AKRE CAPITAL MANAGEMENT LLC

The Adviser provides advisory services on a discretionary basis to various clients, including individuals, institutions, separately managed accounts, registered investment companies, private funds, family offices, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations, and other business entities. The Adviser typically manages accounts in accordance with its overall investment style, which involves long-term investing in equity securities of issuers identified through fundamental, bottom-up analysis. Separate account clients may impose restrictions on investing in certain securities or types of securities. As of December 31, 2024, the Adviser had approximately $14.3 billion of client assets under management, all of which was managed on a discretionary basis. The advisory business also involves acquiring advice relating to the advisability of investing in securities; analyses or reports about issuers, industries, securities, economic factors, economic trends, and portfolio strategy; and access to meetings with corporate executives or certain seminars. This is a result of client brokerage commissions.

The Adviser employs several investment strategies, including equity investments focusing on growth, core, and value styles, as well as style-neutral portfolios. These strategies aim for capital growth by selecting securities of companies expected to have above-average earnings growth compared to their industry or the overall market. Additionally, the Adviser utilizes a focused/non-diversification approach, concentrating investments in a limited number of issuers without diversifying across security types, issuers, countries, or industry sectors. They also employ a buy-and-hold strategy, typically holding securities for extended periods, regardless of short-term market fluctuations or stock price volatility.

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