Akre Capital Management

as of Dec. 31, 2005

Portfolio Holdings for

holds 59 positions in its portfolio as reported in the December 2005 quarterly 13F filing

Company (Ticker)
Portfolio Weight
Valued At
Change in Shares
Share Count
Share Price
Penn National Gaming (PENN) 18.2 $233M 7.1M 32.95
American Tower Corporation 16.7 $213M 7.8M 27.10
Markel Corporation (MKL) 9.5 $121M 381k 317.05
Americredit Corp. 4.6 $58M 2.3M 25.63
CarMax (KMX) 4.5 $57M 2.1M 27.68
99 Cents Only Stores 4.1 $52M 5.0M 10.46
Pinnacle Entertainment 3.6 $46M 1.9M 24.71
Monarch Casino & Resort (MCRI) 3.4 $44M 1.9M 22.60
Alliance Gaming/agi 2.3 $30M 2.3M 13.02
AES Corporation (AES) 2.2 $29M 1.8M 15.83
O'Reilly Automotive 2.0 $26M 808k 32.01
Toll Brothers (TOL) 1.9 $24M 701k 34.64
Simpson Manufacturing (SSD) 1.9 $24M 647k 36.35
Hilb Rogal & Hobbs 1.8 $23M 609k 38.51
D.R. Horton (DHI) 1.6 $20M 567k 35.73
Station Casinos/stn 1.5 $19M 280k 67.80
Global Imaging Systems/gisx 1.5 $19M 543k 34.63
American Woodmark Corporation (AMWD) 1.5 $19M 752k 24.79
Isle of Capri Casinos 1.3 $16M 671k 24.36
Landamerica Financial Group 1.2 $16M 250k 62.40
Boyd Gaming Corporation (BYD) 1.2 $15M 320k 47.66
International Game Technology 1.0 $13M 411k 30.78
Advance Auto Parts (AAP) 1.0 $13M 288k 43.46
International Speedway Corporation 0.8 $10M 213k 47.90
Berkshire Hathaway (BRK.A) 0.8 $9.8M 121.00 81280.99
Partner Re 0.7 $9.4M 144k 65.67
Willis Group Holdings 0.7 $9.1M 247k 36.94
Dynamex 0.7 $8.9M 465k 19.06
Fairfax Financial Holdings Lim (FRFHF) 0.7 $8.3M 58k 143.36
Bradley Pharmaceutical/bdy 0.7 $8.3M 877k 9.50
Mark West Hydro/mwp 0.6 $7.2M 326k 22.01
Coca-Cola Bottling Co. Consolidated (COKE) 0.5 $6.9M 161k 43.00
Citi 0.5 $6.1M 127k 48.53
Penn Virginia Corporation 0.5 $6.1M 106k 57.40
Berkshire Hathaway Inc. Class B 0.5 $5.8M 2.0k 2935.45
Dover Motorsports 0.4 $5.1M 831k 6.11
Ing Pref 6.125% 01/15/11 p 0.4 $4.9M 200k 24.35
Aeropostale 0.4 $4.8M 184k 26.30
Federal Home Loan Mortgage (FMCC) 0.3 $4.4M 67k 65.35
Wells Fargo & Company (WFC) 0.3 $3.8M 61k 62.84
ProAssurance Corporation (PRA) 0.3 $3.6M 75k 48.64
W. P. Carey & Co 0.2 $3.0M 117k 25.36
Goldman Sachs (GS) 0.2 $2.8M 22k 127.73
Investors Title Company (ITIC) 0.2 $2.6M 61k 42.16
Big 5 Sporting Goods Corporation (BGFV) 0.2 $2.5M 116k 21.89
White Mountains Insurance Gp (WTM) 0.2 $2.2M 3.9k 558.43
MICROS Systems 0.1 $1.9M 39k 48.33
Shuffle Master 0.1 $1.8M 70k 25.14
Quanta Cap. Holdings 0.1 $1.1M 225k 5.10
Brown & Brown (BRO) 0.1 $763k 25k 30.52
Florida Gaming Corporation (FGMG) 0.1 $723k 50k 14.49
Sands Regent/snds 0.1 $756k 74k 10.18
Triad Guaranty (TGIC) 0.1 $629k 14k 44.02
Progressive Corporation (PGR) 0.0 $566k 4.8k 116.80
CSX Corporation (CSX) 0.0 $483k 9.5k 50.75
Exxon Mobil Corporation (XOM) 0.0 $479k 8.5k 56.17
Entertainment Properties Trust 0.0 $520k 13k 40.77
Bank Of New York 0.0 $224k 7.0k 31.82
Equus Gaming Company (EQUUS) 0.0 $18k 62k 0.29