Wallace Weitz

Wallace Weitz

Last Update: 02-15-2018

Number of Stocks: 74
Number of New Stocks: 4

Total Value: $2,337 Mil
Q/Q Turnover: 3%

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 (%)
20166.2211.96-5.7
2015-9.251.38-10.6
20147.9113.69-5.8
3-Year Cumulative4 (1.3%/year)29 (8.9%/year)-25 (-7.6%/year)
201330.8732.39-1.5
201217.92161.9
5-Year Cumulative60.5 (9.9%/year)98.2 (14.7%/year)-37.7 (-4.8%/year)
20112.192.110.1
201027.4915.0612.4
200931.326.464.8
2008-38.06-37-1.1
2007-8.545.49-14.0
10-Year Cumulative55.6 (4.5%/year)95.7 (6.9%/year)-40.1 (-2.4%/year)
200622.5315.796.7
2005-2.424.91-7.3
200414.9910.884.1
200325.3828.68-3.3
2002-16.99-22.15.1
15-Year Cumulative122.6 (5.5%/year)164.2 (6.7%/year)-41.6 (-1.2%/year)
2001-0.86-11.8911.0
200021.07-9.130.2
199922.0221.041.0
199829.1328.580.5
199740.6433.367.3
20-Year Cumulative492.1 (9.3%/year)339.2 (7.7%/year)152.9 (1.6%/year)
199619.0422.96-3.9
199538.6637.581.1
1994-8.971.32-10.3
199323.0310.0813.0
199215.147.627.5
25-Year Cumulative1160.2 (10.7%/year)791.8 (9.1%/year)368.4 (1.6%/year)
19912830.47-2.5
1990-6.35-3.1-3.2
198920.2531.69-11.4
198814.9316.61-1.7
19874.255.1-0.8
30-Year Cumulative2076.4 (10.8%/year)1719.7 (10.2%/year)356.7 (0.6%/year)
198611.1618.6-7.4
198540.7231.69.1
198414.436.18.3

Top Ranked Articles

Wally Weitz Podcast Interview Transcript The latest GuruFocus interview with Guru Wally Weitz in text
Holly: Hi. Welcome to the GuruFocus podcast. I’m Holly, and I am the editor of GuruFocus, and I am here with Wally Weitz. He is the owner of the Weitz Investments, and that’s in Omaha, where another famous investor you may have heard of is also, an investor, Warren Buffett (Trades, Portfolio). Read more...
Interview With Star Investor Wally Weitz: GuruFocus Podcast Ep. 6 Weitz talks about finding value in an expensive market, his stock picks and more
Leading value investor Wally Weitz discusses his winning strategy for selecting stocks and his perspective on expensive markets in this episode of the GuruFocus Podcast. Read more...
Wally Weitz Comments on Priceline Group Guru stock highlight
The Fund established a starter position in Priceline Group (NASDAQ:PCLN) during the quarter. Priceline is an online travel agency that gathers lodging, airline, car rental and other travel-related inventory in a centralized, digital marketplace for convenient discovery and booking by travelers around the globe. Priceline’s strength lies internationally, particularly in Europe. Booking.com, its flagship platform, has built relationships with some 700,000 unique hotels and 800,000 vacation rental properties around the world, providing scale and brand focus that enables the company to acquire new customers more efficiently than peevrs. Priceline’s future growth rate is likely to slow as it increases in size, but we expect the business to continue to benefit as bookings shift from offline to more convenient online channels. We anticipate the inherent cyclicality of global travel providing periodic opportunities to build on our initial position. Read more...
Value Investor Wally Weitz Buys Amazon Stock trades at 346 times earnings
Prominent value investor Wally Weitz, co-chief investment officer and portfolio manager of Weitz Investment Management, added Amazon.com (NASDAQ:AMZN) to his Partners III Opportunity Fund in the fourth quarter, he said in a letter. Read more...
Weitz Value Fund Comments on Dollar Tree Guru stock highlight
Dollar Tree (NASDAQ:DLTR) operates a network of approximately 14,400 discount variety stores under the Dollar Tree, Dollar Tree Canada and Family Dollar brands. The legacy Dollar Tree concept is the last remaining true dollar store, where every item is a dollar. Its balanced offering of consumables (food and toilet paper) and more discretionary items (toys, stationery and party supplies) has generated consistently attractive financial results, with same store sales rising 22 of the past 23 years. Family Dollar, acquired for $8.8 billion in 2015, focuses more heavily on basic necessities such as diapers, food and paper products at prices between $1 and $10. Dollar Tree is early in the process of improving Family Dollar’s operating results, executing what we believe is a credible plan toward closing the gap in financial performance that exists with its nearest competitor Dollar General. Dollar stores’ unique combination of low prices and convenience continues to resonate with low- and middle-class consumers, providing attractive future store growth opportunities and durable excess cash flow. Portfolio Manager Dave Perkins profiles Dollar Tree in more detail in this quarter’s Analyst Read more...
» More Wallace Weitz Articles

Commentaries and Stories

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Weitz Funds Commentary: An Introduction to The Priceline Group By Jon Baker, CFA Wallace Weitz - Weitz Funds Commentary: An Introduction To The Priceline Group
The Priceline Group (NASDAQ:PCLN) is a collection of online travel agencies (OTAs) and metasearch engines, including such brands as the eponymous Priceline.com, Kayak, Open Table and the global OTA Booking.com. The Group has its beginnings in the promulgator of the Name Your Own Price bidding model, Priceline.com, founded by Jay Walker in 1997. The company strayed from travel in its formative years, but by 2002, newly tabbed CEO Jeff Boyd had refocused its approach. More...

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Wally Weitz Establishes 4 Positions in 4th Quarter Top buys include Priceline and JPMorgan Chase Wallace Weitz - Wally Weitz Establishes 4 Positions In 4th Quarter
Wallace Weitz (Trades, Portfolio), portfolio manager of Weitz Investment Management, disclosed on Thursday four new stock holdings for fourth-quarter 2017: The Priceline Group Inc. (NASDAQ:PCLN), JPMorgan Chase & Co. (NYSE:JPM), Marvell Technology Group Inc. (NASDAQ:MRVL) and Vulcan Materials Co. (NYSE:VMC). More...

WALLACE WEITZ


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Wally Weitz Comments on Priceline Group Guru stock highlight
The Fund established a starter position in Priceline Group (NASDAQ:PCLN) during the quarter. Priceline is an online travel agency that gathers lodging, airline, car rental and other travel-related inventory in a centralized, digital marketplace for convenient discovery and booking by travelers around the globe. Priceline’s strength lies internationally, particularly in Europe. Booking.com, its flagship platform, has built relationships with some 700,000 unique hotels and 800,000 vacation rental properties around the world, providing scale and brand focus that enables the company to acquire new customers more efficiently than peevrs. Priceline’s future growth rate is likely to slow as it increases in size, but we expect the business to continue to benefit as bookings shift from offline to more convenient online channels. We anticipate the inherent cyclicality of global travel providing periodic opportunities to build on our initial position. More...

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Wally Weitz Comments on Liberty Broadband Guru stock highlight
Shares of Liberty Broadband (NASDAQ:LBRDA), which represent Liberty Media’s 26% stake in Charter Communications, declined ~11% during the fourth quarter. In October, Charter reported a larger-than-expected decline in video subscribers and slower growth in the high- speed data (i.e., broadband) business. While strategic interest in Charter’s core cable assets appears to remain high, management continues to believe the most tax- efficient path to maximizing shareholder value is by gradually improving the Time Warner Cable and Brighthouse assets standalone. Despite the fourth-quarter breather, shares of Liberty Broadband were healthy contributors to full-year performance. More...

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Wally Weitz Comments on Allergan plc Guru stock highlight
On the other side of the ledger, Allergan plc (NYSE:AGN) was the largest detractor from Fund performance during the fourth quarter and calendar year. Following the invalidation of dry eye drug Restasis’s patents in federal court in October, we once again tested the assumptions underlying our valuation scenarios. The earlier-than-expected loss of Restasis profits and more conservative forecasts for the company’s aesthetics franchise resulted in a downward revision to our base case estimate of intrinsic value. The drop in Allergan’s stock price, however, has been far more pronounced, so we added to our position at $173 during the quarter. More...

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Wally Weitz Comments on Berkshire Hathaway Guru stock highlight
Berkshire Hathaway (NYSE:BRK.A), the Fund’s largest holding, was a notable contributor to fourth-quarter and full-year performance. Large acquisitions proved elusive over the course of 2017, but Berkshire’s existing collection of insurance, railroad, utility and manufacturing businesses drove a healthy double-digit increase in intrinsic value per share (aided in part by a reduction in the company’s deferred tax liability). Deployable cash now stands in excess of $90 billion, positioning Mr. Buffett well as opportunities arise in the days ahead. More...

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Wally Weitz Comments on Twenty-First Century Fox Guru stock highlight
Several months back in our third-quarter summary, we expressed our belief that Twenty-First Century Fox (NASDAQ:FOXA)’s durable, if unexciting, growth would eventually become difficult for the market to ignore. We have long held that Fox had a strong hand to play amid tectonic shifts in the broader media landscape, particularly given the increasing importance of global scale. We would not have guessed, however, that: 1) Disney and Fox were in or about to begin exploratory merger talks, or 2) the Murdoch family would be willing sellers. Of the realistic homes for Fox’s assets, Disney would be our first choice among known suitors. The agreed-upon deal price is a nice validation of our valuation work, and made Fox the Fund’s largest contributor during the fourth quarter. Potentially significant regulatory hurdles remain, but we are positive on the prospects for the “new Disney,” assuming the deal is approved. More...

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Wally Weitz Comments on Amazon Guru stock highlight
Our lone portfolio addition, Amazon.com (NASDAQ:AMZN), requires little introduction. Amazon has built an unassailable global competitive advantage in its core retail business, and we believe it will continue to gain worldwide retail (not just e-commerce) market share for many years to come. In addition, Amazon Web Services has also built a significant share in the large and rapidly growing “infrastructure as a service” market. We foresee Amazon’s unique technical capabilities, global scale and culture of customer obsession will allow the company to grow its business value for many years. More...

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Wally Weitz Comments on Wesco Guru stock highlight
Wesco (NYSE:WAIR) remains in the depths of a difficult turnaround. Results for their recently completed quarter were again disappointing, and despite new management’s guidance for revenue and EBITDA growth in the coming year, investors are reluctant to take them at their word. We underestimated the complexity of the required turnaround, but we are encouraged by signs of incremental progress and believe shares currently trade at an attractive discount to our reset expectations. More...

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Wally Weitz Comments on Allergan Guru stock highlight
In addition to our short positions, Allergan (NYSE:AGN) (-20% Q4, -21% 2017) was a top detractor in both the quarter and calendar year. Shares fell during the quarter as patents for its dry eye treatment Restasis were invalidated in federal court. After incorporating the earlier-than-expected loss of Restasis profits, we made a downward revision to our business value estimate. Nevertheless, we believe Allergan’s share price decline has overshot reality, and it continues to trade at a significant discount. More...

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Wally Weitz's Partners III Opportunity Fund 4th Quarter Letter Review of holdings and markets Wallace Weitz - Wally Weitz's Partners III Opportunity Fund 4th Quarter Letter
The Partners III Opportunity Fund’s Institutional Class returned -2.39% in the fourth calendar quarter compared to +6.64% for the S&P 500 and +6.34% for the Russell 3000 indices. For the 2017 calendar year, the Partners III Opportunity Fund’s Institutional Class returned +5.45% compared to +21.83% for the S&P 500 and +21.13% for the Russell 3000. More...

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Value Investor Wally Weitz Buys Amazon Stock trades at 346 times earnings Wallace Weitz - Value Investor Wally Weitz Buys Amazon
Prominent value investor Wally Weitz, co-chief investment officer and portfolio manager of Weitz Investment Management, added Amazon.com (NASDAQ:AMZN) to his Partners III Opportunity Fund in the fourth quarter, he said in a letter. More...

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Wally Weitz's 4th Quarter Value Matters 2017 was another year of positive returns Wallace Weitz - Wally Weitz's 4th Quarter Value Matters
Dear Fellow Investor, More...

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Wallace Weitz Boosts DXC Technology, Allergan Holdings Weitz Investment's largest buys of the 3rd quarter Wallace Weitz - Wallace Weitz Boosts DXC Technology, Allergan Holdings
Weitz Investment Management founder Wallace Weitz (Trades, Portfolio) invested in the following stocks in the third quarter. More...

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Wally Weitz Comments on Manitowoc Guru stock highlight
Manitowoc (NYSE:MTW) designs and manufactures cranes used in a variety of applications. Manitowoc (and the industry, generally) has struggled in the aftermath of the Great Recession. Nevertheless, we believe new management, led by the highly regarded Barry Pennypacker, has a unique opportunity to stabilize and improve the company’s operating results though the application of a Lean Manufacturing culture. Our thesis is that investors underappreciate the company’s potential to improve margins even in the absence of a strong cyclical recovery. More...

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Wally Weitz Comments on Axalta Guru stock highlight
Axalta (NYSE:AXTA) manufacturers paint and other coatings and designs systems for their application in automotive and industrial end markets. We are attracted to Axalta’s scale position as the #1 or #2 player in most of its business lines and the “sticky” nature of its customer base (once designed into a manufacturing line or aftermarket repair facility, the costs to switch to a new provider are very high). We believe the company has ample opportunity to grow organically through market share gains or thoughtful acquisitions. More...

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Wally Weitz Comments on Wesco Aircraft Guru stock highlight
Wesco Aircraft (NYSE:WAIR) (-13%) was the top detractor for the quarter. Execution woes continue to plague the aerospace parts distributor, leading to another disappointing quarter of results and stock performance. Wesco’s current struggles are frustrating, but we don’t believe permanent, and we’ve opted to use the stock’s volatility to lower our average cost by purchasing new shares and harvesting tax losses through sales of higher-cost lots. More...

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Wally Weitz's Hickory Fund 3rd Quarter Commentary Discussion of markets and holdings Wallace Weitz - Wally Weitz's Hickory Fund 3rd Quarter Commentary
The Hickory Fund returned +2.69% in the third calendar quarter compared to +4.74% for the Russell 2500 Index (the Fund’s primary benchmark). On a year-to-date basis, the Fund returned +9.84% compared to +11.00% for the Russell 2500. More...

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Wally Weitz's Partners III Opportunity Fund 3rd Quarter Commentary Discussion of stocks and market Wallace Weitz - Wally Weitz's Partners III Opportunity Fund 3rd Quarter Commentary
The Partners III Opportunity Fund’s Institutional Class returned +2.05% in the third calendar quarter compared to +4.48% for the S&P 500 and +4.57% for the Russell 3000 indices. For the calendar year to date, the Partners III Opportunity Fund’s Institutional Class returned +8.03% compared to +14.24% for the S&P 500 and +13.91% for the Russell 3000. More...

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Wally Weitz's 3rd Quarter Value Matters Discussion of stocks and markets Wallace Weitz - Wally Weitz's 3rd Quarter Value Matters
Dear Fellow Investor, More...

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