13F-HR 1 d1099104_13f-hr.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: March 31, 2010 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 May 17, 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: 2 Form 13F Information Table Entry Total: 33 Form 13F Information Table Value Total: $334,533 (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 2. 028- Akre Focus Fund Akre Capital Management, LLC FORM 13F 31-Mar-10

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 4,419 271,075 SH SOLE NONE 271,075 AMERICAN TOWER CORP CL A 029912201 46,234 1,085,044 SH SOLE NONE 1,085,044 TD AMERITRADE HLDG CORP COM 87236Y108 5,718 300,000 SH SOLE NONE 300,000 ANNALY CAP MGMT INC COM 035710409 380 22,100 SH SOLE NONE 22,100 BERKSHIRE HATHAWAY INC DEL CL A 084670108 9,622 79 SH SOLE NONE 79 CARMAX INC COM 143130102 13,146 523,321 SH SOLE NONE 523,321 CSX CORP COM 126408103 904 17,768 SH SOLE NONE 17,768 DOLLAR TREE INC COM 256746108 8,883 150,000 SH SOLE NONE 150,000 ENSTAR GROUP LIMITED SHS G3075P101 22,764 329,150 SH SOLE NONE 329,150 ENTERPRISE GP HLDGS L P UNIT LP INT 293716106 378 8,805 SH SOLE NONE 8,805 ENTERTAINMENT PPTYS TR COM SH BEN INT 29380T105 496 12,050 SH SOLE NONE 12,050 EXXON MOBIL CORP COM 30231G102 298 4,453 SH SOLE NONE 4,453 FACTSET RESH SYS INC COM 303075105 16,528 225,275 SH SOLE NONE 225,275 FRANKLIN STREET PPTYS CORP COM 35471R106 289 20,000 SH SOLE NONE 20,000 HARTFORD FINL SVCS GROUP INC COM 416515104 15,628 590,645 SH CALL SOLE NONE 590,645 HARTFORD FINL SVCS GROUP INC COM 416515104 6,396 225,070 SH SOLE NONE 225,070 LAMAR ADVERTISING CO CL A 512815101 30,415 885,438 SH SOLE NONE 885,438 MARKEL CORP COM 570535104 40,224 107,361 SH SOLE NONE 107,361 MASTERCARD INC COM 57636Q104 2,286 9,000 SH SOLE NONE 9,000 MIDDLEBURG FINANCIAL CORP COM 596094102 2,049 136,080 SH SOLE NONE 136,080 MSCI INC CL A 55354G100 5,415 150,000 SH SOLE NONE 150,000 NUSTAR GP HOLDINGS LLC UNIT RESTG LLC 67059L102 395 13,340 SH SOLE NONE 13,340 O REILLY AUTOMOTIVE INC COM 686091109 19,869 476,356 SH SOLE NONE 476,356 OPTIONSXPRESS HLDGS INC COM 684010101 6,516 400,000 SH SOLE NONE 400,000 PENN NATL GAMING INC COM 707569109 21,099 758,669 SH SOLE NONE 758,669 ROSS STORES INC COM 778296103 11,783 220,374 SH SOLE NONE 220,374 PRICE T ROWE GROUP INC COM 74144T108 8,734 158,894 SH SOLE NONE 158,894 TJX COS INC NEW COM 872540109 9,928 233,500 SH SOLE NONE 233,500 TRADESTATION GROUP INC COM 89267P105 801 114,200 SH SOLE NONE 114,200 TRANSATLANTIC HLDGS INC COM 893521104 11,085 209,950 SH SOLE NONE 209,950 VISA INC COM 92826C839 2,185 24,000 SH SOLE NONE 24,000 WHITE RIVER CAPITAL INC COM 96445P105 1,278 93,273 SH SOLE NONE 93,273 WMS INDS INC COM 929297109 8,388 200,000 SH SOLE NONE 200,000 334,533