13F-HR 1 acm13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F Cover Page Report for the Calendar Year or Quarter Ended: December 31, 2009 Check here if Amendment: |_|; Amendment Number: ____ This Amendment (Check only one): |_| is a restatement |_| adds new holding entries. Institutional Manager Filing this Report: Name: Akre Capital Management, LLC Address: 2 West Marshall Street P.O. Box 998 Middleburg, Virginia 20118 13F File Number: 028-06599 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Andrew Schaefer Title: Chief Operating Officer Phone: (540) 687-8928 Signature, Place and Date of Signing: /s/ Andrew Schaefer Middleburg, VA February 12, 2010 ----------------------- -------------------------- ---------------------- [Signature] [City, State] [Date] Report Type: (Check only one): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report). [_] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting managers(s).) [_] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: None Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 24 Form 13F Information Table Value Total: $300,678 (x1000) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 1. 028-13109 Braddock Partners, LP Akre Capital Management, LLC FORM 13F 31-Dec-09

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 TITLE VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MGRS SOLE SHARED NONE -------------- -------- ----- -------- ------- --- ---- ---------- ---- ---- ------ ---- 99 CENTS ONLY STORES COM 65440K106 10,797 826,075 SH SOLE NONE 826,075 AMERICAN TOWER CORP CL A 029912201 56,606 1,310,011 SH SOLE NONE 1,310,011 ANNALY CAP MGMT INC COM 035710409 309 17,800 SH SOLE NONE 17,800 BALLY TECHNOLOGIES INC COM 05874B107 13,142 318,285 SH SOLE NONE 318,285 BERKSHIRE HATHAWAY INC DEL CL A 084670108 8,333 94 SH SOLE NONE 94 BERKSHIRE HATHAWAY INC DEL CL B 084670207 6,848 2,084 SH SOLE NONE 2,084 CARMAX INC COM 143130102 16,579 683,680 SH SOLE NONE 683,680 CSX CORP COM 126408103 862 17,768 SH SOLE NONE 17,768 ENSTAR GROUP LIMITED SHS G3075P101 26,686 365,458 SH SOLE NONE 365,458 ENTERTAINMENT PPTYS TR COM SH BEN INT 29380T105 354 10,050 SH SOLE NONE 10,050 EXXON MOBIL CORP COM 30231G102 304 4,453 SH SOLE NONE 4,453 FACTSET RESH SYS INC COM 303075105 11,527 175,000 SH SOLE NONE 175,000 FRANKLIN STREET PPTYS CORP COM 35471R106 292 20,000 SH SOLE NONE 20,000 LAMAR ADVERTISING CO CL A 512815101 31,034 998,209 SH SOLE NONE 998,209 MARKEL CORP COM 570535104 43,268 127,258 SH SOLE NONE 127,258 MIDDLEBURG FINANCIAL CORP COM 596094102 1,815 150,000 SH SOLE NONE 150,000 MSCI INC CL A 55354G100 4,770 150,000 SH SOLE NONE 150,000 O REILLY AUTOMOTIVE INC COM 686091109 14,377 377,156 SH SOLE NONE 377,156 OPTIONSXPRESS HLDGS INC COM 684010101 3,862 250,000 SH SOLE NONE 250,000 PENN NATL GAMING INC COM 707569109 23,858 877,449 SH SOLE NONE 877,449 PRICE T ROWE GROUP INC COM 74144T108 11,385 213,800 SH SOLE NONE 213,800 TD AMERITRADE HLDG CORP COM 87236Y108 5,814 300,000 SH SOLE NONE 300,000 WHITE RIVER CAPITAL INC COM 96445P105 1,030 91,673 SH SOLE NONE 91,673 WMS INDS INC COM 929297109 4,040 101,000 SH SOLE NONE 101,000 300,678