Wallace Weitz

Wallace Weitz

Last Update: 08-11-2016

Number of Stocks: 68
Number of New Stocks: 7

Total Value: $2,663 Mil
Q/Q Turnover: 11%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Wallace Weitz' s Profile & Performance

Profile

Portfolio manager of Weitz Value Fund, Weitz Hickory Fund and Weitz Partners Value Fund, which he started in 1983.

Web Page:http://www.weitzfunds.com/

Investing Philosophy

Weitz's approach to value investing has evolved over the years. It combines Graham's price sensitivity and insistence on a "margin of safety" with a conviction that qualitative factors that allow a company to have some control over its destiny can be more important than statistical measurements, such as historical book value or reported earnings.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Weitz Partners Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-9.251.19-10.4
20147.9113.69-5.8
201330.8732.39-1.5
3-Year Cumulative28.2 (8.6%/year)52.3 (15.1%/year)-24.1 (-6.5%/year)
201217.92161.9
20112.192.110.1
5-Year Cumulative54.4 (9.1%/year)80.4 (12.5%/year)-26 (-3.4%/year)
201027.4915.0612.4
200931.326.464.8
2008-38.06-37-1.1
2007-8.545.49-14.0
200622.5315.796.7
10-Year Cumulative79.4 (6%/year)102 (7.3%/year)-22.6 (-1.3%/year)
2005-2.424.91-7.3
200414.9910.884.1
200325.3828.68-3.3
2002-16.99-22.15.1
2001-0.86-11.8911.0
15-Year Cumulative107.8 (5%/year)107.5 (5%/year)0.3 (0%/year)
200021.07-9.130.2
199922.0221.041.0
199829.1328.580.5
199740.6433.367.3
199619.0422.96-3.9
20-Year Cumulative563.5 (9.9%/year)381.4 (8.2%/year)182.1 (1.7%/year)
199538.6637.581.1
1994-8.971.32-10.3
199323.0310.0813.0
199215.147.627.5
19912830.47-2.5
25-Year Cumulative1418.6 (11.5%/year)937.3 (9.8%/year)481.3 (1.7%/year)
1990-6.35-3.1-3.2
198920.2531.69-11.4
198814.9316.61-1.7
19874.255.1-0.8
198611.1618.6-7.4
30-Year Cumulative2177.7 (11%/year)1824 (10.4%/year)353.7 (0.6%/year)
198540.7231.69.1
198414.436.18.3

Top Ranked Articles

Wallace Weitz Exits Valeant, Issues Statement Weitz is the latest influential investor to address the plunging stock holding for shareholders but chose to sell
Wallace Weitz (Trades, Portfolio), founder of $5 billion Weitz Investment Management, told investors yesterday via his website that they had jettisoned their entire position in Valeant Pharmaceuticals (NYSE:VRX). Read more...
Wally Weitz Gives Rare Early Look at 4th Quarter Portfolio The guru discloses several buys and sells long before deadline
Wallace Weitz (Trades, Portfolio), founder and chief investment officer of Weitz Investments, on Friday gave a rare mid-quarter update of some changes he made to a portfolio that he manages, the Partners III Opportunity Fund. Read more...
Wallace Weitz: A Humble and Intelligent Investor Weitz shares insights with students at Texas Lutheran University
With the financial markets dropping more than 10% between July and August, it was appropriate that Wallace Weitz, who embodies calmness and discipline, lecture my Texas Lutheran University students. It was homecoming weekend and amid the excitement, we were fortunate to have the man known as “the other Oracle of Omaha” fly down for a two hour question-and-answer session. Read more...
Wallace Weitz Comments on Express Scripts Guru stock highlight
Express Scripts (NASDAQ:ESRX) is the largest stand-alone pharmacy benefits manager (PBM) in the United States, helping health benefit providers improve access to (and the affordability of) prescription drugs. Negotiations with Anthem, Express Scripts’ largest customer, hit an impasse early in the quarter. Anthem elected to bring the details of the disagreement public at a widely attended industry conference in January, providing the investment community a lens into how far the two companies were apart on the economics of their existing contract. Since then, Anthem has also filed a lawsuit against Express Scripts. While we hope a mutually agreeable solution will eventually be achieved, it remains possible (some believe likely) that Anthem will choose not to renew its contract with Express in 2019. We have run scenarios encompassing a range of different outcomes, and we believe Express Scripts’ shares are undervalued in all but the most dire. We continue to monitor contract-related developments and are otherwise heartened by improved execution across the other 84% of Express Scripts’ enterprise. Read more...
Wallace Weitz Comments on Twenty-First Century Fox Guru stock highlight
Twenty-First Century Fox (NASDAQ:FOXA) is a diversified media and entertainment company. Investors have been grappling with declines in reported US ratings across the media ecosystem as consumers increasingly consume content on currently unmeasured platforms (e.g. Apple TV, tablets, etc.) or through non-traditional distributors (e.g. Netflix). Although improvements in measurement are on the horizon, Fox is able to evolve its monetization strategy among broader changes in media distribution by owning their own content. In contrast to ratings challenges for general entertainment, sports content has remained a notable exception, and we remain attracted to Fox’s enviable position in sports across its broadcast and regional sports networks. Lastly, despite the well-publicized headwinds created by a stronger US Dollar, we continue to like Fox’s highly desirable portfolio of international assets that can continue to deliver both affiliate and advertising growth. These elements continue to generate healthy free cash flows that we believe management will allocate wisely to grow per share Read more...
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Commentaries and Stories

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Wallace Weitz's Largest 2nd-Quarter Trades The guru's heavily weighted buys and sales Wallace Weitz,Warren Buffett,Murray Stahl,Jeremy G - Wallace Weitz's Largest 2nd-Quarter Trades
Wallace Weitz (Trades, Portfolio) manages a portfolio composed of 68 stocks with a total value of $2.663 billion. During the second quarter the guru’s largest trades were: More...

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15 Questions With Wally Weitz Stock prices that are 'ahead of themselves' are no great threat as long as business values continue to grow Wallace Weitz,Warren Buffett,Charlie Munger,Howard - 15 Questions With Wally Weitz
1. How and why did you get started investing? What is your background? More...

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Tom Gayner Buys Microsoft, Amazon The guru's largest buys in the 2nd quarter Tom Gayner,Wallace Weitz,Jeremy Grantham,RS Invest - Tom Gayner Buys Microsoft, Amazon
Tom Gayner (Trades, Portfolio), executive vice president and chief investment officer of Markel Corp. (NYSE:MKL) and president of Markel Gayner Asset Management Inc., Markel's investment subsidiary since December 1990, bought shares in the following stocks in the second quarter. More...

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Wally Weitz Comments on Laboratory Corp of America Guru stock highlight
Laboratory Corp. of America (NYSE:LH) is a healthcare diagnostics company providing comprehensive clinical laboratory services to medical professionals and end-to-end drug development support to pharmaceutical manufacturers. LabCorp reported stronger than expected organic growth during the first quarter in both its diagnostics and drug development segments and raised its financial forecast for the full year. Covance, its drug development segment, has demonstrated improving operating momentum the past three quarters, with strength across each of its primary end markets (pre-clinical, central lab, late stage). Finally, the Center for Medicare and Medicaid Services’ (CMS’) highly anticipated Final Rule on changes to the Medicare Clinical Lab Fee Schedule in mid-June included two positives for the lab industry – a delay in implementation until 2018 and the inclusion of higher cost outpatient hospital labs, which is a piece that will determine future reimbursement levels. While final details won’t be known for some time, we anticipate these reimbursement changes will have a very modest impact on LabCorp’s future earnings power. From More...

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Wally Weitz Comments on Fossil Group Guru stock highlight
Fossil Group (NASDAQ:FOSL) is the fourth-largest producer of watches and the largest licenser of watches and jewelry globally. Following a strong first quarter earnings report, Fossil reported disappointing results in the second quarter due to a tough consumer environment and weakness in the wholesale channel in North America and Europe. The main drivers of the wholesale channel weakness were weak foot traffic, inventory destocking and continued moderation at their largest licensed brand, Michael Kors. This difficult environment led management to cut guidance for thefull year. The retail channel and Fossil’s owned brands continued to outperform, with Skagen growing double-digits and the Fossil brand posting growth in a difficult environment. Despite low visibility over the next several quarters, we expect a rebound in 2017 led by a large pipeline of product introductions, including wearables launches across 10 brands. Furthermore, investments in brand building and omni-channel initiatives should also benefit 2017 results. More...

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Weitz Funds Comments on Omnicon Group Guru stock highlight
Omnicon Group (NYSE:OMC) - Omnicom is the second-largest advertising agency holding company in the world, providing marketing, advertising and communication services to clients across the globe. The Fund first purchased shares in Omnicom roughly six years ago, attracted by the industry’s oligopolistic structure; the importance (some would say necessity) of the services its agencies provide to corporate advertisers; the capital efficient nature of its business; and an undemanding price, as investors fretted over advertising budgets that were slow to rebound on the heels of the Great Recession. Omnicom compounded nicely during our period of ownership, generating an annualized total return of approximately 21%. We closed our position in April, with the stock reaching our estimate of business value. More...

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Weitz Funds Comments on TransDigm Group Guru stock highlight
TransDigm Group (NYSE:TDG) is a designer, producer and supplier of engineered aircraft components for use on commercial and military aircraft. TransDigm’s shares moved higher during the second calendar quarter on better than expected results in the company’s commercial aftermarket business, the acquisition of Data Device Corporation and the raising of additional debt capital, which may signal the possibility of future mergers & acquisitions or a special dividend. Moreover, TransDigm’s investor meeting in late-June provided additional information regarding the strength and durability of the company’s business model and strategy for the foreseeable future. More...

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Weitz Funds Comments on Monsanto Guru stock highlight
Monsanto (NYSE:MON) is a provider of seeds and biotech traits for corn, soybeans and cotton. Bayer, a German Life Sciences company, proposed acquiring Monsanto in the second quarter in what is a rapidly consolidating agricultural seeds and chemicals sector. Monsanto ultimately rejected Bayer’s initial offer of $122 per share as financially inadequate, but discussions remain ongoing. We have long viewed Monsanto as the highest quality franchise in agriculture, a view validated by Bayer’s acquisition proposal. The company’s earnings power is currently facing a number of headwinds, including currency effects, low commodity prices, regulatory delays and longer product introduction cycles. Nevertheless, we view its technology and research & development pipeline as second-to-none, which should allow it to create double-digit earnings growth from 2017 through 2019. More...

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Weitz Funds Comments on Allergan Guru stock highlight
Allergan (NYSE:AGN) is a global specialty pharmaceutical company focusing on the development, manufacturing, marketing and distribution of generic, brand name, biosimilar and over-the-counter (OTC) pharmaceutical products. The dissolution of Allergan’s merger with Pfizer in April, delays in gaining Federal Trade Commission approval for the sale of its global generics business to TEVA and broader industry concern around prescription drug prices combined to push Allergan’s stock down by 26% during the first half of the calendar year. As we wrote in January, we like the stand-alone Allergan business without the generics business and believe the $ 40 billion sale to TEVA should soon close. There are a number of signs that growth in Allergan’s aesthetics franchise is accelerating, and the company’s key product launches – VIBERZI, VRAYLAR and KYBELLA – appear to be off to healthy starts. The combination of healthy organic growth, debt reduction and meaningful share repurchases should drive per share value creation over our investment horizon. We substantially increased the Fund’s Allergan position during the second quarter More...

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Weitz Funds Comments on Endo International Guru stock highlight
Endo International (NASDAQ:ENDP) is a specialty healthcare company engaged in developing, manufacturing, marketing and distributing branded pharmaceutical and generic products and medical devices. Endo experienced significantly worse than anticipated erosion at Qualitest, its legacy generic drug platform. Simply put, our analysis of the company’s competitive positioning in controlled substance generics was wrong. The competitive environment changed quickly and we were slow to recognize it. After conversations with management and a couple of the larger drug buying consortiums, we could not gain comfort in the durability of Endo’s now lower earnings base. The company’s balance sheet and potential legal obligations (liabilities relating to the company’s legacy vaginal mesh products) leave less room for error given growth challenges on the branded side of Endo’s business. Given the erosion in our investment thesis, questions about management’s ability to identify and navigate risk, and a growing list of unknowns surrounding the business, we elected to close our position and refocus our capital in more attractive opportunities. From More...

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Weitz Funds Comments on Liberty Global Guru stock highlight
Liberty Global (NASDAQ:LBTYA) is the largest international cable company, with operations in 14 countries providing video, broadband Internet, fixed-line telephone and mobile services to its customers. Shares fell in the first calendar quarter after an influential Wall Street analyst downgraded his outlook for the stock, principally due to concerns over continued competitive struggles in Holland. Since that time, Liberty announced it would move its Dutch operations into a 50/50 joint venture with Vodafone, allowing Liberty Global to combine its strong cable and broadband businesses with Vodafone’s mobile offering to create a more competitive, “converged” offering. Share prices declined in the second calendar quarter due to Brexit. The pound fell roughly 10% versus the U.S. dollar on the news. Without any rebound this will depress Liberty Global’s future earnings, regardless of underlying fundamentals, as its largest operation is in the United Kingdom and represents roughly 38% of its cash flow generation. Management has already turnedits attention to reducing indirect costs, better integrating its various operations, leveraging More...

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Weitz Funds Comments on Berkshire Hathaway Guru stock highlight
Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) is a conglomerate holding company owning subsidiaries engaged in a number of business activities. Berkshire shares were helped by the closing of the Precision Castparts acquisition (in the first calendar quarter), improved operating performance at its Burlington Northern railroad subsidiary and the potential of further capital allocation opportunities. Additionally, Berkshire shares were helped by the diversification represented by the underlying businesses and continued momentum resulting from management’s general optimism about the company’s long-term prospects. More...

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Weitz Funds Comments on Liberty Broadband Guru stock highlight
Liberty Broadband (LBDRA) holds a 17% ownership interest (25% aggregate voting power) in Charter Communications in addition to a minority equity interest in Time Warner Cable. Charter Communications is the fourth-largest cable operator in the U.S. and provides advanced video, high-speed internet, and telephone service to residential and business customers. In the second calendar quarter, “New Charter” was formed with a merger between Charter, Time Warner Cable and Bright House Networks. Furthermore, at the time of the merger announcement (a year and one-half ago), Liberty Broadband agreed to invest $5 billion into “New Charter” at a fixed price ($195 per share) that proved to be a material discount to Charter’s market price at the time of closing ($225 per share), thus giving Liberty Broadband shareholders an immediate unrealized gain. Our investment in Liberty Broadband represents additional upside to our business value estimate for Charter on a stand-alone basis. More...

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Weitz Funds Comments on Range Resources Guru stock highlight
Range Resources (NYSE:RRC) is an independent producer of natural gas and natural gas liquids based in Fort Worth, Texas. Following a difficult 2015, Range shares rallied from depressed levels, thanks to the successful completion of non-core asset sales, long-term debt reduction and an improving natural gas outlook. In a surprise move, Range announced its intention to acquire natural gas producer Memorial Resources (MRD) in mid-May in an all-stock transaction valued at approximately $4.4 billion. Unlike many exploration & production (E&P) companies, Range has been extremely protective of its equity over the years and has generally not been acquisitive in the recent past. The Memorial purchase accomplishes a number of important objectives for Range, including further de-leveraging the company’s balance sheet as well as geographic diversity via an asset with an attractive return profile. While we remain favorably inclined toward the transaction, we took the opportunity to lighten our position in the low-$40s during the quarter as Range’s discount to our estimate of value narrowed. More...

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Wally Weitz's Partners Value Fund 2Q 2016 Quarterly Commentary Discussion of holdings Wallace Weitz - Wally Weitz's Partners Value Fund 2Q 2016 Quarterly Commentary
Investment Style: Multi-Cap Value More...

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Weitz Funds' 2nd Quarter 2016 Value Fund Commentary Discussion of stock holdings Wallace Weitz - Weitz Funds' 2nd Quarter 2016 Value Fund Commentary
The Value Fund’s Institutional Class returned -0.41% in the second calendar quarter, compared to +2.46% for the S&P 500 and +2.54% for the Russell 1000. For the calendar year to date, the Value Fund’s Institutional Class returned -0.65%, compared to +3.84% for the S&P 500 and +3.74% for the Russell 1000. Calendar Year Contributors Range Resources (NYSE:RRC) is an independent producer of natural gas and natural gas liquids based in Fort Worth, Texas. Following a difficult 2015, Range shares rallied from depressed levels, thanks to the successful completion of non-core asset sales, long-term debt reduction and an improving natural gas outlook. In a surprise move, Range announced its intention to acquire natural gas producer Memorial Resources (MRD) in mid-May in an all-stock transaction valued at approximately $4.4 billion. Unlike many exploration & production (E&P) companies, Range has been extremely protective of its equity over the years and has generally not been acquisitive in the recent past. The Memorial purchase accomplishes a number of important objectives for Range, including further de-leveraging the company’s balance sheet as well as geographic diversity via an asset with an attractive return profile. While we remain favorably inclined toward the transaction, we took the opportunity to lighten our position in the low-$40s during the quarter as Range’s discount to our estimate of value narrowed. Liberty Broadband (LBDRA) holds a 17% ownership interest (25% aggregate voting power) in Charter Communications in addition to a minority equity interest in Time Warner Cable. Charter Communications is the fourth-largest cable operator in the U.S. and provides advanced video, high-speed internet, and telephone service to residential and business customers. In the second calendar quarter, “New Charter” was formed with a merger between Charter, Time Warner Cable and Bright House Networks. Furthermore, at the time of the merger announcement (a year and one-half ago), Liberty Broadband agreed to invest $5 billion into “New Charter” at a fixed price ($195 per share) that proved to be a material discount to Charter’s market price at the time of closing ($225 per share), thus giving Liberty Broadband shareholders an immediate unrealized gain. Our investment in Liberty Broadband represents additional upside to our business value estimate for Charter on a stand-alone basis. Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) is a conglomerate holding company owning subsidiaries engaged in a number of business activities. Berkshire shares were helped by the closing of the Precision Castparts acquisition (in the first calendar quarter), improved operating performance at its Burlington Northern railroad subsidiary and the potential of further capital allocation opportunities. Additionally, Berkshire shares were helped by the diversification represented by the underlying businesses and continued momentum resulting from management’s general optimism about the company’s long-term prospects. Calendar Year Detractors Liberty Global (NASDAQ:LBTYA) is the largest international cable company, with operations in 14 countries providing video, broadband Internet, fixed-line telephone and mobile services to its customers. Shares fell in the first calendar quarter after an influential Wall Street analyst downgraded his outlook for the stock, principally due to concerns over continued competitive struggles in Holland. Since that time, Liberty announced it would move its Dutch operations into a 50/50 joint venture with Vodafone, allowing Liberty Global to combine its strong cable and broadband businesses with Vodafone’s mobile offering to create a more competitive, “converged” offering. Share prices declined in the second calendar quarter due to Brexit. The pound fell roughly 10% versus the U.S. dollar on the news. Without any rebound this will depress Liberty Global’s future earnings, regardless of underlying fundamentals, as its largest operation is in the United Kingdom and represents roughly 38% of its cash flow generation. Management has already turned its attention to reducing indirect costs, better integrating its various operations, leveraging its scale and operating more efficiently. We remain confident of continued growth for Liberty Global’s cable offerings and management’s abilities to deliver operationally. Endo International (NASDAQ:ENDP) is a specialty healthcare company engaged in developing, manufacturing, marketing and distributing branded pharmaceutical and generic products and medical devices. Endo experienced significantly worse than anticipated erosion at Qualitest, its legacy generic drug platform. Simply put, our analysis of the company’s competitive positioning in controlled substance generics was wrong. The competitive environment changed quickly and we were slow to recognize it. After conversations with management and a couple of the larger drug buying consortiums, we could not gain comfort in the durability of Endo’s now lower earnings base. The company’s balance sheet and potential legal obligations (liabilities relating to the company’s legacy vaginal mesh products) leave less room for error given growth challenges on the branded side of Endo’s business. Given the erosion in our investment thesis, questions about management’s ability to identify and navigate risk, and a growing list of unknowns surrounding the business, we elected to close our position and refocus our capital in more attractive opportunities. Calendar Year Detractors (Continued) Allergan (NYSE:AGN) is a global specialty pharmaceutical company focusing on the development, manufacturing, marketing and distribution of generic, brand name, biosimilar and over-the-counter (OTC) pharmaceutical products. The dissolution of Allergan’s merger with Pfizer in April, delays in gaining Federal Trade Commission approval for the sale of its global generics business to TEVA and broader industry concern around prescription drug prices combined to push Allergan’s stock down by 26% during the first half of the calendar year. As we wrote in January, we like the stand-alone Allergan business without the generics business and believe the $ 40 billion sale to TEVA should soon close. There are a number of signs that growth in Allergan’s aesthetics franchise is accelerating, and the company’s key product launches – VIBERZI, VRAYLAR and KYBELLA – appear to be off to healthy starts. The combination of healthy organic growth, debt reduction and meaningful share repurchases should drive per share value creation over our investment horizon. We substantially increased the Fund’s Allergan position during the second quarter at attractive discounts to our business value estimate. Quarterly Contributors Range Resources - Please see the Calendar Year synopsis for quarterly contribution details. Monsanto (NYSE:MON) is a provider of seeds and biotech traits for corn, soybeans and cotton. Bayer, a German Life Sciences company, proposed acquiring Monsanto in the second quarter in what is a rapidly consolidating agricultural seeds and chemicals sector. Monsanto ultimately rejected Bayer’s initial offer of $122 per share as financially inadequate, but discussions remain ongoing. We have long viewed Monsanto as the highest quality franchise in agriculture, a view validated by Bayer’s acquisition proposal. The company’s earnings power is currently facing a number of headwinds, including currency effects, low commodity prices, regulatory delays and longer product introduction cycles. Nevertheless, we view its technology and research & development pipeline as second-to-none, which should allow it to create double-digit earnings growth from 2017 through 2019. TransDigm Group (NYSE:TDG) is a designer, producer and supplier of engineered aircraft components for use on commercial and military aircraft. TransDigm’s shares moved higher during the second calendar quarter on better than expected results in the company’s commercial aftermarket business, the acquisition of Data Device Corporation and the raising of additional debt capital, which may signal the possibility of future mergers & acquisitions or a special dividend. Moreover, TransDigm’s investor meeting in late-June provided additional information regarding the strength and durability of the company’s business model and strategy for the foreseeable future. Quarterly Detractors Endo International - Please see the Calendar Year synopsis for quarterly contribution details. Allergan - Please see the Calendar Year synopsis for quarterly contribution details. Liberty Global - Please see the Calendar Year synopsis for quarterly contribution details. New Holdings No new equity holdings were added in the second quarter of 2016. Eliminated Holdings Liberty Braves - The Fund received tracking stock in Liberty Braves during the second quarter as a result of its ownership of Liberty Media Corp. We closed the Fund’s position shortly thereafter, as Liberty Braves’ size was inconsistent with the Fund’s mandate. Liberty Media Series C - The Fund received tracking stock in Liberty Media Group during the second quarter as a result of its ownership of Liberty Media Corp. We closed the Fund’s position in Liberty Media Group and redeployed the proceeds into higher-conviction Liberty Broadband at what we believe to be a more attractive discount. Omnicon Group (NYSE:OMC) - Omnicom is the second-largest advertising agency holding company in the world, providing marketing, advertising and communication services to clients across the globe. The Fund first purchased shares in Omnicom roughly six years ago, attracted by the industry’s oligopolistic structure; the importance (some would say necessity) of the services its agencies provide to corporate advertisers; the capital efficient nature of its business; and an undemanding price, as investors fretted over advertising budgets that were slow to rebound on the heels of the Great Recession. Omnicom compounded nicely during our period of ownership, generating an annualized total return of approximately 21%. We closed our position in April, with the stock reaching our estimate of business value. Endo International plc - Please see Calendar Year synopsis for details of the Fund’s sale rationale. Portfolio managers: Brad Hinton, CFA and Dave Perkins, CFA Past performance does not guarantee future results. The investment return and the principal value of an investment in any of the Funds will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Average annual total returns for the Fund’s Institutional and Investor Class for the one, five and ten year periods ended June 30, 2016 were -6.78%, 9.12%, 4.50% and -6.96%, 9.04%, 4.47%; respectively. The returns above assume reinvestment of dividends and redemption at the end of each period, and reflect the deduction of annual operating expenses, which as stated in the most recent Prospectus are 1.08% (gross) and 1.15% of the Fund’s Institutional Class and Investor net assets, respectively. The returns above also include fee waivers and/or expense reimbursements, if any; total returns would have been lower had there been no waivers or reimbursements. The investment adviser has agreed in writing to waive its fees and reimburse certain expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to limit the total annual fund operating expenses for Institutional Class shares and Investor Class shares to 0.99% and 1.18%, respectively, of each Class’s average daily net assets through July 31, 2016. Effective June 30, 2008, Value Fund adopted its current principal investment strategy of investing the majority of its assets in larger sized companies. Current performance may be higher or lower than the performance data quoted. Performance data current to the most recent month end may be obtained at www.weitzinvestments.com/funds_and_performance/fund_performance.fs. Investors should consider carefully the investment objectives, risks and charges and expenses of the Funds before investing. The Fund’s Prospectus contains this and other information about the Funds and should be read carefully before investing. The Prospectus is available from Weitz Investment Management, weitzinvestments.com. More...

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Wally Weitz's Value Matters: 2nd Quarter Letter to Investors Weitz on Brexit, China, QE and outlook Wallace Weitz - Wally Weitz's Value Matters: 2nd Quarter Letter To Investors
July 5, 2016 More...

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Weitz Investment Value Matters Stock Market Commentary, Outlook Wallace Weitz discusses the second quarter and valuation Wallace Weitz - Weitz Investment Value Matters Stock Market Commentary, Outlook
During the second quarter, the U.S. stock market continued its sideways movement, interrupted occasionally by sharp, temporary dips like the one after the Brexit vote. Our funds followed a similar pattern, and all but one showed modest gains at mid-year. The table on our website shows the full 33-year history of our funds. More...

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Wallace Weitz's Best-Performing Stocks Guru's stocks with the highest return on his portfolio Wallace Weitz,Murray Stahl,RS Investment Managemen - Wallace Weitz's Best-Performing Stocks
Wallace Weitz (Trades, Portfolio) is portfolio manager of Weitz Value Fund, Weitz Hickory Fund and Weitz Partners Value Fund, which he started in 1983. He manages a portfolio composed of 63 stocks with a total value of $2.81 billion. During the first quarter of 2016, the guru increased several stakes, and the following are the ones with the highest performances. More...

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Quality Stocks: Alliance Holding, Fossil Group, NeuStar Stocks with high business predictability ratings Jim Simons,Wallace Weitz,Joel Greenblatt,Michael P - Quality Stocks: Alliance Holding, Fossil Group, NeuStar
According to GuruFocus’ All-in-One Screener, the following stocks have high business predictability ratings, and at least five gurus are shareholders in the companies. More...

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