Wallace Weitz

Wallace Weitz

Last Update: 11-13-2017

Number of Stocks: 76
Number of New Stocks: 5

Total Value: $2,367 Mil
Q/Q Turnover: 4%

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...
Learning From the Biggest Mistakes of Institutional Investors 5 investors discuss their biggest investment failures
Every investor makes mistakes. If someone tells you they do not, they are either lying or too inexperienced. Read more...
Weitz Funds Comments on Compass Minerals Guru stock highlight
Compass Minerals (NYSE:CMP) produces and sells salt, specialty plant nutrition and chemical products around the world. Despite a strong fourth quarter, Compass stock was a weak performer due to concern around the lack of snow in their geographic footprint. Though the company guided to 12% volume growth in salt in 2017 as municipalities restocked, prices still remain under pressure, as a lot of volume was contracted in the summer months when inventories were high. The news was similarly mixed at their sulfate of potash (SOP) operation. While prices seem to be stabilizing and volume growth was exceptional, cost improvements have been slow to materialize. As a result, much of the inventory they are selling now was produced under their higher legacy cost structure. We believe the salt business will recover as soon as we have a “normal” winter and recent capital investments lower their costs even more. In addition, SOP prices are stabilizing and once Compass adjusts its cost structure to the current reality, the business will return to earning historic returns on capital. Read more...
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 brand name, biosimilar and over-the-counter pharmaceutical products. Following a brief post-election rally, the majority of the biopharmaceutical sector retreated to prior price levels as capital continued to flow out of healthcare and into industries seen as potential beneficiaries of policy shifts under the new administration. After downwardly revising future growth expectations in August and again in early November, Allergan has become a “show me” story. Patent challenges for Restasis (dry eye treatment) and Namenda XR (alzheimer’s drug) may continue to weigh on the stock in the near term, though each contributes only a small percentage of our estimate of the company’s overall intrinsic value. Over the next 3-5 years, we believe the company will have healthy mid-single digit (or better) operating profit growth. 80% of the company’s recently announced $10 billion accelerated share repurchase program is complete at an average price below $200 per share. We believe this will prove to be Read more...
» More Wallace Weitz Articles

Commentaries and Stories

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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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Wally Weitz Podcast Interview Transcript The latest GuruFocus interview with Guru Wally Weitz in text Wallace Weitz - Wally Weitz Podcast Interview Transcript
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). More...

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Rating: 5.0/5 (2 votes)

Interview With Star Investor Wally Weitz: GuruFocus Podcast Ep. 6 Weitz talks about finding value in an expensive market, his stock picks and more Wallace Weitz - Interview With Star Investor Wally Weitz: GuruFocus Podcast Ep. 6
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. More...

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Wally Weitz Comments on Liberty Ventures Guru stock highlight
Liberty Ventures (NASDAQ:LVNTA) (+18%), one of the more complicated members of John Malone’s Liberty family, is a top ten holding of the Fund and was the quarter’s top contributor. During the quarter, Ventures announced an agreement to acquire General Communications (GCI), the largest cable provider in Alaska. The deal will also create a much more straightforward company, principally cable assets in Alaska and shares of publicly traded Charter Communications and Liberty Broadband. Investors immediately cheered this simplification, particularly the elimination of its tracking stock structure, and bid Ventures’ shares higher. While a positive first step, we are further encouraged by the flexibility the new company will have to ultimately realize the value of its holdings in Charter and Liberty Broadband. More...

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Wally Weitz Comments on Twenty-First Century Fox Guru stock highlight
In addition to exiting Interval Leisure, we also closed our position in Twenty-First Century Fox (NASDAQ:FOXA). Media companies in general have seen heightened volatility as investors wrestle with the proliferation of entertainment options available to today’s consumer. In this rapidly changing environment, we have greater conviction that cable providers, given their ability to offer broadband Internet service, have a stronger hand to play–and the cable industry represents a significant portion of the Fund’s invested assets. Thus, as Fox shares recovered from recent declines, we elected to close the position. The Fund also eliminated a small position in National CineMedia. Valuation also drove trims of Liberty Expedia Holdings and Redwood Trust. More...

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Wallace Weitz's 7 Largest Sales of the 2nd Quarter Guru exits ILG, reduces several other positions Wallace Weitz - Wallace Weitz's 7 Largest Sales Of The 2nd Quarter
Managing a portfolio of 72 stocks, Wallace Weitz (Trades, Portfolio) sold the following stocks during the second quarter: More...

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Wally Weitz's Partners III Opportunity Fund 2nd Quarter Commentary Discussion of holdings and outlook Wallace Weitz - Wally Weitz's Partners III Opportunity Fund 2nd Quarter Commentary
The Partners III Opportunity Fund’s Institutional Class returned +0.59% in the second calendar quarter, compared to +3.09% for the S&P 500 and +3.02% for the Russell 3000. For the calendar year to date, the Partners III Opportunity Fund’s Institutional Class returned +5.86%, compared to +9.34% for the S&P 500 and +8.93% for the Russell 3000. More...

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Wally Weitz to Join GuruFocus for Podcast Ask a question for the 'Other Oracle of Omaha' Wallace Weitz - Wally Weitz To Join GuruFocus For Podcast
As a renowned investor and resident of Warren Buffett (Trades, Portfolio)’s hometown, Weitz is often dubbed the "Other Oracle of Omaha.” More...

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Strong Management, Moats and Earnings Power Attract Wallace Weitz At 12, Weitz bought shares for the first time. He now runs an investment firm with more than $4 billion worth of assets Wallace Weitz, Warren Buffett, - Strong Management, Moats And Earnings Power Attract Wallace Weitz
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GURUS, WALTER WEITZ, WEITZ INVESTMENT MANAGEMENT, BENJAMIN GRAHAM, DAVID DODD, MUTUAL FUNDS, VALUE STOCKS, MANAGEMENT, PRIVATE MARKET VALUE, MOATS, CONSUMER DISCRETIONARY, LARGE BLEND


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Wally Weitz Comments on Liberty Global Guru stock highlight
The various Liberty entities offer a variety of subscription-based cash flow generators. Liberty Global (NASDAQ:LBTYA) is a large European cable company, which we think is very undervalued at $31 vs. our estimated value of $43. Its Latin American assets will soon be spun off into a separate company, and we expect the Liberty management to use the same consolidation “playbook” to build a valuable Latin American version of Liberty Global. Investors have been disappointed by the recent pace of quarterly progress at both Global and the Latin American subsidiary, LiLAC, but we believe that putting strong, subscription-based businesses in the hands of Liberty management is a great prescription for building business value. Liberty’s ownership in SiriusXM (Liberty SiriusXM Group) dates back to 2009 and the depths of the Great Recession. Sirius was on the brink of bankruptcy and Liberty lent them about $400 million. The loan had a very high yield (and was repaid in under a year) but also included a “kicker” More...

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Wally Weitz Comments on Berkshire Hathaway and Bank of America Guru stock highlight
Most of our assets are invested in companies we have owned for many years, but the companies themselves have not been standing still. Berkshire Hathaway (NYSE:BRK.A) has been in our clients’ accounts continuously since 1976, but today’s Berkshire is very different from that of 40, 30, 20 or even 10 years ago. Recent headlines trumpet Berkshire’s $12 billion profit on its Bank of America (NYSE:BAC) investment. In fact, that investment was made in 2011 when Buffett lent BAC a badly needed $5 billion. Berkshire received a convertible preferred stock with a 6% yield ($300 million per year) convertible into BAC shares worth over $17 billion today. Berkshire’s internal rate of return on this investment is about 18% per year.Berkshire currently holds about $100 billion in cash available for future deals. Investments like BAC (and similar lifelines thrown to Goldman Sachs and General Electric (NYSE:GE More...

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Wally Weitz Comments on DXC Technology Guru stock highlight
During this extended period of high valuations, the turnover in our stock funds has been low. We have added a few new stocks to our portfolios, but they tend to fall into the category of intermediate-term “trades” (as opposed to our preferred long-term “investments”). For example, DXC Technologies (NYSE:DXC) is the successor to Computer Sciences Corporation (CSC), an undermanaged and somewhat troubled IT consulting company that brought in new management in 2012. The new CEO, Mike Lawrie, has considerable turnaround experience and by 2016 had CSC back on track. Earlier this year, CSC acquired Hewlett Packard’s Enterprise Services business (originally Ross Perot’s EDS). The plan is to use the same playbook Lawrie used with CSC to make the combined company more profitable. If they are reasonably successful over the next three to four years, we believe that DXC can earn $9-10 per share and sell at a modest 12-13 times earnings. This is not “home run” material, but it would represent a nice increase over today’s $76 per share. More importantly, achieving More...

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Wally Weitz's June 2017 Value Matters The firm's game plan Wallace Weitz - Wally Weitz's June 2017 Value Matters
Dear Fellow Investor, More...

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Wallace Weitz Sells Avon Products, Berkshire Hathaway, Fossil Guru's largest 1st-quarter sales Wallace Weitz,Chase Coleman,John Griffin,Alan Four - Wallace Weitz Sells Avon Products, Berkshire Hathaway, Fossil
Wallace Weitz (Trades, Portfolio) manages a portfolio composed of 81 stocks with a total value of $2.383 billion. During the first quarter the guru sold shares in the following stocks. More...

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Weitz Funds Comments on United Parcel Service Guru stock highlight
United Parcel Service (NYSE:UPS) is a package delivery company and a provider of supply chain management solutions. Over the past several years, the growth of e-commerce has created challenges for UPS during its peak holiday shipping season. While the market can not quite decide whether the onslaught of less profitable residential delivery volume is beneficial, UPS has announced plans to significantly accelerate capital spending in anticipation of even more residential delivery volume. Investors’ lack of faith in management’s intended path led to this most recent sell off. We believe the company’s efforts toward a more streamlined holiday shipping experience will bear fruit in time, and we expect the company’s stock price will eventually reflect this stepped-up commitment to its customers. More...

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