CNSWF - Akre Focus Fund Commentary Q2 2021

• The Akre Focus Fund was launched on August 31, 2009, and currently has net assets of ~$16.4 billion as of April 30, 2021. The Fund is non-diversified and maintains a focused portfolio of investments.
• The Akre Focus Fund’s second quarter 2021 performance for the Institutional share class was 9.80% compared with S&P 500 Total Return at 8.55%.
• The largest five positive contributors to performance during the quarter were Moody’s, American Tower, Adobe, KKR, and Visa .
• The largest five detractors from performance thisquarter were Dollar Tree, CarMax, Live Nation, Verisk Analytics, and Alarm.com.

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