Akre Capital Managements’s investing Guru Chuck Akre wears at least three hats: CEO, chief investment officer and managing member. Employing an “all-weather” equity strategy, Akre uses a classic value approach in selecting companies for his portfolio, buying companies with high returns on capital and pricing power in excess of input costs. He looks for a strong “people model” or management that operates in the best interest of all shareholders. Akre also shops for extensive reinvestment opportunities. When all of these criteria are met, he makes investments purchased at reasonable valuations. With his investment approach in mind, here’s a review of Chuck Akre’s sells in the first quarter of 2013. Two of his sell-out holdings, Jeffries Group Inc. (JEF, Financial) and White River Capital Inc. (RVR, Financial), are companies that were recently acquired by other companies.
Sold Out: Artio Global Investors Inc. (ART, Financial) – Asset Management
Chuck Akre sold out his position with the global investment advisor, ART, as of March 31, 2013, unloading 800,000 shares at an average price of $2.37 per share, for a 16% gain. According to GuruFocus research, Akre held ART for four quarters; his highest gain was the fourth quarter of 2012 for 21.1%. This trade impacts his portfolio by 0.11%.
The current share price is $2.75 compared to valuations over 10 years:
ART data by GuruFocus.com
Sold Out: Jeffries Group Inc. (JEF) - Global Investment Banking
Chuck Akre sold out his position with JEF, as of March 31, 2013. This trade impacts his portfolio by 0.32%. The diversified holding company Leucadia National Corporation (LUK, Financial) acquired Jeffries Group as of March 1, 2013.
Here’s a look at LUK’s valuation:
LUK data by GuruFocus.com
Sold Out: White River Capital Inc. (RVR) – Financial Services
Chuck Akre sold out his position with RVR, as of March 31, 2013. This trade impacts his portfolio by 0.14%. In February 2013, Parthenon Capital Partners acquired White River and its subsidiary Coastal Credit.
Reduced: Annaly Capital Management Inc. (NLY, Financial) – REIT - Diversified
Chuck Akre sold out his position with NLY by 13.26%, as of March 31, 2013, unloading 336,116 shares at an average price of $15.11 per share, for a loss of 0.9%. According to GuruFocus research, Akre held NLY for 11 quarters; his only gain was in the fourth quarter of 2008 for 8.5%. Every quarter since has shown a loss.
The current share price is $14.97 compared to valuations over 10 years:
NLY data by GuruFocus.com
Guru Chuck Akre is the founder of Akre Capital Management. He was named to Barron's "Top 100 Mutual Fund Managers" list from 2003 to 2006, one of only two small cap growth managers to make the list for four consecutive years. The current portfolio of Chuck Akre of Akre Capital Management lists 37 stocks, four of them new, with a total value of $1.76 billion and a quarter-over-quarter turnover of 11%. Akre is known for his long-term equity strategy and for being tax efficient. His portfolio turnover is considered extremely low across portfolio management history.
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GuruFocus "Real Time Picks" reports the stock purchases and sales that Gurus have made within the prior 2 weeks. The report time lag can be as short as 2 days after the date of the transaction. This feature is for Premium Members only.
GuruFocus’ Score Board of Gurus shows which investors produced the largest average returns in the past 6 and 12 months, as well as on a historical basis.
Sold Out: Artio Global Investors Inc. (ART, Financial) – Asset Management
Chuck Akre sold out his position with the global investment advisor, ART, as of March 31, 2013, unloading 800,000 shares at an average price of $2.37 per share, for a 16% gain. According to GuruFocus research, Akre held ART for four quarters; his highest gain was the fourth quarter of 2012 for 21.1%. This trade impacts his portfolio by 0.11%.
The current share price is $2.75 compared to valuations over 10 years:
ART data by GuruFocus.comSold Out: Jeffries Group Inc. (JEF) - Global Investment Banking
Chuck Akre sold out his position with JEF, as of March 31, 2013. This trade impacts his portfolio by 0.32%. The diversified holding company Leucadia National Corporation (LUK, Financial) acquired Jeffries Group as of March 1, 2013.
Here’s a look at LUK’s valuation:
LUK data by GuruFocus.comSold Out: White River Capital Inc. (RVR) – Financial Services
Chuck Akre sold out his position with RVR, as of March 31, 2013. This trade impacts his portfolio by 0.14%. In February 2013, Parthenon Capital Partners acquired White River and its subsidiary Coastal Credit.
Reduced: Annaly Capital Management Inc. (NLY, Financial) – REIT - Diversified
Chuck Akre sold out his position with NLY by 13.26%, as of March 31, 2013, unloading 336,116 shares at an average price of $15.11 per share, for a loss of 0.9%. According to GuruFocus research, Akre held NLY for 11 quarters; his only gain was in the fourth quarter of 2008 for 8.5%. Every quarter since has shown a loss.
The current share price is $14.97 compared to valuations over 10 years:
NLY data by GuruFocus.comGuru Chuck Akre is the founder of Akre Capital Management. He was named to Barron's "Top 100 Mutual Fund Managers" list from 2003 to 2006, one of only two small cap growth managers to make the list for four consecutive years. The current portfolio of Chuck Akre of Akre Capital Management lists 37 stocks, four of them new, with a total value of $1.76 billion and a quarter-over-quarter turnover of 11%. Akre is known for his long-term equity strategy and for being tax efficient. His portfolio turnover is considered extremely low across portfolio management history.
If you are not yet a Premium Member, we invite you for a 7-day Free Trial.
Use the GuruFocus Value Screen to find 52-Week Lows and discover potentially deep value stocks held by billionaire Guru investors.
GuruFocus "Real Time Picks" reports the stock purchases and sales that Gurus have made within the prior 2 weeks. The report time lag can be as short as 2 days after the date of the transaction. This feature is for Premium Members only.
GuruFocus’ Score Board of Gurus shows which investors produced the largest average returns in the past 6 and 12 months, as well as on a historical basis.
