13F-HR 1 akre13fhrnon.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, 2012 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 15, 2012 ----------------------- -------------------------- ------------------ [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: 38 Form 13F Information Table Value Total: $974,808 (x1000) Information with respect to which the Institutional Investment Manager is requesting confidential treatment has been omitted and filed separately with the Securities and Exchange Commission. 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 FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 TITLE VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE AMERICAN TOWER CORP NEW CL A 03027X100 106,353 1,687,609 SH Sole NONE 1,687,609 APPLE INC COM 037833100 8,454 14,100 SH Sole NONE 14,100 BANK OF AMERICA CORPORATION COM 060505104 7,656 800,000 SH Sole NONE 800,000 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 17,687 217,960 SH Sole NONE 217,960 BERKSHIRE HATHAWAY INC DEL CL A 084670108 7,192 59 SH Sole NONE 59 CSX CORP COM 126408103 1,098 51,061 SH Sole NONE 51,061 CARMAX INC COM 143130102 27,760 801,142 SH Sole NONE 801,142 DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 8,670 117,718 SH Sole NONE 117,718 DOLLAR TREE INC COM 256746108 69,736 738,020 SH Sole NONE 738,020 ENSTAR GROUP LIMITED SHS G3075P101 48,603 490,988 SH Sole NONE 490,988 EXXON MOBIL CORP COM 30231G102 219 2,528 SH Sole NONE 2,528 FACTSET RESH SYS INC COM 303075105 12,875 130,000 SH Sole NONE 130,000 HARTFORD FINL SVCS GROUP INC COM 416515104 17,031 807,900 SH Sole NONE 807,900 LPL INVT HLDGS INC COM 50213H100 30,352 800,000 SH Sole NONE 800,000 LAMAR ADVERTISING CO CL A 512815101 34,596 1,067,440 SH Sole NONE 1,067,440 LEUCADIA NATL CORP COM 527288104 15,770 604,200 SH Sole NONE 604,200 MGIC INVT CORP WIS COM 552848103 1,984 400,000 SH Sole NONE 400,000 MARKEL CORP COM 570535104 60,878 135,603 SH Sole NONE 135,603 MASTERCARD INC CL A 57636Q104 115,918 275,640 SH Sole NONE 275,640 MOODYS CORP COM 615369105 42,100 1,000,000 SH Sole NONE 1,000,000 O REILLY AUTOMOTIVE INC NEW COM 67103H107 50,444 552,205 SH Sole NONE 552,205 PENN NATL GAMING INC COM 707569109 7,578 176,312 SH Sole NONE 176,312 PRIMO WTR CORP COM 74165N105 2,145 1,100,000 SH Sole NONE 1,100,000 ROSS STORES INC COM 778296103 95,752 1,648,062 SH Sole NONE 1,648,062 SEARS HLDGS CORP COM 812350106 19,875 300,000 SH Sole NONE 300,000 PRICE T ROWE GROUP INC COM 74144T108 2,181 33,405 SH Sole NONE 33,405 TD AMERITRADE HLDG CORP COM 87236Y108 46,389 2,350,000 SH Sole NONE 2,350,000 TJX COS INC NEW COM 872540109 38,579 971,520 SH Sole NONE 971,520 VISA INC COM CL A 92826C839 35,400 300,000 SH Sole NONE 300,000 WHITE RIVER CAPITAL INC COM 96445P105 2,086 93,273 SH Sole NONE 93,273 LENDER PROCESSING SVCS INC COM 52602E102 3,640 140,000 SH Sole NONE 140,000 UNDER ARMOUR INC CL A 904311107 1,974 21,000 SH Sole NONE 21,000 ANNALY CAP MGMT INC COM 035710409 16,456 1,040,225 SH Sole NONE 1,040,225 ENTERPRISE PRODS PARTNERS L COM 293792107 667 13,207 SH Sole NONE 13,207 ENTERTAINMENT PPTYS TR COM SH BEN INT 29380T105 244 5,265 SH Sole NONE 5,265 HARTFORD FINL SVCS GROUP INC DEP CONV PFD 416515708 15,901 741,635 SH Sole NONE 741,635 NUSTAR GP HOLDINGS LLC UNIT RESTG LLC 67059L102 477 13,770 SH Sole NONE 13,770 BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 88 19,000 SH Sole NONE 19,000