On Jan. 6,, Canal Capital Management, LLC disclosed a new position in the Akre Focus ETF (AKRE +0.00%), acquiring 175,232 shares in the fourth quarter, worth an estimated $11.5 million at the end of the period. It accounted for 1.6% of its assets under management.
What happened
According to an SEC filing dated Jan. 6, Canal Capital Management, LLC reported a new position in Akre Focus ETF (AKRE +0.00%), acquiring 175,232 shares. The estimated transaction value was $11.5 million based on the quarter’s average share price.
What else to know
- Top holdings after the filing:
- NASDAQ: ODFL: $58.79 million (8.3% of AUM)
- NASDAQ: AAPL: $34.81 million (4.9% of AUM)
- NASDAQ: MSFT: $26.07 million (3.7% of AUM)
- NYSEMKT: LQD: $20.15 million (2.9% of AUM)
- NASDAQ: AVGO: $19.06 million (2.7% of AUM)
- As of Jan. 6, shares of AKRE were priced at $66.59.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close January 6, 2026) | $66.59 |
| Market capitalization | $9.96 billion |
| Sector | Financial Services |
| Industry | Asset Management |
Company snapshot
Akre Focus ETF pursues a disciplined investment approach, emphasizing companies with high returns on capital, robust reinvestment opportunities, and shareholder-oriented management. The fund’s strategy involves acquiring securities at reasonable valuations and maintaining positions until the investment thesis changes or more attractive opportunities are identified. Its competitive advantage lies in a selective, research-driven process and the flexibility to invest across the capital structure and select foreign markets.
What this transaction means for investors
Canal Capital Management made a significant investment in the Akre Focus ETF. Initiating a new position, it accounted for 1.6% of the firm's equity assets under management at the end of the fourth quarter.
The exchange-traded fund (ETF) has a concentrated portfolio. Its 10 largest equity holdings account for over 81% of its assets. These include Mastercard (NYSE: MA), Brookfield (NYSE: BN), and KKR (NYSE: KKR).
Actively managed, the ETF has an expense ratio of 0.98%. All else equal, the lower the expense ratio, the higher the shareholder's return.
In 2025, the ETF's return badly lagged its benchmark, the S&P 500 index. During that time, the ETF returned 1.1% compared to the index's 17.9%. Over 10 years, Akre Focus ETF's 13.8% total return trailed the S&P 500 by more than 1 percentage point.
Glossary
Assets under management (AUM): The total market value of all financial assets a firm manages on behalf of clients.
13F reportable assets: Securities that institutional investment managers must disclose quarterly to the Securities and Exchange Commission (SEC) if their holdings exceed $100 million.
Quarter-end position: The value or number of shares held in an investment at the end of a financial quarter.
ETF (exchange-traded fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
Concentrated investment strategy: An approach focusing investments in a small number of securities rather than diversifying widely.
Capital structure: The mix of a company’s debt, equity, and other financing sources used to fund operations and growth.
Convertible securities: Financial instruments, like bonds or preferred shares, that can be converted into common stock.
REIT (real estate investment trust): A company that owns, operates, or finances income-producing real estate and trades like a stock.
Warrants: Financial contracts giving the holder the right to buy a company’s stock at a specific price before expiration.
Alpha: A measure of an investment’s performance compared to a market benchmark, showing value added or lost.
Institutional investors: Organizations, such as pension funds or asset managers, that invest large sums of money on behalf of others.
Investment thesis: The underlying rationale or strategy for making a particular investment, based on analysis and expectations.
