13F-HR 1 d1219133_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: June 30, 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 August 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: $558,644 (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

Voting Authority Value Shares/ Sh/ Put/ Invstmt Other Name of Issuer Title of class CUSIP (x$1000) Prn Amt Prn Call Dscretn Mgrs Sole Shared None AEROPOSTALE COM 007865108 7,437 425,000 SH Sole NONE 425,000 AMERICAN TOWER CORP CL A 029912201 69,626 1,330,520 SH Sole NONE 1,330,520 ANNALY CAP MGMT INC COM 035710409 3,774 209,225 SH Sole NONE 209,225 ASSURED GUARANTY LTD COM G0585R106 3,262 200,000 SH Sole NONE 200,000 BECTON DICKINSON & CO COM 075887109 4,308 50,000 SH Sole NONE 50,000 BERKSHIRE HATHAWAY INC DEL CL A 084670108 7,895 68 SH Sole NONE 68 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 7,139 92,250 SH Sole NONE 92,250 CARMAX INC COM 143130102 26,431 799,231 SH Sole NONE 799,231 CSX CORP COM 126408103 1,398 53,304 SH Sole NONE 53,304 DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 2,456 30,210 SH Sole NONE 30,210 DOLLAR TREE INC COM 256746108 47,748 716,719 SH Sole NONE 716,719 ENSTAR GROUP LIMITED SHS G3075P101 48,985 468,803 SH Sole NONE 468,803 ENTERPRISE PRODS PARTNERS L COM 293792107 571 13,207 SH Sole NONE 13,207 ENTERTAINMENT PPTYS TR COM SH BEN INT 29380T105 246 5,265 SH Sole NONE 5,265 EXXON MOBIL CORP COM 30231G102 206 2,528 SH Sole NONE 2,528 FACTSET RESH SYS INC COM 303075105 15,732 153,750 SH Sole NONE 153,750 HARTFORD FINL SVCS GROUP INC DEP CONV PFD 416515708 19,490 750,195 SH Sole NONE 750,195 LAMAR ADVERTISING CO CL A 512815101 43,509 1,589,655 SH Sole NONE 1,589,655 LPL INVT HLDGS INC COM 50213H100 3,368 98,450 SH Sole NONE 98,450 MARKEL CORP COM 570535104 44,303 111,649 SH Sole NONE 111,649 MASTERCARD INC CL A 57636Q104 55,903 185,515 SH Sole NONE 185,515 MIDDLEBURG FINANCIAL CORP COM 596094102 1,920 128,530 SH Sole NONE 128,530 NUSTAR GP HOLDINGS LLC UNIT RESTG LLC 67059L102 490 13,620 SH Sole NONE 13,620 O REILLY AUTOMOTIVE INC NEW COM 67103H107 39,976 610,235 SH Sole NONE 610,235 PENN NATL GAMING INC COM 707569109 11,579 287,040 SH Sole NONE 287,040 PRIMO WTR CORP COM 74165N105 1,079 75,000 SH Sole NONE 75,000 ROSS STORES INC COM 778296103 50,609 631,665 SH Sole NONE 631,665 PRICE T ROWE GROUP INC COM 74144T108 6,090 100,930 SH Sole NONE 100,930 TD AMERITRADE HLDG CORP COM 87236Y108 7,804 400,000 SH Sole NONE 400,000 TECHNE CORP COM 878377100 4,168 50,000 SH Sole NONE 50,000 TJX COS INC NEW COM 872540109 13,202 251,330 SH Sole NONE 251,330 WHITE RIVER CAPITAL INC COM 96445P105 1,796 93,273 SH Sole NONE 93,273 WMS INDS INC COM 929297109 6,144 200,000 SH Sole NONE 200,000

SK 22045 0004 1219133