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Chuck Akre 2nd 2014 Quarter Commentary

Holly LaFon

Holly LaFon

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AKRE FOCUS FUND 2nd QUARTER 2014 COMMENTARY

We continue to believe the U.S. economy is making modest advances. With that said, it will not surprise you that we disclaim any ability to forecast the rate of U.S. economic growth over the next six months, or six years for that matter. A mentor once remarked, “Happiness comes from small improvements.” The Akre Focus Fund Retail Shares (AKREX) and Institutional Shares (AKRIX) returned 3.70% and 3.76%, respectively, net of fees and expenses in the second quarter of 2014 versus the S&P 500 with a return of 5.23% for the same period.

Our positions in American Tower (AMT) and Moody’s were the largest contributors to performance over the quarter. TD Ameritrade (AMTD) and Discovery Communications (DISCA) were the most meaningful detractors from performance over the quarter. At the end of the first quarter the Fund was approximately 90.7% invested and the portfolio held 30 positions.

Chuck Akre (Trades, Portfolio)


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 1.36% and 1.11% 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 (Trades, Portfolio)

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.


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