre Capital ManagementAkre Focus Fund

Our Thinking

No book, but the 'three-legged stool' framework and his compounding white papers are widely cited by quality-growth investors.

17 letters · 3 articles

Letters 17Writing 3Profiles 2
Akre Focus Fund Annual Report, fiscal year ended July 31, 2025 — shareholder letterAkre Focus Fund's Retail class returned 14.40% in the year to July 2025, against 16.33% for the S&P 500.3 20252025-07-31Visa, Mastercard, KKR, Constellation Software, LVMH, CoStar Group, Danaher, Moody's, American Tower, O'Reilly Automotive
Akre Focus Fund Annual Report, fiscal year ended July 31, 2024 — shareholder letterAkre Focus Fund's Retail class returned 26.51% in the year to July 2024, against 22.15% for the S&P 500.3 20242024-07-31Constellation Software, KKR, Adobe, CoStar Group, Mastercard, Uber, Visa, Danaher, Moody's, American Tower, O'Reilly Automotive
Akre Focus Fund Annual Report, fiscal year ended July 31, 2023 — shareholder letterAkre Focus Fund shows how its trailing one-year return fell from 15.07% to 4.73% in a month, to warn against judging fixed-period performance.3 20232023-07-31Mastercard, American Tower, Visa, Danaher, CarMax, O'Reilly Automotive, Constellation Software, KKR
Akre Focus Fund Annual Report, fiscal year ended July 31, 2022 — shareholder letterAkre Focus Fund weighs talk of a new era of higher inflation, rates and de-globalisation, in which security, not cost, shapes supply chains.3 20222022-07-31Moody's, U.S. Bancorp, CarMax, American Tower, O'Reilly Automotive, Constellation Software, KKR
Akre Focus Fund Annual Report, fiscal year ended July 31, 2022 (amended) — shareholder letterAkre Focus Fund's amended 2022 annual report weighs talk of a new era of higher inflation, rates and de-globalisation.3 20222022-07-31Moody's, U.S. Bancorp, CarMax, American Tower, O'Reilly Automotive, Constellation Software, KKR
Akre Focus Fund Annual Report, fiscal year ended July 31, 2021 — shareholder letterAkre Focus Fund stays agnostic on reopening, inflation, taxes and the Fed, and focuses on the durability of the businesses it owns.3 20212021-07-31KKR, Visa, U.S. Bancorp, Mastercard
Akre Focus Fund Annual Report, fiscal year ended July 31, 2020 — shareholder letterAkre Focus Fund notes that owners of financial assets did well in 2020 thanks to stimulus, even as daily life changed under Covid.3 20202020-07-31CoStar Group, U.S. Bancorp, American Tower, Mastercard
Akre Focus Fund Annual Report, fiscal year ended July 31, 2019 — shareholder letterAkre Focus Fund marks its tenth birthday with trailing 1-, 3- and 5-year returns ahead of the market, warning that will not always hold.3 20192019-07-31U.S. Bancorp, Visa, Markel, American Tower, Mastercard
Akre Focus Fund Annual Report, fiscal year ended July 31, 2018 — shareholder letterAkre Focus Fund marks its ninth birthday as the stock market claims the longest bull market in history, and warns the good times will end.3 20182018-07-31U.S. Bancorp, American Tower, Visa, O'Reilly Automotive, Mastercard
Akre Focus Fund Annual Report, fiscal year ended July 31, 2017 — shareholder letterAkre Focus Fund asks investors to judge its first eight years' results against the normal, and warns future returns may be harder to earn.3 20172017-07-31U.S. Bancorp, American Tower, Amazon, O'Reilly Automotive, Mastercard
Akre Focus Fund Annual Report, fiscal year ended July 31, 2016 — shareholder letterAkre Focus Fund restates its goal of compounding capital at above-average rates with below-average risk in a concentrated, low-turnover portfolio.3 20162016-07-31U.S. Bancorp, American Tower, Moody's
Akre Focus Fund Annual Report, fiscal year ended July 31, 2015 — shareholder letterAkre Focus Fund marks six years and explains its aim to find multi-year compounding opportunities.3 20152015-07-31U.S. Bancorp, American Tower, Visa, Markel, Mastercard
Akre Focus Fund Annual Report, fiscal year ended July 31, 2014 — shareholder letterAkre Focus Fund marks five years by reviewing its original schedule of investments.3 20142014-07-31U.S. Bancorp, Markel, American Tower, Mastercard, Visa
Akre Focus Fund Annual Report, fiscal year ended July 31, 2013 — shareholder letterAkre Focus Fund recalls starting on August 31, 2009 with modest capital and tentative investing so soon after the financial crisis.3 20132013-07-31U.S. Bancorp, Moody's, Mastercard
Akre Focus Fund Annual Report, fiscal year ended July 31, 2012 — shareholder letterAkre Focus Fund expects shareholders' minds have moved from safety to the 2012 presidential election, and keeps its focus on its businesses.3 20122012-07-31U.S. Bancorp
Akre Focus Fund Annual Report, fiscal year ended July 31, 2011 — shareholder letterAkre Focus Fund argues that investors worried about safety in 2011 should look to the quality of the businesses they own.3 20112011-07-31U.S. Bancorp
Akre Focus Fund Annual Report, fiscal year ended July 31, 2010 — shareholder letterAkre Focus Fund says its caution about struggling consumers in 2010 was borne out, and the fear of being left behind was misplaced.3 20102010-07-31U.S. Bancorp, American Tower
The letter archive → See all 17 in the Letters table →

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akre-capital-managementequitiesasset-managementcompoundingquality-investingreinvestment-runwaythree-legged-stoolreturn-on-capital