Weitz Investment

Q1 2014 13F · by Wallace Weitz, founder

As of: Mar 31, 2014
Filed: May 14, 2014
US stock: $3.1B · prev $3.0B
Positions: 63 · prev 62
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

+7.6 pp in · −7.3 pp out

New 5 +2.05 pp
Added 22 +5.59 pp
Trimmed 20 −4.77 pp
Exited 4 −2.52 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions26% of US stock

unresolved Valeant Pharmaceuticals Intl trimmed−0.54 pp trimmed−0.546.7%
LBTYK Liberty Global Ltd. Class C added+0.22 pp added+0.225.1%
unresolved Directv trimmed+0.25 pp trimmed+0.255.0%
BRK.B BERKSHIRE HATHAWAY Class B added+0.45 pp added+0.454.9%
unresolved Liberty Interactive Corp added−0.17 pp added−0.174.7%

Positions63 in this filing · 4 exited


unresolvedValeant Pharmaceuticals Intl	6.73%	1,597,540	$211M	trimmed−14%	−0.54 pp	4 q
LBTYKLiberty Global Ltd. Class C	5.09%	3,918,555	$160M	added+14%	+0.22 pp	4 q
unresolvedDirectv	4.96%	2,032,110	$155M	trimmed−0%	+0.25 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	4.90%	1,229,050	$154M	added+10%	+0.45 pp	4 q
unresolvedLiberty Interactive Corp	4.67%	5,060,530	$146M	added+3%	−0.17 pp	4 q
unresolvedLiberty Media Corp Delaware	4.57%	1,095,026	$143M	added+89%	+1.72 pp	4 q
WFCWells Fargo & Co.	3.90%	2,455,070	$122M	trimmed−1%	+0.12 pp	4 q
RWTRedwood Trust, Inc.	3.83%	5,918,530	$120M	trimmed−3%	−0.14 pp	4 q
TDGTransDigm Group Incorporated	3.56%	602,232	$112M	added+2%	+0.36 pp	4 q
TXNTexas Instruments Incorporated	3.41%	2,267,300	$107M	trimmed−6%	−0.14 pp	4 q
MLMMartin Marietta Materials	3.26%	796,560	$102M	trimmed−9%	+0.32 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	3.13%	997,770	$98M	added+10%	+0.37 pp	4 q
unresolvedIconix Brand Group Inc	3.03%	2,414,000	$95M	trimmed−6%	−0.40 pp	4 q
unresolvedExpress Scripts Hldg Co	2.90%	1,210,905	$91M	added+2%	+0.11 pp	4 q
9990302DApache Corp	2.85%	1,074,049	$89M	added0%	−0.24 pp	4 q
unresolvedThe Adt Corporation	2.79%	2,912,214	$87M	added×7.8	+2.28 pp	2 q
ORCLOracle Corp	2.63%	2,015,260	$82M	added+15%	+0.38 pp	4 q
MSFTMicrosoft Corp	2.37%	1,808,775	$74M	trimmed−2%	+0.07 pp	4 q
FLIRFLIR Systems, Inc. (DE)	2.34%	2,032,580	$73M	trimmed−22%	−0.28 pp	4 q
RRCRange Resources Corp	2.06%	778,630	$65M	trimmed−11%	−0.40 pp	4 q
unresolvedInterval Leisure Group Inc	2.05%	2,460,406	$64M	trimmed−2%	−0.55 pp	4 q
unresolvedGoogle Inc.	2.02%	56,880	$63M	trimmed−22%	−0.72 pp	4 q
unresolvedAon PLC	1.92%	714,710	$60M	trimmed−22%	−0.66 pp	4 q
LYVLive Nation Entertainment Inc.	1.89%	2,723,521	$59M	trimmed−5%	0.00 pp	4 q
TGTTarget Corporation	1.58%	816,235	$49M	trimmed−0%	−0.15 pp	4 q
ENDPQEndo International PLC	1.10%	500,920	$34M	new	+1.10 pp	new
BROBrown & Brown, Inc.	1.02%	1,041,860	$32M	added+98%	+0.47 pp	4 q
AVPAvon Products, Inc.	0.98%	2,094,000	$31M	added×2.9	+0.56 pp	4 q
unresolvedLiberty Interactive Corp	0.98%	235,000	$31M	trimmed−27%	−0.35 pp	4 q
FISFidelity National Information Services, Inc.	0.96%	561,280	$30M	trimmed−2%	−0.07 pp	4 q
DISThe Walt Disney Company	0.92%	361,550	$29M	held	—	4 q
unresolvedXO Group Inc.	0.91%	2,806,883	$28M	added+6%	−0.41 pp	4 q
NCMINational CineMedia, Inc.	0.88%	1,845,400	$28M	added+4%	−0.31 pp	4 q
CACICaci International Cla	0.74%	314,400	$23M	held	—	4 q
unresolvedCumulus Media Inc-cl A	0.73%	3,300,000	$23M	held	—	4 q
UPSUnited Parcel Service, Inc. Class B	0.73%	234,150	$23M	held	—	4 q
WKCWorld Kinect Corporation	0.70%	500,000	$22M	held	—	4 q
ACNAccenture PLC	0.59%	230,400	$18M	added+2%	−0.03 pp	4 q
Redwood Trust Incconvertible	0.58%	17,000,000	$18M	held	—	4 q
OMCOmnicom Group Inc.	0.57%	244,200	$18M	held	—	4 q
PXGBXPraxair Inc	0.53%	125,700	$16M	held	—	4 q
DEODiageo plc	0.52%	131,650	$16M	added+4%	−0.04 pp	4 q
TBFProShares Short 20+ Year Treasury ETF	0.50%	520,000	$16M	added+4%	−0.05 pp	4 q
PXDPioneer Natural Resource Co.	0.43%	72,370	$14M	new	+0.43 pp	new
BRK.ABerkshire Hathaway Inc.	0.41%	69	$13M	held	—	4 q
EBAYeBay Inc	0.35%	201,100	$11M	new	+0.35 pp	new
FCNFTI Consulting, Inc.	0.34%	318,842	$11M	added+6%	−0.07 pp	4 q
CNACNA Financial Corporation	0.31%	230,000	$10M	held	—	4 q
unresolvedSapient Corp	0.30%	550,000	$9M	held	—	4 q
ACIWACI Worldwide, Inc.	0.29%	151,000	$9M	added0%	−0.04 pp	4 q
LQDTLiquidity Services, Inc.	0.28%	340,000	$9M	held	—	2 q
unresolvedWillis Group Holdings Public	0.18%	125,000	$6M	added+25%	+0.03 pp	4 q
ASCMAAscent Capital Group, Inc. Series A	0.17%	70,000	$5M	added+17%	0.00 pp	4 q
WAIRWESCO Aircraft Holdings Inc.	0.16%	229,200	$5M	new	+0.16 pp	new
35YCorecard Corp	0.12%	2,270,000	$4M	held	—	4 q
PBHPrestige Consumer Healthcare Inc.	0.11%	125,000	$3M	trimmed−17%	−0.07 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	0.04%	13,000	$1M	held	—	3 q
ESINQItt Educational Svcs Inc	0.02%	24,000	$688,000	added+38%	0.00 pp	4 q
USBU.S. Bancorp	0.02%	15,000	$643,000	held	—	4 q
ALSNAllison Transmission Holdings, Inc.	0.01%	15,000	$449,000	new	+0.01 pp	new
AAPLApple Inc.	0.01%	800	$429,000	held	—	4 q
unresolvedHewlett Packard Co	0.01%	13,000	$421,000	trimmed−99%	−1.02 pp	4 q
unresolvedOuterwall Inc	0.01%	6,253	$453,000	trimmed−71%	−0.04 pp	3 q
SW5Southwestern Energy Co	—	−955,440	—	exited	−1.26 pp	—
unresolvedEndo Health Sol'ns Inc.	—	−445,920	—	exited	−1.01 pp	—
CMPCompass Minerals International, Inc.	—	−85,000	—	exited	−0.23 pp	—
CVSCvs Health Corporation	—	−10,000	—	exited	−0.02 pp	—