Akre Focus ETF

AKRE

時価総額 $51億

I maintain the Hold rating on the Akre Focus ETF. AKRE has surprised on the upside since my May article, outperforming the S&P 500 against a rather challenging backdrop, chiefly thanks to its application software picks. AKRE's portfolio of 17 stocks has demonstrated slight improvements in terms of growth, GARP, and quality characteristics, which is encouraging but insufficient for a rating upgrade.

Registered investment advisors did not pull back on exchange-traded funds in the first quarter of 2026. They kept adding them, according to AdvizorPro's Q1 2026 Quarterly RIA ETF Trends Report.

I initiate coverage of the Akre Focus ETF with a Hold rating. Since conversion into an ETF in October 2025, the ultra-concentrated AKRE has severely underperformed IVV and RSP amid the software rout. Its AUM has declined by about 41%. However, performance of its predecessor fund, which had the same investment philosophy, was quite robust, as illustrated by 10 full calendar years of outperformance vs. the S&P 500 since 2009.

The Akre Focus ETF's first quarter 2026 performance was -19.40% compared with the S&P 500 Total Return of -4.33%, primarily driven by severe valuation multiple contraction. The gap between growth expectations and the Akre Focus ETF's valuation reached its widest point since September 2016, making valuation a potential tailwind for returns. Akre Capital sees large-language models and AI-based coding tools as important sources of value enhancement for high-quality incumbent software and information services businesses at a manageable cost.

Acquired 289,630 shares in AKRE with an estimated trade value of $18.97 million. Quarter-end position value increased by $18.97 million, reflecting both the new stake and price movement.

Ironwood Investment Counsel, LLC bought 344,154 shares of AKRE; estimated trade value is $22.55 million based on quarterly average pricing. Quarter-end position value increased by $22.55 million, reflecting both the new stake and price movement during the quarter.

Mesirow Financial Investment Management bought 2,012,662 shares of Akre Focus ETF (AKRE) in the fourth quarter. The firm's 13F disclosed a stake valued at $131.8 million at the end of the fourth quarter.

Lynx Investment Advisory bought 87,467 shares in the fourth quarter. The firm's 13F shows a stake valued at $5.7 million at the end of the quarter.

Urban Financial Advisory bought 440,266 shares of Akre Focus ETF in the fourth quarter. The firm's 13F for the quarter showed the position valued at $28.8 million.

Washington-based Capital Planning LLC initiated a new position in the Akre Focus ETF during the fourth quarter. The fund purchased 114,952 shares worth $7.45 million.