AKRE CAPITAL MANAGEMENT LLC

The Adviser provides discretionary advisory services to a diverse clientele, 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 based on its long-term investment style, which involves investing in equity securities of issuers identified through fundamental, bottom-up analysis. Separate account clients may impose restrictions on certain investments. As of December 31, 2023, the Adviser managed approximately $14.7 billion in client assets, all on a discretionary basis. The Adviser's investment strategy focuses on long-term equity investments, with a bottom-up approach to identifying promising issuers. The Adviser's services include providing quarterly account statements, letters, and reports to clients, as well as access to meetings with corporate executives and seminars.

The Adviser employs a variety of investment strategies, including equity, focused/non-diversification, and buy and hold. The equity investment program focuses on a broad range of equity investment styles, including growth, core, and value, as well as portfolios designed to be "style-neutral." Client accounts focus on capital growth wherein the Adviser attempts to select securities of a company whose earnings the Adviser expects to grow at an above-average rate compared to the company’s specific industry or the overall market. The Adviser's investment program focuses its investments on a limited number of issuers and does not seek to diversify investments among types of securities, issuers, countries, or industry sectors. The Adviser typically buys securities and holds them in client accounts for a relatively long period of time, regardless of short-term factors such as fluctuations in the market or volatility of the stock price.

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