13F-HR 1 d13f-hr_1stqtr.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, 2011 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 13, 2011 ----------------------- -------------------------- ------------------ [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: 33 Form 13F Information Table Value Total: $514,971 (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-Mar-11

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MGRS SOLE SHARED NONE AEROPOSTALE COM 007865108 2,432 100,000 SH SOLE NONE 100,000 AMERICAN TOWER CORP CL A 029912201 71,978 1,389,005 SH SOLE NONE 1,389,005 ANNALY CAP MGMT INC COM 035710409 3,634 208,225 SH SOLE NONE 208,225 BECTON DICKINSON & CO COM 075887109 3,981 50,000 SH SOLE NONE 50,000 BERKSHIRE HATHAWAY INC DEL CL A 084670108 8,771 70 SH SOLE NONE 70 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 7,465 89,260 SH SOLE NONE 89,260 CARMAX INC COM 143130102 15,853 493,848 SH SOLE NONE 493,848 CSX CORP COM 126408103 1,397 17,768 SH SOLE NONE 17,768 DOLLAR TREE INC COM 256746108 39,475 711,004 SH SOLE NONE 711,004 ENSTAR GROUP LIMITED SHS G3075P101 45,832 458,868 SH SOLE NONE 458,868 ENTERPRISE PRODS PARTNERS L COM 293792107 569 13,207 SH SOLE NONE 13,207 ENTERTAINMENT PPTYS TR COM SH BEN INT 29380T105 247 5,265 SH SOLE NONE 5,265 EXXON MOBIL CORP COM 30231G102 213 2,528 SH SOLE NONE 2,528 FACTSET RESH SYS INC COM 303075105 16,112 153,845 SH SOLE NONE 153,845 HARTFORD FINL SVCS GROUP INC DEP CONV PFD 416515708 19,617 753,045 SH SOLE NONE 753,045 KIMBERLY CLARK CORP COM 494368103 1,958 30,000 SH SOLE NONE 30,000 LAMAR ADVERTISING CO CL A 512815101 46,449 1,257,423 SH SOLE NONE 1,257,423 LPL INVT HLDGS INC COM 50213H100 3,525 98,450 SH SOLE NONE 98,450 MARKEL CORP COM 570535104 46,466 112,116 SH SOLE NONE 112,116 MASTERCARD INC CL A 57636Q104 40,079 159,220 SH SOLE NONE 159,220 MIDDLEBURG FINANCIAL CORP COM 596094102 2,290 129,040 SH SOLE NONE 129,040 NUSTAR GP HOLDINGS LLC UNIT RESTG LLC 67059L102 496 13,620 SH SOLE NONE 13,620 O REILLY AUTOMOTIVE INC NEW COM 67103H107 28,980 504,345 SH SOLE NONE 504,345 OPTIONSXPRESS HLDGS INC COM 684010101 11,527 630,853 SH SOLE NONE 630,853 PENN NATL GAMING INC COM 707569109 10,695 288,596 SH SOLE NONE 288,596 ROSS STORES INC COM 778296103 44,975 632,385 SH SOLE NONE 632,385 PRICE T ROWE GROUP INC COM 74144T108 5,869 88,364 SH SOLE NONE 88,364 TD AMERITRADE HLDG CORP COM 87236Y108 8,348 400,000 SH SOLE NONE 400,000 TECHNE CORP COM 878377100 3,579 50,000 SH SOLE NONE 50,000 TJX COS INC NEW COM 872540109 12,223 245,780 SH SOLE NONE 245,780 TRADESTATION GROUP INC COM 89267P105 1,262 179,574 SH SOLE NONE 179,574 WHITE RIVER CAPITAL INC COM 96445P105 1,604 93,273 SH SOLE NONE 93,273 WMS INDS INC COM 929297109 7,070 200,000 SH SOLE NONE 200,000