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Akre Focus conference call today, 4:00 Eastern

David_Snowball
in Fund Discussions
For those interested, I just got word of the impending Akre call. It's trick-or-treat day here so I'll be dashing about prepping the house for that so I won't be able to listen in but I thought some of you might enjoy being there.

David

AKRE FOCUS FUND MANAGERS WILL HOLD INVESTOR CALL THIS THURSDAY, OCTOBER 30th
Middleburg, VA-based Akre Capital Management will hold a conference call with portfolio co-managers of the Akre Focus Fund (AKREX) tomorrow, October 30, at 4:00 pm EDT to update investors on the fund’s portfolio. After initial remarks, there will be a Q&A session with the investment team, including chief investment officer Chuck Akre, and partners Tom Saberhagen, John Neff and Chris Cerrone.

To join the conference call:

Dial In: (877) 509-7719

Conference ID: 98245829
To submit a question for the Q&A session in advance, please email your questions to [email protected] no later than 5:00 pm EST on Wednesday, October 29.

Additionally, the firm now has some new and interesting material available on the new web site about the investment process, the team’s thought process and some of the issues they focus on -- here is the link to that page -- http://www.akrecapital.com/our-thinking/

Comments

  • rjb112
    Just saw this. Obviously missed the call. Did anyone hear it?
  • heezsafe
    edited November 2014
    The exhilarating and always inspirational 3-Legged Stool (metaphor) hangs on! But is it too soon to say it is "timeless?"
  • VintageFreakVintageFreak
    Frankly I just sold AKREX. I wish everyone in this fund the best. It has been a good ride for me but I cleaned up and put money in SEEDX.
  • rjb112
    VintageFreak said:

    Frankly I just sold AKREX. I wish everyone in this fund the best. It has been a good ride for me but I cleaned up and put money in SEEDX.

    @VintageFreak, Why did you sell it?
  • VintageFreakVintageFreak
    ANALysis. Took some losses in HSGFX, gains in AKREX to offset them. Did likewise with some other funds. However, yes I will pay some taxes.

    Now I stated my reason for selling. I bought it 2 months after inception. The manager is old. The last time he was in situation he would stop managing he "regretted" teaching his analysts to run the fund. Now he HAS to teach his co-managers to run the fund. I'm not so certain about manager succession plans at AKREX.

    I do very aggressive tax management every year. I don't look back at funds I sell. I keep a revolving bucket, buying and selling funds over and over. Keeps me on my toes and making costly mistakes.

    I sold WGRNX and BULLX too. See the "what are you buying and selling open thread".
  • rjb112
    VintageFreak said:

    ANALysis. Took some losses in HSGFX, gains in AKREX to offset them.

    Have you completely bailed out of Hussman? Or just sold part of your position?
  • BrianW
    I have some of the same concerns for Mr Akre but I've been with him since the FBR days and won't sell until he's gone (provided his returns stay consistent).
  • rjb112
    VintageFreak said:


    The manager is old...... Now he HAS to teach his co-managers to run the fund. I'm not so certain about manager succession plans at AKREX.

    BrianW said:

    I have some of the same concerns for Mr Akre

    Just how old is he, and has he stated that he doesn't plan to manage the fund much longer?

    I'm a shareholder, and very happy with the fund.
  • BrianW
    I believe Mr Akre is in his early 70's at this point. To my knowledge he hasn't mentioned any plans to step down.
  • rjb112
    edited November 2014
    BrianW said:

    I believe Mr Akre is in his early 70's at this point. To my knowledge he hasn't mentioned any plans to step down.

    That's good. He does a great job for shareholders and I hope he continues as manager for a very long time. You're lucky you've been with him so long. Hard to find a manager that good, and consistent.
  • BrianW
    Marty Whitman was managing well into his 80's. With this in mind, I could have yet another decade to enjoy Mr Akre's expertise. I hope his new charges are learning well, but just like his old trio, the students are seldom as good as the teacher.
  • rjb112
    BrianW said:

    Marty Whitman was managing well into his 80's. With this in mind, I could have yet another decade to enjoy Mr Akre's expertise. I hope his new charges are learning well, but just like his old trio, the students are seldom as good as the teacher.

    I hope to join you in continuing to enjoy Mr Akre's expertise for the next 10 years. I don't know anything about "his old trio", how have they done?
    Hopefully he teaches his "new charges" well and we can just stay in AKREX very long term.....
  • BrianW
    His former group of analyst took over his former fund (FBRVX). FBR was purchased and the former fund is now HFCSX. I've been keeping tabs on the former group. The performance hasn't been too bad, but the portfolio remains primarily as Mr Akre left it in 2009.
  • BrianW
    Actually, I should say his former group of analyst were provided an offer they couldn't refuse. There was a well publicized parting of the ways involving Mr Akre and FBR. As I understand it, FBRVX was the primary driver of fees for the firm. FBR wanted Mr Akre to take less of the pie. He refused and left to start his own firm, believing his Analyst were coming with him. FBR made a side deal with them to manage the former fund.
  • rjb112
    edited November 2014
    Here's a performance comparison of the 2 funds:

    image

    Seems like his former analysts have not done too badly. I should have included the S&P 500 with this. Maybe I can add it
  • rjb112
    edited November 2014
    OK, here's the S&P 500 included.

    image

    Maybe this bodes well for AKREX, since M* is showing that 2 of the analysts are now portfolio managers along with Chuck Akre
  • BrianW
    "Hard to find a manager that good, and consistent." I feel fortunate. I've been invested since the 90's and the day he left FBR, I sold and I followed. I've learned from listening to him over the years the role psychology plays in investing. If you read his shareholder letters, it seems so simple. And yet, if it was so simple everyone would be doing it. Mr Akre has a way of making it all seem so simple and yet he's still relatively unknown. His fund along with YAFFX, ARTKX, FPACX and FMI funds are my don't leave home without them investments. Timeless in nature and easy to hold on to, even when times are bad.
  • BrianW
    "Maybe this bodes well for AKREX, since M* is showing that 2 of the analysts are now portfolio managers along with Chuck Akre". Yeah, I believe that's his way of making sure the new group has a stake in the firm. If I recall correctly, the former group of analyst were never elevated to Portfolio Manager.
  • BrianW
    Don't be too fooled by the performance of HFCSX. That portfolio was constructed by Chuck Akre. I supposed something can be said for the fact they didn't screw it up. But, it is somewhat deceptive.
  • rjb112
    edited November 2014
    BrianW said:

    "Maybe this bodes well for AKREX, since M* is showing that 2 of the analysts are now portfolio managers along with Chuck Akre". Yeah, I believe that's his way of making sure the new group has a stake in the firm. If I recall correctly, the former group of analyst were never elevated to Portfolio Manager.

    That should make a very big difference in making the former analysts, now portfolio managers, feel more like "owners". Much better chance they will stick around for a long time. How many other analysts does the fund have besides the 2 that recently became co-portfolio managers?

    BTW, the former (now deceased) manager of Harbor International trained his former analysts/later co-managers very well, and now M* thinks they are just about as good as he was. It's very nice to have a transition like that. One reason I like Dodge & Cox funds so much is I don't have to ever worry about a manger leaving and the funds being affected.
  • BrianW
    To my knowledge, there are no other analysts.
  • BrianW
    Agreed. That's one of the reasons I like FMI funds (a very deep bench). Never paid too much attention to Harbor International, but you are correct, knowing the process can be continued is a definite plus. I owned Dodge & Cox until they began purchasing Washington Mutual. I try not to second guess the Manager I have hired, but that didn't seem wise and I sold.
  • rjb112
    Well, you were right on Washington Mutual. I've been happy with D&C and have most of their funds, and thinking that I can hold "forever" is a big part of that satisfaction. I probably should investigate their new Global Bond fund. You seem extremely satisfied with your stock mutual funds. This is off topic......I'll send you a PM instead of going off topic
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