Weitz Investment

Q3 2013 13F · by Wallace Weitz, founder

As of: Sep 30, 2013
Filed: Nov 13, 2013
US stock: $2.7B · prev $2.5B
Positions: 60 · prev 61
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves51 since the prior filing

+3.6 pp in · −3.8 pp out

New 2 +1.18 pp
Added 33 +2.44 pp
Trimmed 13 −1.77 pp
Exited 3 −1.99 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions27% of US stock

unresolved Valeant Pharmaceuticals Intl trimmed+0.72 pp trimmed+0.728.0%
unresolved Aon PLC trimmed0.00 pp trimmed0.005.4%
BRK.B BERKSHIRE HATHAWAY Class B added−0.23 pp added−0.234.8%
unresolved Directv trimmed−1.10 pp trimmed−1.104.5%
RWT Redwood Trust, Inc. added+0.70 pp added+0.704.4%

Positions60 in this filing · 3 exited


unresolvedValeant Pharmaceuticals Intl	8.02%	2,042,835	$213M	trimmed−3%	+0.72 pp	2 q
unresolvedAon PLC	5.38%	1,919,920	$143M	trimmed−7%	0.00 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	4.77%	1,115,992	$127M	added+1%	−0.23 pp	2 q
unresolvedDirectv	4.45%	1,980,620	$118M	trimmed−11%	−1.10 pp	2 q
RWTRedwood Trust, Inc.	4.42%	5,960,149	$117M	added+10%	+0.70 pp	2 q
LBTYKLiberty Global Ltd. Class C	4.28%	1,507,700	$114M	added+2%	+0.23 pp	2 q
TXNTexas Instruments Incorporated	4.09%	2,695,950	$109M	trimmed−4%	+0.12 pp	2 q
WFCWells Fargo & Co.	3.96%	2,545,990	$105M	added0%	−0.29 pp	2 q
unresolvedLiberty Interactive Corp	3.53%	3,996,580	$94M	added+7%	+0.06 pp	2 q
9990302DApache Corp	3.36%	1,049,596	$89M	added+14%	+0.24 pp	2 q
unresolvedIconix Brand Group Inc	3.35%	2,679,020	$89M	added0%	+0.16 pp	2 q
FLIRFLIR Systems, Inc. (DE)	2.94%	2,488,605	$78M	trimmed−6%	+0.06 pp	2 q
unresolvedLiberty Media Corp Delaware	2.90%	524,485	$77M	added0%	+0.21 pp	2 q
unresolvedGoogle Inc.	2.75%	83,325	$73M	added+3%	−0.13 pp	2 q
MLMMartin Marietta Materials	2.64%	713,670	$70M	added+8%	+0.02 pp	2 q
TDGTransDigm Group Incorporated	2.64%	505,405	$70M	added+67%	+0.72 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	2.54%	680,480	$67M	added+11%	+0.06 pp	2 q
LYVLive Nation Entertainment Inc.	2.42%	3,464,590	$64M	trimmed−5%	+0.14 pp	2 q
MSFTMicrosoft Corp	2.33%	1,855,775	$62M	added0%	−0.26 pp	2 q
unresolvedInterval Leisure Group Inc	2.31%	2,601,667	$61M	added+1%	+0.23 pp	2 q
RRCRange Resources Corp	2.29%	801,360	$61M	added+25%	+0.29 pp	2 q
unresolvedExpress Scripts Hldg Co	2.28%	982,255	$61M	added+1%	−0.15 pp	2 q
TGTTarget Corporation	2.00%	829,505	$53M	added0%	−0.30 pp	2 q
SW5Southwestern Energy Co	1.54%	1,128,200	$41M	added0%	−0.13 pp	2 q
UPSUnited Parcel Service, Inc. Class B	1.37%	397,000	$36M	added+1%	−0.01 pp	2 q
NCMINational CineMedia, Inc.	1.31%	1,851,900	$35M	trimmed−4%	0.00 pp	2 q
unresolvedXO Group Inc.	1.27%	2,619,488	$34M	added0%	+0.08 pp	2 q
unresolvedOuterwall Inc	1.13%	603,166	$30M	new	+1.13 pp	new
unresolvedLiberty Interactive Corp	1.00%	302,400	$27M	added+11%	+0.06 pp	2 q
FISFidelity National Information Services, Inc.	0.99%	568,310	$26M	added0%	+0.01 pp	2 q
DISThe Walt Disney Company	0.88%	361,550	$23M	added0%	−0.04 pp	2 q
unresolvedHewlett Packard Co	0.86%	1,093,030	$23M	added+1%	−0.23 pp	2 q
CACICaci International Cla	0.82%	314,400	$22M	trimmed−5%	−0.03 pp	2 q
OMCOmnicom Group Inc.	0.76%	319,700	$20M	trimmed−24%	−0.31 pp	2 q
WKCWorld Kinect Corporation	0.69%	490,000	$18M	added×2.1	+0.32 pp	2 q
Redwood Trust Incconvertible	0.68%	17,000,000	$18M	held	—	2 q
unresolvedCumulus Media Inc-cl A	0.66%	3,300,000	$17M	held	—	2 q
ACNAccenture PLC	0.63%	226,400	$17M	added0%	−0.03 pp	2 q
DEODiageo plc	0.61%	126,850	$16M	added+1%	+0.02 pp	2 q
FCNFTI Consulting, Inc.	0.58%	410,502	$16M	added×2.2	+0.33 pp	2 q
PXGBXPraxair Inc	0.57%	125,700	$15M	added+1%	−0.01 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.44%	69	$12M	held	—	2 q
BROBrown & Brown, Inc.	0.44%	360,497	$12M	added+16%	+0.04 pp	2 q
CVSCvs Health Corporation	0.43%	201,860	$11M	added0%	−0.04 pp	2 q
TBFProShares Short 20+ Year Treasury ETF	0.40%	330,000	$11M	added×2.2	+0.21 pp	2 q
unresolvedSapient Corp	0.39%	671,000	$10M	trimmed−19%	−0.05 pp	2 q
CNACNA Financial Corporation	0.33%	230,000	$9M	held	—	2 q
ACIWACI Worldwide, Inc.	0.31%	150,844	$8M	added×21.5	+0.30 pp	2 q
CMPCompass Minerals International, Inc.	0.24%	85,000	$6M	held	—	2 q
unresolvedOmnicare Inc	0.24%	113,700	$6M	trimmed−85%	−1.20 pp	2 q
ASCMAAscent Capital Group, Inc. Series A	0.18%	60,000	$5M	held	—	2 q
PBHPrestige Consumer Healthcare Inc.	0.17%	150,000	$5M	trimmed−40%	−0.12 pp	2 q
unresolvedWillis Group Holdings Public	0.16%	100,000	$4M	held	—	2 q
35YCorecard Corp	0.13%	2,270,000	$3M	held	—	2 q
BUDAnheuser-Busch INBEV SA/NV	0.05%	13,000	$1M	new	+0.05 pp	new
ESINQItt Educational Svcs Inc	0.03%	22,960	$712,000	trimmed−25%	0.00 pp	2 q
USBU.S. Bancorp	0.03%	20,000	$732,000	held	—	2 q
AAPLApple Inc.	0.01%	800	$381,000	held	—	2 q
AVPAvon Products, Inc.	0.01%	15,000	$309,000	held	—	2 q
ORCLOracle Corp	0.01%	9,000	$299,000	held	—	2 q
unresolvedCoinstar Inc	—	−602,229	—	exited	−1.43 pp	—
unresolvedSandridge Energy Inc	—	−1,500,000	—	exited	−0.29 pp	—
MOSThe Mosaic Company	—	−125,000	—	exited	−0.27 pp	—