Weitz Investment

Q4 2013 13F · by Wallace Weitz, founder

As of: Dec 31, 2013
Filed: Feb 13, 2014
US stock: $3.0B · prev $2.7B
Positions: 62 · prev 60
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%

Moves47 since the prior filing

+7.8 pp in · −7.8 pp out

New 3 +1.78 pp
Added 23 +6.06 pp
Trimmed 20 −7.59 pp
Exited 1 −0.24 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions26% of US stock

unresolved Valeant Pharmaceuticals Intl trimmed−0.75 pp trimmed−0.757.3%
LBTYK Liberty Global Ltd. Class C added+0.59 pp added+0.594.9%
unresolved Liberty Interactive Corp added+1.31 pp added+1.314.8%
unresolved Directv added+0.26 pp added+0.264.7%
BRK.B BERKSHIRE HATHAWAY Class B added−0.32 pp added−0.324.5%

Positions62 in this filing · 1 exited


unresolvedValeant Pharmaceuticals Intl	7.27%	1,849,200	$217M	trimmed−9%	−0.75 pp	3 q
LBTYKLiberty Global Ltd. Class C	4.87%	1,722,670	$145M	added+14%	+0.59 pp	3 q
unresolvedLiberty Interactive Corp	4.84%	4,922,140	$144M	added+23%	+1.31 pp	3 q
unresolvedDirectv	4.71%	2,033,920	$141M	added+3%	+0.26 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	4.45%	1,118,981	$133M	added0%	−0.32 pp	3 q
RWTRedwood Trust, Inc.	3.97%	6,123,169	$119M	added+3%	−0.45 pp	3 q
WFCWells Fargo & Co.	3.78%	2,484,590	$113M	trimmed−2%	−0.18 pp	3 q
TXNTexas Instruments Incorporated	3.55%	2,411,550	$106M	trimmed−11%	−0.54 pp	3 q
unresolvedIconix Brand Group Inc	3.43%	2,574,720	$102M	trimmed−4%	+0.08 pp	3 q
TDGTransDigm Group Incorporated	3.20%	592,205	$95M	added+17%	+0.56 pp	3 q
9990302DApache Corp	3.09%	1,073,656	$92M	added+2%	−0.27 pp	3 q
MLMMartin Marietta Materials	2.94%	878,571	$88M	added+23%	+0.30 pp	3 q
unresolvedLiberty Media Corp Delaware	2.85%	579,730	$85M	added+11%	−0.05 pp	3 q
unresolvedExpress Scripts Hldg Co	2.79%	1,184,825	$83M	added+21%	+0.51 pp	3 q
99803EURLaboratory Crp Of Amer Hldgs	2.76%	903,010	$83M	added+33%	+0.22 pp	3 q
unresolvedGoogle Inc.	2.74%	72,940	$82M	trimmed−12%	−0.01 pp	3 q
FLIRFLIR Systems, Inc. (DE)	2.62%	2,601,235	$78M	added+5%	−0.32 pp	3 q
unresolvedInterval Leisure Group Inc	2.60%	2,511,116	$78M	trimmed−3%	+0.29 pp	3 q
unresolvedAon PLC	2.58%	918,520	$77M	trimmed−52%	−2.80 pp	3 q
RRCRange Resources Corp	2.46%	872,130	$74M	added+9%	+0.17 pp	3 q
MSFTMicrosoft Corp	2.30%	1,837,625	$69M	trimmed−1%	−0.03 pp	3 q
ORCLOracle Corp	2.25%	1,751,190	$67M	added×194.6	+2.24 pp	3 q
LYVLive Nation Entertainment Inc.	1.89%	2,859,340	$57M	trimmed−17%	−0.53 pp	3 q
TGTTarget Corporation	1.73%	816,735	$52M	trimmed−2%	−0.27 pp	3 q
unresolvedLiberty Interactive Corp	1.33%	322,900	$40M	added+7%	+0.33 pp	3 q
unresolvedXO Group Inc.	1.32%	2,652,403	$39M	added+1%	+0.05 pp	3 q
SW5Southwestern Energy Co	1.26%	955,440	$38M	trimmed−15%	−0.28 pp	3 q
NCMINational CineMedia, Inc.	1.19%	1,782,000	$36M	trimmed−4%	−0.12 pp	3 q
FISFidelity National Information Services, Inc.	1.03%	569,890	$31M	added0%	+0.04 pp	3 q
unresolvedHewlett Packard Co	1.03%	1,095,030	$31M	added0%	+0.17 pp	3 q
unresolvedEndo Health Sol'ns Inc.	1.01%	445,920	$30M	new	+1.01 pp	new
DISThe Walt Disney Company	0.93%	361,550	$28M	held	—	3 q
unresolvedCumulus Media Inc-cl A	0.85%	3,300,000	$26M	held	—	3 q
UPSUnited Parcel Service, Inc. Class B	0.82%	234,150	$25M	trimmed−41%	−0.55 pp	3 q
CACICaci International Cla	0.77%	314,400	$23M	held	—	3 q
WKCWorld Kinect Corporation	0.72%	500,000	$22M	added+2%	+0.03 pp	3 q
ACNAccenture PLC	0.62%	226,400	$19M	held	—	3 q
OMCOmnicom Group Inc.	0.61%	244,200	$18M	trimmed−24%	−0.15 pp	3 q
Redwood Trust Incconvertible	0.59%	17,000,000	$18M	held	—	3 q
DEODiageo plc	0.56%	126,850	$17M	held	—	3 q
BROBrown & Brown, Inc.	0.55%	526,718	$17M	added+46%	+0.11 pp	3 q
PXGBXPraxair Inc	0.55%	125,700	$16M	held	—	3 q
TBFProShares Short 20+ Year Treasury ETF	0.55%	500,000	$16M	added+52%	+0.15 pp	3 q
unresolvedThe Adt Corporation	0.51%	375,000	$15M	new	+0.51 pp	new
AVPAvon Products, Inc.	0.42%	730,000	$13M	added×48.7	+0.41 pp	3 q
BRK.ABerkshire Hathaway Inc.	0.41%	69	$12M	held	—	3 q
FCNFTI Consulting, Inc.	0.41%	300,266	$12M	trimmed−27%	−0.17 pp	3 q
ACIWACI Worldwide, Inc.	0.33%	150,944	$10M	added0%	+0.02 pp	3 q
CNACNA Financial Corporation	0.33%	230,000	$10M	held	—	3 q
unresolvedSapient Corp	0.32%	550,000	$10M	trimmed−18%	−0.07 pp	3 q
LQDTLiquidity Services, Inc.	0.26%	340,000	$8M	new	+0.26 pp	new
CMPCompass Minerals International, Inc.	0.23%	85,000	$7M	held	—	3 q
PBHPrestige Consumer Healthcare Inc.	0.18%	150,000	$5M	held	—	3 q
ASCMAAscent Capital Group, Inc. Series A	0.17%	60,000	$5M	held	—	3 q
unresolvedWillis Group Holdings Public	0.15%	100,000	$4M	held	—	3 q
35YCorecard Corp	0.12%	2,270,000	$4M	held	—	3 q
BUDAnheuser-Busch INBEV SA/NV	0.05%	13,000	$1M	held	—	2 q
unresolvedOuterwall Inc	0.05%	21,804	$1M	trimmed−96%	−1.08 pp	2 q
AAPLApple Inc.	0.02%	800	$449,000	held	—	3 q
CVSCvs Health Corporation	0.02%	10,000	$716,000	trimmed−95%	−0.41 pp	3 q
ESINQItt Educational Svcs Inc	0.02%	17,360	$583,000	trimmed−24%	−0.01 pp	3 q
USBU.S. Bancorp	0.02%	15,000	$606,000	trimmed−25%	−0.01 pp	3 q
unresolvedOmnicare Inc	—	−113,700	—	exited	−0.24 pp	—