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INVESTING IDEAS

Discover and validate investing ideas with valuation models and charts.

Applied Materials (NASDAQ: AMAT) Supplies Over 25% Upside

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  • Broad market leadership, industry-leading R&D, and healthy margins have Applied Materials favorably positioned.
  • Entrenched customer relationships provide a significant competitive advantage and bolster growth prospects.
  • Current trading levels suggest over 25% upside and provide the necessary margin of safety for value investors.

Buffett’s Blend

Value investor Warren Buffett once described his investing style as 85% Benjamin Graham and 15% Philip Fisher. While most investors know Benjamin Graham as the father of security analysis, Fisher may not be quite as well known.

Fisher made his mark on the investment industry in his own right when he coined the term “scuttlebutt” research to describe interview-intensive research with industry players. He also authored the popular book “Common Stocks and Uncommon Profits.” In the book, Fisher outlined fifteen points for what to look for in a stock.

Among Fisher’s due diligence points were market leadership, healthy margins, and a commitment towards research and development. This led Fisher to concentrate on innovative and growing technology companies. A technology company with a combination of Fisher’s criteria at a value price would be an attractive blend of Graham’s and Fisher’s approaches.

Currently, semiconductor manufacturing equipment leader Applied Materials, Inc. (NASDAQ: AMAT) appears to be trading at a value price (more on that below) and scores well on Fisher’s criteria. As such, let’s take a closer look at AMAT’s business model, recent results, and competitive position ahead of the company’s earnings announcement on Thursday.


Applied’s Business Model

Applied Materials is an industry leader in supplying manufacturing equipment, services, and software to the semiconductor, display, and related industries worldwide. The company operates with three reportable segments that include Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets.

The Semiconductor segment (65% of 2017 net sales) develops and sells manufacturing equipment for semiconductor chip fabrication. Global Services (21%) offers integrated service and software solutions for its semiconductor and display products. The Display and Adjacent Markets segment (13%) consists of products for manufacturing liquid crystal displays, OLEDs, and displays for other consumer-oriented technologies:

AMAT Revenue BreakoutSource: Applied Materials 10-K

Korea (28% of net sales), Taiwan (23%), and China (19%) represent AMAT’s top three geographic regions:

AMAT Rev GEO BreakoutSource: Applied Materials 10-K

Applied is the leader in material deposition and etch, a leading supplier in display, and has an installed base of more than 30,000 tools. Samsung (SSNLF), Taiwan Semiconductor (NYSE: TSM), Intel (NASDAQ: INTC), and Micron Technology (NASDAQ: MU) have historically represented AMAT’s largest customers:

AMAT Product Growth

Source: Applied Materials 10-K


Latest Results, Moat Analysis, and Growth Prospects

Second Quarter 2018 Results

In Applied’s second quarter, net sales improved 29% year-over-year to a record $4.57 billion. The semiconductor segment grew 25% to a record $2.99B while global services increased 30%. Global services was driven by strong demand for spare parts and new long-term service agreements and renewals:

AMAT Quarterly Results

Source: Applied Materials 10-Q

Non-GAAP operating profit increased 40% to $1.38B and earnings were up 54% to $1.22 per share. AMAT generated $611M in cash from operations, repurchased $2.5B of stock, and distributed $105M in dividends.

Applied’s Competitive Advantages

The third point of Philip Fisher’s fifteen-point investment checklist emphasized the importance of a company’s research and development:

“[R&D investment and related ratios] can prove a crude yardstick that may give a worthwhile hint that one company is doing an abnormal amount of research or another not nearly enough.”

In the rapidly-changing technology industry, research and development is vital. It also appears to be one of AMAT’s biggest strengths:

AMAT R&D Expense

Source: Applied Materials, Research and Development, Finbox.io

Applied’s $1.8B in R&D leads its peers and allows the company to take advantage of technology shifts. Its entrenched relationships and collaboration with customers also appear to give AMAT an enduring advantage over upstarts. Overall, Applied looks to have a significant competitive advantage in relation to its peers.

AMAT’s return on invested capital (26.6%) in comparison to peers and its own weighted average cost of capital (10%) also provides validation of its strong competitive position:

AMAT ROIC

Source: Applied Materials, Return on Invested Capital, Finbox.io

Sources of Growth

AMAT’s strength in R&D and relationships with its customers should continue to make it difficult for peers while simultaneously bolstering growth. As demand for ever-evolving chips grows with the rise of industry trends (mobile, internet of things, artificial intelligence, and automation) AMAT’s customer-driven R&D insights can continue to support next-generation product and growth. While Applied looks positioned for growth over the long term, semiconductor comps will be tougher and management expects weakened display growth over the short-term.


AMAT’s Intrinsic Value:

Wall Street sees double-digit revenue growth with expansion in EBITDA margin over the next year:

AMAT Forecast

Source: Applied Materials 5-Year DCF Model, finbox.io

Revenue growth is expected to be in the mid-single digits over the medium-term while EBITDA margin moderates.

AMAT Fundamental Stats Chart

Source: Applied Materials, finbox.io Revenue Explorer

Incorporating these estimates into twelve finbox.io valuation models produces an average fair value estimate of $56.33 per share. This suggests 17% upside to recent trading levels:

AMAT Finbox.io Fair Value

Source: Applied Materials, finbox.io

Wall Street’s 1-year target is even higher at $66.35 per share, which implies almost 40% upside. A blended valuation (50% finbox.io and 50% Wall Street) produces a $61.34 estimate of intrinsic value, or 27% upside.


Risks:

The cyclical nature in demand from the semiconductor industry affects all industry players. Weakness in the global economy could affect chipmaker demand and capital expenditures, which could soften demand for AMAT’s products and services. Still, Applied’s broad portfolio of products should help to offset. Applied needs to continue to anticipate technology transitions to maintain its competitive position as well.


Applied Materials Conclusion:

Applied Materials’ commitment to research and development and entrenched relationships with customers appears to give the company a significant competitive advantage over peers. Market leadership, healthy margins, and favorable industry trends all have AMAT positioned well. Showing over 25% upside, Fisher and Buffett-inspired value investors should give AMAT a closer look ahead of its earnings announcement this week.

Article originally posted at finbox.io/blog.

7 Blue Harbour Group Stocks With Big Sales Growth

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Open Text Corporation (NASDAQ: OTEX) and ON Semiconductor Corporation (NASDAQ: ON) are among the high growth stocks that Clifton Robbins owns based on recent SEC filings. Growth investors may want to take a closer look at the names below.


Blue Harbour Group’s Fastest Growing Stocks

Analysts often look at companies as either thriving, surviving or dying. Analyzing a company’s revenue growth can help distinguish between these stages. Growth of over 10% typically signifies the core business is doing very well and the company’s products and services are in demand.

The table below lists 7 stocks in Blue Harbour Group’s portfolio that have strong top-line growth.

Blue Harbour Group Fastest Growing Stocks
Ticker Name Revenue Growth % Of Portfolio
OTEX OPEN TEXT CORP 29.0% 11.8%
ON ON SEMICONDUCTOR CORP 21.2% 4.7%
MDRX ALLSCRIPTS HEALTHCARE SOLUTN 17.9% 0.1%
FTNT FORTINET INC 16.7% 5.1%
ISBC INVESTORS BANCORP INC NEW 10.4% 14.0%
XLNX XILINX INC 8.1% 12.5%
MD MEDNAX INC 7.9% 8.7%

Open Text Corporation (NasdaqGS: OTEX) is the fastest growing company in Blue Harbour Group’s portfolio. The company’s LTM total revenue of $2,725 million is up 29.0% year-over-year. Very impressive. Note that the stock price is up 13.8% over the last twelve months.

ON Semiconductor Corporation (NASDAQ: ON) appears to be the second highest growth stock in the portfolio. The company’s latest top-line improvement of 21.2% is very intriguing. With 17.9% LTM sales growth, Allscripts Healthcare Solutions, Inc. (NASDAQ: MDRX) is the third fastest growing company in Clifton Robbins’s portfolio.

Other notable growth stocks include Fortinet, Inc. (NASDAQ: FTNT), Investors Bancorp, Inc.(NASDAQ: ISBC), Xilinx, Inc. (NASDAQ: XLNX) and Mednax, Inc (NYSE: MD).


Why Follow Clifton Robbins’s Portfolio?

Clifton Robbins is a highly respected activist investor and the founder and CEO of Blue Harbour Group. While Blue Harbour is an activist investor, the company stresses that it only works collaboratively with management. In fact, the firm prides itself on the fact that it has never engaged in a proxy war or waged a media campaign against a company.

Before founding Blue Harbour, much of Clifton’s career was in private equity which appears to come through in his approach to investing. He likes to think like an owner, and ask the question: “if we owned the whole company what would we do differently?”

Robbins has a specific niche that he operates in. He looks for companies worth less than $10 billion where he believes the management team is strong but may not be aware of all the ways they can unlock value. He is only interested in working with leaders who are receptive to his ideas. Robbins has also stated he is not interested in fixing broken companies.

His focus therefore is on unlocking value in quality, well managed companies that he thinks are being undervalued by the market. Blue Harbour encourages companies to improve shareholder value by enhancing capital allocation strategies, executing strategic initiatives, and aligning management and shareholder interests. With a solid track record, it is worth taking a deeper look into his current equity holdings.

The ideas section of finbox.io tracks top investors and trending investment themes. You can get the latest data on the holdings discussed above at the Blue Harbour Group page.

As of this writing, I did not hold a position in any of the aforementioned securities and this is not a buy or sell recommendation on any security mentioned.

Fastest Growing Stocks In Chuck Akre’s Portfolio

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Akre Capital Management released its quarterly 13F filing with the SEC on May 15th. Analyzing the recent performance of the firm’s holdings, I highlight their fastest growing stocks below.


Akre Capital Management’s Fastest Growing Stocks

Analysts often look at companies as either thriving, surviving or dying. Analyzing a company’s revenue growth can help distinguish between these stages. Growth of over 10% typically signifies the core business is doing very well and the company’s products and services are in demand.

The table below lists 7 stocks in Akre Capital Management’s portfolio that have strong top-line growth.

Akre Capital Management Fastest Growing Stocks
Ticker Name Revenue Growth % Of Portfolio
PRMW PRIMO WTR CORP 74.9% 0.3%
AMTD TD AMERITRADE HLDG CORP 33.6% 2.3%
ALRM ALARM COM HLDGS INC 29.4% 0.2%
MA MASTERCARD INC 20.6% 12.2%
ROP ROPER INDS INC NEW 18.9% 5.7%
KKR KKR & CO L P DEL 18.9% 1.3%
UBNT UBIQUITI NETWORKS INC 18.7% 2.4%

Primo Water Corporation (NasdaqGM: PRMW) is the fastest growing company in Akre Capital Management’s portfolio. The company’s LTM total revenue of $299 million is up 74.9% year-over-year. Very impressive. Note that the stock price is up 39.7% over the last twelve months.

TD Ameritrade Holding Corporation (NASDAQ: AMTD) appears to be the second highest growth stock in the portfolio. The company’s latest top-line improvement of 33.6% is very intriguing. With 29.4% LTM sales growth, Alarm.com Holdings, Inc. (NASDAQ: ALRM) is the third fastest growing company in Chuck Akre’s portfolio.

Other notable growth stocks include Mastercard Incorporated (NYSE: MA), Roper Technologies, Inc. (NYSE: ROP), KKR & Co. L.P. (NYSE: KKR) and Ubiquiti Networks, Inc.(NASDAQ: UBNT).


Final Thoughts

Akre Capital prides itself on being extremely discerning when selecting stocks. The investment team obsesses over the quality of the people running a business and the rate of return. In a 2014 interview, Akre said he looks for companies that he thinks are ‘compounding machines.’ At the time the firm owned Mastercard Inc (NYSE: MA) and Visa Inc (NYSE: V) which he pointed out have margins of over 30%, which is around three times that of the average US company.

Akre and his colleagues also refer to what they call the ‘three-legged stool’ approach to finding compounding machines. The three requirements are exceptional people running the business, reinvestment acumen and opportunities for reinvestment. The last point is important because even if the management team is good at allocating capital, they can’t generate returns if there are no opportunities.

In 2015, Akre wrote an article in which he asserts that rate of return is the most important metric to use when evaluating an investment. He said that in most cases this can be measured by the growth in the book value of a share.

Akre capital often holds positions for over ten years. As long as a company is able to keep increasing its economic value, the firm will hold a stock. Although the firm is a long-term investor, Akre doesn’t attribute its success to ‘buy and hold’ investing, but to the quality of the companies they buy.

Managers with more than $100 million in qualifying assets under management are required to disclose their holdings to the SEC each quarter via 13F filings. Qualifying assets include long positions in U.S. equities and ADRs, call/put options, and convertible debt securities. Shorts, cash positions, foreign investments and other assets are not included. It is important to note that these filings are due 45 days after the quarter end date. Therefore, Akre Capital Management’s holdings above represent positions held as of March 31st and not necessarily reflective of the fund’s current stock holdings.

However, most can agree that with thousands of stocks traded on U.S. exchanges, doing thorough research on each one is nearly impossible for smaller investors. Leveraging the resources of the largest hedge funds on Wall Street can be a powerful way to narrow down the list.

The ideas section of finbox.io tracks top investors and trending investment themes. You can get the latest data on the holdings discussed above at the Akre Capital Management page.

As of this writing, I did not hold a position in any of the aforementioned securities and this is not a buy or sell recommendation on any security mentioned.

Stocks In Clifton Robbins Portfolio That Wall Street Loves

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Blue Harbour Group released its quarterly 13F filing with the SEC on May 15th. Applying Wall Street price targets, I highlight the firm’s most undervalued stocks below.


Blue Harbour Group’s 7 Bullish Analyst Targets

Banks and brokerages often release 12 to 18 month price targets for the stocks they cover. Analyst upgrades and downgrades alone can often impact a company’s stock price.

“In the short run, the market is a voting machine but in the long run, it is a weighing machine.” – Benjamin Graham

The table below ranks stocks in Blue Harbour Group’s portfolio with most bullish analyst targets:

Blue Harbour Group 7 Bullish Analyst Targets
Ticker Name Upside (Analyst Target) % Of Portfolio
MDRX ALLSCRIPTS HEALTHCARE SOLUTN 27.1% 0.1%
OTEX OPEN TEXT CORP 20.7% 11.8%
MD MEDNAX INC 20.0% 8.7%
WCC WESCO INTL INC 19.5% 3.2%
ON ON SEMICONDUCTOR CORP 18.8% 4.7%
COMM COMMSCOPE HLDG CO INC 16.5% 10.7%
JACK JACK IN THE BOX INC 14.5% 2.0%

Allscripts Healthcare Solutions, Inc. (NasdaqGS: MDRX) appears to be the most undervalued stock in the fund based on the average price target from Wall Street analysts.

Open Text Corporation (NASDAQ: OTEX) appears to be the second most undervalued stock in the portfolio. The company’s upside of 20.7% is very intriguing. With 20.0% margin of safety, Mednax, Inc (NYSE: MD) is the third most attractively priced security.

Other notable holdings with nice upside potential includes WESCO International, Inc. (NYSE: WCC), ON Semiconductor Corporation (NASDAQ: ON), CommScope Holding Company, Inc.(NASDAQ: COMM) and Jack In The Box Inc. (NASDAQ: JACK).


Final Thoughts

Clifton Robbins is a highly respected activist investor and the founder and CEO of Blue Harbour Group. While Blue Harbour is an activist investor, the company stresses that it only works collaboratively with management. In fact, the firm prides itself on the fact that it has never engaged in a proxy war or waged a media campaign against a company.

Before founding Blue Harbour, much of Clifton’s career was in private equity which appears to come through in his approach to investing. He likes to think like an owner, and ask the question: “if we owned the whole company what would we do differently?”

Robbins has a specific niche that he operates in. He looks for companies worth less than $10 billion where he believes the management team is strong but may not be aware of all the ways they can unlock value. He is only interested in working with leaders who are receptive to his ideas. Robbins has also stated he is not interested in fixing broken companies.

His focus therefore is on unlocking value in quality, well managed companies that he thinks are being undervalued by the market. Blue Harbour encourages companies to improve shareholder value by enhancing capital allocation strategies, executing strategic initiatives, and aligning management and shareholder interests. With a solid track record, it is worth taking a deeper look into his current equity holdings.

Managers with more than $100 million in qualifying assets under management are required to disclose their holdings to the SEC each quarter via 13F filings. Qualifying assets include long positions in U.S. equities and ADRs, call/put options, and convertible debt securities. Shorts, cash positions, foreign investments and other assets are not included. It is important to note that these filings are due 45 days after the quarter end date. Therefore, Blue Harbour Group’s holdings above represent positions held as of March 31st and not necessarily reflective of the fund’s current stock holdings.

However, most can agree that with thousands of stocks traded on U.S. exchanges, doing thorough research on each one is nearly impossible for smaller investors. Leveraging the resources of the largest hedge funds on Wall Street can be a powerful way to narrow down the list.

The ideas section of finbox.io tracks top investors and trending investment themes. You can get the latest data on the holdings discussed above at the Blue Harbour Group page.

As of this writing, I did not hold a position in any of the aforementioned securities and this is not a buy or sell recommendation on any security mentioned.

Have Investors Already Priced In Noodles & Company (NASDAQ: NDLS) Growth?

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Noodles & Company (NASDAQ: NDLS), a consumer discretionary company with a market capitalization of $506 million, saw its share price increase by 66.6% over the prior three months. As a small-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock. Is there still an opportunity here to buy? Let’s examine Noodles & Company’s valuation and outlook in more detail to determine if there’s still a bargain opportunity.


Is Noodles & Company Still Cheap?

According to my valuation models, the stock is currently overvalued by approximately -23.0%, trading at $12.35 compared to its intrinsic value of $9.52. Not the best news for investors looking to buy!

Noodles & Company Valuation Detail
Analysis Model Fair Value Upside (Downside)
10-yr DCF Revenue Exit $13.48 9.1%
5-yr DCF Revenue Exit $16.80 36.0%
10-yr DCF EBITDA Exit $11.49 -6.9%
5-yr DCF EBITDA Exit $14.16 14.6%
Peer EBITDA Multiples $8.09 -34.5%
10-yr DCF Growth Exit $3.03 -75.4%
5-yr DCF Growth Exit $2.90 -76.5%
Earnings Power Value $6.18 -49.9%
Average $9.52 -23.0%

Click on any of the analyses above to view the latest model with real-time data.

In addition to this, it seems like Noodles & Company’s share price is quite stable, which could mean two things. One, it may take the share price a while to fall back down to an attractive buying range, and two, there may be less chances to buy low in the future once it reaches that value. This is because the stock is less volatile than the wider market given its low beta of -0.39.


What Does The Future Of Noodles & Company Look Like?

Investors looking for growth in their portfolio may want to consider the prospects of a company before buying its shares. Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company’s future expectations.

Noodles & Company projected revenue chartsource: finbox.io data explorer

Noodles & Company’s revenue growth is expected to average 1.4% over the next five fiscal years indicating that the core business could be in real trouble. In fact, this could imply that its products or services are losing demand and/or becoming irrelevant.


How This Impacts You

Many investors separate stocks into value and growth categories based on quantitative metrics. However, one of the most famous investors in the world views this as foolish. In Warren Buffett’s 1992 letter to Berkshire Hathaway shareholders, Buffett touches upon a subject at odds with much of the investment industry:

“Most analysts feel they must choose between two approaches customarily thought to be in opposition: ‘value’ and ‘growth.’ Indeed, many investment professionals see any mixing of the two terms as a form of intellectual cross-dressing. We view that as fuzzy thinking… In our opinion, the two approaches are joined at the hip: Growth is always a component in the calculation of value.”

While investors tend to categorize stocks into value and growth, some of the most successful investors view growth as simply one component of a company’s value.

Unfortunately for shareholders, Noodles & Company’s future growth is relatively low and it appears the stock is now trading above its intrinsic value. Therefore, it may be a good time to begin reducing your position in the company. However, there are also other factors to consider that could explain the current overvaluation.

But before making an investment decision, I recommend you continue to research Noodles & Company to get a more comprehensive view of the company by looking at:

Risk Metrics: what is Noodles & Company’s cash ratio which is used to assess a company’s short-term liquidity. View the company’s cash ratio here.

Valuation Metrics: what is Noodles & Company’s free cash flow yield and how does it compare to its publicly traded peers? This metric measures the amount of free cash flow for each dollar of equity (market capitalization). Analyze the free cash flow yield here.

Efficiency Metrics: return on equity is used to measure the return that a firm generates on the book value of common equity. View Noodles & Company’s return on equity here.

As of this writing, I did not hold a position in any of the aforementioned securities and this is not a buy or sell recommendation on any security mentioned.

LKQ Corporation (NASDAQ: LKQ) and Berkshire Hathaway Inc. (NYSE: BRK.A) Among the Most Undervalued Akre Capital Holdings

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Here is what Wall Street believes are the most attractively priced stocks in Chuck Akre’s portfolio. Investors may want to take a closer look at the names below.


Akre Capital Management’s 7 Bullish Analyst Targets

Banks and brokerages often release 12 to 18 month price targets for the stocks they cover. Analyst upgrades and downgrades alone can often impact a company’s stock price.

“In the short run, the market is a voting machine but in the long run, it is a weighing machine.” – Benjamin Graham

The table below ranks stocks in Akre Capital Management’s portfolio with most bullish analyst targets:

Akre Capital Management 7 Bullish Analyst Targets
Ticker Name Upside (Analyst Target) % Of Portfolio
LKQ LKQ CORP 34.5% 1.6%
BRK.A BERKSHIRE HATHAWAY INC DEL 24.8% 0.2%
BRK.B BERKSHIRE HATHAWAY INC DEL 24.4% 0.8%
AMTD TD AMERITRADE HLDG CORP 24.1% 2.3%
DLTR DOLLAR TREE INC 23.2% 6.0%
ALRM ALARM COM HLDGS INC 18.3% 0.2%
ROP ROPER INDS INC NEW 13.7% 5.7%

LKQ Corporation (NasdaqGS: LKQ) appears to be the most undervalued stock in the fund based on the average price target from Wall Street analysts.

Berkshire Hathaway Inc. (NYSE: BRK.A) appears to be the second most undervalued stock in the portfolio. The company’s upside of 24.8% is very intriguing. With 24.4% margin of safety, Berkshire Hathaway Inc. (NYSE: BRK.B) is the third most attractively priced security.

Other notable holdings with nice upside potential includes TD Ameritrade Holding Corporation(NASDAQ: AMTD), Dollar Tree, Inc. (NASDAQ: DLTR), Alarm.com Holdings, Inc. (NASDAQ: ALRM) and Roper Technologies, Inc. (NYSE: ROP).


Why It’s Worth Monitoring Akre Capital Management Holdings

Akre Capital prides itself on being extremely discerning when selecting stocks. The investment team obsesses over the quality of the people running a business and the rate of return. In a 2014 interview, Akre said he looks for companies that he thinks are ‘compounding machines.’ At the time the firm owned Mastercard Inc (NYSE: MA) and Visa Inc (NYSE: V) which he pointed out have margins of over 30%, which is around three times that of the average US company.

Akre and his colleagues also refer to what they call the ‘three-legged stool’ approach to finding compounding machines. The three requirements are exceptional people running the business, reinvestment acumen and opportunities for reinvestment. The last point is important because even if the management team is good at allocating capital, they can’t generate returns if there are no opportunities.

In 2015, Akre wrote an article in which he asserts that rate of return is the most important metric to use when evaluating an investment. He said that in most cases this can be measured by the growth in the book value of a share.

Akre capital often holds positions for over ten years. As long as a company is able to keep increasing its economic value, the firm will hold a stock. Although the firm is a long-term investor, Akre doesn’t attribute its success to ‘buy and hold’ investing, but to the quality of the companies they buy.

Managers with more than $100 million in qualifying assets under management are required to disclose their holdings to the SEC each quarter via 13F filings. Qualifying assets include long positions in U.S. equities and ADRs, call/put options, and convertible debt securities. Shorts, cash positions, foreign investments and other assets are not included. It is important to note that these filings are due 45 days after the quarter end date. Therefore, Akre Capital Management’s holdings above represent positions held as of March 31st and not necessarily reflective of the fund’s current stock holdings.

However, most can agree that with thousands of stocks traded on U.S. exchanges, doing thorough research on each one is nearly impossible for smaller investors. Leveraging the resources of the largest hedge funds on Wall Street can be a powerful way to narrow down the list.

The ideas section of finbox.io tracks top investors and trending investment themes. You can get the latest data on the holdings discussed above at the Akre Capital Management page.

As of this writing, I did not hold a position in any of the aforementioned securities and this is not a buy or sell recommendation on any security mentioned.

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