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Akre Focus Fund 2nd Quarter 2013 Commentary
Posted by: Holly LaFon (IP Logged)
Date: July 24, 2013 11:24AM

The Akre Focus Fund Retail Shares (AKREX) and Institutional Shares (AKRIX) returned 6.39% and 6.40% net of fees and expenses, respectively in the second quarter of 2013 versus the S&P 500 with a return of 2.91%. Therefore for the six months ending June 30, 2013, the fund had returns of 18.69% for retail shares and 18.78% for the institutional shares versus the S&P 500 with a return of 13.82%.

Our positions in Moody's (MCO), Colfax (CFX), DirecTV (DTV), LPL (LPL), and TD Ameritrade (AMTD) were the largest contributors to performance over the quarter. NuSTAR (NS), bwin, and Apple (AAPL) were the most meaningful detractors from performance over the quarter. At the end of the second quarter we were 96% invested. The portfolio currently has 34 positions.

For many, the strength of the stock market in the first six months of 2013 has been a pleasant surprise. Year to date we have kept a relatively high level of capital deployed while retaining sufficient cash to enable us to be flexible should we encounter uncertainty in the market. We continue to remain highly confident about the businesses owned in the portfolio as well as in our process for finding new opportunities



Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 862-9556. The Fund's annual operating expense (gross) for the Retail Class shares is 1.40% and 1.15% for the Institutional Class shares. The Fund imposes a 1.00% redemption fee on shares held less than 30 days. Performance data does not reflect the redemption fee, and if reflected, total returns would be reduced.

As always we thank you for your confidence in our firm's ability to manage your assets. Do know that we treat each dollar as if it were our own, striving to achieve desirable outcomes.

Chuck Akre

Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in small and medium capitalization companies, which involve additional risks such as limited liquidity and greater volatility than larger capitalization companies.

The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the investment company and it may be obtained by calling (877) 862-9556 or visiting www.akrefund.com. Read it carefully before investing.



Guru Discussed: Chuck Akre: Current Portfolio, Stock Picks
Stocks Discussed: AKREX, AKRIX, MCO, CFX, DTV, LPL, AMTD, NS, AAPL,
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