Chuck Akre's Trades and Holdings in Q1 2026

Breaking down the stocks Chuck Akre (Akre) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Akre's 13F filed on May 14, 2026.

Who are Chuck Akre and Akre Capital Management?

Akre Capital Management is an investment firm founded in 1989 by Charles "Chuck" Akre, known for his "three-legged stool" approach to identifying exceptional investments. The firm focuses on a concentrated portfolio of extraordinary businesses characterized by superior returns on capital, talented and ethical management teams, and the ability to reinvest free cash flow at high rates of return. This disciplined strategy has enabled Akre to deliver market-beating returns over multiple decades through long-term ownership of compounding machines rather than frequent trading.

Akrecapital.com
Wikipedia on Chuck Akre
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Akre Capital Management, guided by Chuck Akre's "three-legged stool" philosophy of identifying high-return, well-managed businesses capable of reinvesting cash flow at attractive rates, maintained a concentrated, long-duration portfolio in Q1 2026 anchored by payments and financial-services compounders Mastercard, Brookfield, KKR, Moody's, and Visa, even as the firm trimmed these long-held winners in what appeared to be disciplined gain-harvesting after years of outsized appreciation. The firm simultaneously rotated toward software and information-services names it views as prime AI beneficiaries rather than victims, initiating new stakes in Salesforce, ServiceNow, and Perimeter Solutions while adding to Roper Technologies, CoStar Group, Fair Isaac, Copart, and CCC Intelligent Solutions, and fully exiting Danaher and CarMax.

New Investments

Salesforce

Chuck Akre bought $133.99M of Salesforce in Q1 2026. Over the last two reported quarters, Salesforce has delivered consistent low-teens top-line growth, with revenue rising to $10.2B in the latest quarter (up 10% year over year) and $11.13B in the prior quarter (up 13.3% year over year), while non-GAAP operating margin reached 34.3%. The stock has nevertheless declined roughly 17–19% over the past 12 months and about 27% year-to-date, reflecting multiple compression despite solid fundamental growth. Looking ahead from the current quarter, consensus expects EPS around $3.3 while last quarter’s EPS of $3.88 exceeded estimates by about 24%, and together with a new $25B buyback and double-digit CRPO growth this supports a constructive outlook for the shares.

• Latest reported quarter revenue was $10.2B, up 10% year over year; subscription and support revenue was $9.7B, up 11%, with non-GAAP operating margin at 34.3%..
• Current remaining performance obligation (CRPO) at quarter-end was $29.4B, growing 11% year over year and 10% in constant currency..
• Share price has declined about 17–18% over the past year and roughly 27% year-to-date, while the Board authorized a $25B share repurchase program in 2026..

ServiceNow

Chuck Akre bought $114.6M of ServiceNow in Q1 2026. Over the last two quarters, ServiceNow has posted consistently strong fundamentals, with Q2 2026 total revenue up 24% year over year to $3.99 billion, subscription revenue up 24.5%, and non-GAAP operating margin at 29.5%, all above guidance and prior expectations. Both Q1 and Q2 delivered sizable EPS beats (Q1 at $0.97 vs $0.80 estimate, Q2 at $0.90 vs $0.76 estimate), while reported GAAP net income declined from about $469 million in Q1 to roughly $298 million in Q2, highlighting strong earnings momentum despite volatility in headline profit. The stock has rebounded sharply—up about 35.6% over the last three months—but remains down roughly 25–28% over the past year as broader software-sector weakness and slightly lighter sales outlook have weighed on multiples, even though AI-related annual contract value has surpassed $1 billion and full-year subscription revenue guidance has been raised.

• Q2 2026 total revenue $3.99 billion, up 24% year over year; subscription revenue $3.877 billion, up 24.5%..
• Q1–Q2 2026 EPS beats: Q1 $0.97 vs $0.80 estimate, Q2 $0.90 vs $0.76 estimate..
• Share price up about 35.6% over the last three months but down roughly 25.2% over the past year..

Perimeter Solutions

Chuck Akre bought $6.11M of Perimeter Solutions in Q1 2026. Over the last two quarters the company’s operational profile has strengthened, with Q2 net sales up 31% year over year to $213.8M and adjusted EBITDA up 16% to $105.6M, supported by a 100% surge in Specialty Products revenue and continued 7% growth in Fire Safety. Despite this top-line and EBITDA momentum, profitability has sharply deteriorated: net profit has moved from about $72.9M last quarter to a Q2 loss of $181.6M, an average decrease of roughly 349% per quarter, and GAAP net loss in Q2 was $181.6M (loss of $1.11 per share) versus a $32.2M loss ($0.22 per share) a year ago, as $266.3M of founders advisory fees plus margin compression and higher amortization and interest expense weighed on results and helped drive a negative share-price reaction. Looking forward, strong double-digit revenue and EBITDA growth, year-to-date adjusted EBITDA up 34% to $146.7M, and scaling contributions from recent Specialty Products acquisitions are key upside catalysts that could support a higher valuation once one-off advisory costs and contract/pricing frictions in Fire Safety abate, with investors likely to focus on cash flow and EBITDA rather than P/E given the current GAAP losses.

• Q2 net sales rose 31% year over year to $213.8M, with Fire Safety revenue up 7% to $129.1M and Specialty Products revenue up 100% to $84.7M..
• Q2 adjusted EBITDA increased 16% year over year to $105.6M, while year-to-date adjusted EBITDA is up 34% to $146.7M..
• GAAP net loss widened to $181.6M (loss of $1.11 per share) in Q2 from a $32.2M loss ($0.22 per share) a year ago, and six-month net income moved from a $24.5M profit to a $108.7M loss..

Added, Trimmed, and Exited

Added

Akre added to several existing holdings, most notably increasing its stake in CCC Intelligent by roughly 6.7 million shares (a position that grew even as its value dipped slightly), along with smaller additions to CoStar Group, Roper, Copart, Fair Isaac, and Goosehead Insurance.
What it means: These incremental buys came in names that experienced meaningful price declines this quarter (CoStar down roughly 35%, Fair Isaac down roughly 17%, Goosehead down roughly 31%), suggesting Akre is using the broader software/data sector pullback to average into "compounder" businesses it already knows well rather than chasing new ideas—a classic value-oriented response to multiple compression rather than deteriorating fundamentals.

Trimmed

Akre made substantial cuts across a number of large, long-held positions, led by a nearly 37% reduction in Brookfield shares (down 9.8 million shares) and an 80% reduction in American Tower (down over 200,000 shares), alongside meaningful trims to O'Reilly Automotive, Airbnb, Kkr & Co L P Del, Visa, Mastercard, Moodys, and a token reduction in Berkshire Hathaway.
What it means: The breadth and size of these trims—spanning payments networks, ratings agencies, asset managers, and infrastructure—suggest a broader portfolio rebalancing rather than a single thematic call, and the proceeds likely helped fund the fresh capital deployed into Salesforce and ServiceNow, signaling a modest rotation from mature, wide-moat compounders toward higher-growth enterprise software as valuations there became more attractive after a rough year for the group.

Exited

Akre fully exited two positions this quarter: Danaher (69,516 shares, worth roughly $15.9M) and CarMax (150,600 shares, worth roughly $5.8M).
What it means: Both exits were relatively small in dollar terms relative to the portfolio's ~$6.1B total, indicating these were likely lower-conviction or legacy positions being cleared out to simplify the portfolio and reallocate capital toward higher-conviction ideas like the newly initiated Salesforce and ServiceNow stakes, rather than a signal of concern about either company's fundamentals.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.