Weitz Investment

Q2 2014 13F · by Wallace Weitz, founder

As of: Jun 30, 2014
Filed: Aug 14, 2014
US stock: $3.3B · prev $3.1B
Positions: 62 · prev 63
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

+8.0 pp in · −7.7 pp out

New 3 +2.27 pp
Added 25 +5.75 pp
Trimmed 19 −7.12 pp
Exited 4 −0.62 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions27% of US stock

unresolved Liberty Media Corp Delaware added+1.44 pp added+1.446.0%
unresolved Valeant Pharmaceuticals Intl trimmed−0.82 pp trimmed−0.825.9%
LBTYK Liberty Global Ltd. Class C added+0.31 pp added+0.315.4%
BRK.B BERKSHIRE HATHAWAY Class B added+0.38 pp added+0.385.3%
unresolved Liberty Interactive Corp added−0.10 pp added−0.104.6%

Positions62 in this filing · 4 exited


unresolvedLiberty Media Corp Delaware	6.01%	1,454,939	$199M	added+33%	+1.44 pp	5 q
unresolvedValeant Pharmaceuticals Intl	5.91%	1,551,076	$196M	trimmed−3%	−0.82 pp	5 q
LBTYKLiberty Global Ltd. Class C	5.40%	4,223,230	$179M	added+8%	+0.31 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	5.28%	1,382,646	$175M	added+13%	+0.38 pp	5 q
unresolvedLiberty Interactive Corp	4.57%	5,157,265	$151M	added+2%	−0.10 pp	5 q
unresolvedDirectv	4.32%	1,681,100	$143M	trimmed−17%	−0.64 pp	5 q
WFCWells Fargo & Co.	3.71%	2,335,490	$123M	trimmed−5%	−0.19 pp	5 q
unresolvedExpress Scripts Hldg Co	3.65%	1,742,324	$121M	added+44%	+0.75 pp	5 q
RWTRedwood Trust, Inc.	3.43%	5,835,250	$114M	trimmed−1%	−0.40 pp	5 q
TXNTexas Instruments Incorporated	3.28%	2,274,220	$109M	added0%	−0.13 pp	5 q
9990302DApache Corp	3.12%	1,026,213	$103M	trimmed−4%	+0.27 pp	5 q
unresolvedIconix Brand Group Inc	3.12%	2,402,355	$103M	trimmed−0%	+0.09 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	3.09%	999,816	$102M	added0%	−0.04 pp	5 q
MLMMartin Marietta Materials	3.08%	773,375	$102M	trimmed−3%	−0.18 pp	5 q
TDGTransDigm Group Incorporated	3.02%	597,821	$100M	trimmed−1%	−0.54 pp	5 q
ORCLOracle Corp	2.47%	2,020,955	$82M	added0%	−0.16 pp	5 q
MSFTMicrosoft Corp	2.31%	1,832,944	$76M	added+1%	−0.06 pp	5 q
unresolvedThe Adt Corporation	2.07%	1,961,767	$69M	trimmed−33%	−0.72 pp	3 q
unresolvedInterval Leisure Group Inc	2.05%	3,092,687	$68M	added+26%	0.00 pp	5 q
RRCRange Resources Corp	2.05%	782,382	$68M	added0%	−0.01 pp	5 q
LYVLive Nation Entertainment Inc.	2.03%	2,729,135	$67M	added0%	+0.14 pp	5 q
ENDPQEndo International PLC	1.85%	876,670	$61M	added+75%	+0.75 pp	2 q
unresolvedAon PLC	1.80%	662,010	$60M	trimmed−7%	−0.12 pp	5 q
NCMINational CineMedia, Inc.	1.38%	2,610,000	$46M	added+41%	+0.50 pp	5 q
AVPAvon Products, Inc.	1.30%	2,949,000	$43M	added+41%	+0.32 pp	5 q
GOOGAlphabet Inc. Class C	1.14%	65,492	$38M	new	+1.14 pp	new
unresolvedLiberty Interactive Corp	1.05%	470,000	$35M	added×2.0	+0.07 pp	5 q
unresolvedXO Group Inc.	1.04%	2,825,840	$35M	added+1%	+0.13 pp	5 q
unresolvedCatamaran Corp	1.00%	748,620	$33M	new	+1.00 pp	new
BROBrown & Brown, Inc.	0.99%	1,072,787	$33M	added+3%	−0.03 pp	5 q
EBAYeBay Inc	0.99%	653,355	$33M	added×3.2	+0.64 pp	2 q
FLIRFLIR Systems, Inc. (DE)	0.96%	919,670	$32M	trimmed−55%	−1.38 pp	5 q
unresolvedGoogle Inc.	0.95%	53,650	$31M	trimmed−6%	−1.07 pp	5 q
DISThe Walt Disney Company	0.94%	361,550	$31M	held	—	5 q
FISFidelity National Information Services, Inc.	0.93%	563,785	$31M	added0%	−0.03 pp	5 q
WAIRWESCO Aircraft Holdings Inc.	0.74%	1,225,000	$24M	added×5.3	+0.58 pp	2 q
WKCWorld Kinect Corporation	0.74%	500,000	$25M	held	—	5 q
UPSUnited Parcel Service, Inc. Class B	0.73%	234,150	$24M	held	—	5 q
TBFProShares Short 20+ Year Treasury ETF	0.70%	800,000	$23M	added+54%	+0.20 pp	5 q
CACICaci International Cla	0.67%	314,400	$22M	held	—	5 q
unresolvedCumulus Media Inc-cl A	0.66%	3,300,000	$22M	held	—	5 q
OMCOmnicom Group Inc.	0.63%	291,320	$21M	added+19%	+0.06 pp	5 q
ACNAccenture PLC	0.56%	230,400	$19M	held	—	5 q
Redwood Trust Incconvertible	0.53%	17,000,000	$18M	held	—	5 q
DEODiageo plc	0.51%	131,595	$17M	trimmed−0%	−0.01 pp	5 q
PXDPioneer Natural Resource Co.	0.50%	72,330	$17M	trimmed−0%	+0.07 pp	2 q
PXGBXPraxair Inc	0.50%	125,645	$17M	trimmed−0%	−0.03 pp	5 q
TGTTarget Corporation	0.45%	255,093	$15M	trimmed−69%	−1.13 pp	5 q
BRK.ABerkshire Hathaway Inc.	0.40%	69	$13M	held	—	5 q
ACIWACI Worldwide, Inc.	0.30%	176,000	$10M	added+17%	+0.01 pp	5 q
unresolvedSapient Corp	0.27%	550,000	$9M	held	—	5 q
ASCMAAscent Capital Group, Inc. Series A	0.20%	100,000	$7M	added+43%	+0.03 pp	5 q
unresolvedWillis Group Holdings Public	0.16%	125,000	$5M	held	—	5 q
unresolvedAngie's List	0.13%	355,000	$4M	new	+0.13 pp	new
PBHPrestige Consumer Healthcare Inc.	0.13%	125,000	$4M	held	—	5 q
35YCorecard Corp	0.09%	2,270,000	$3M	held	—	5 q
BUDAnheuser-Busch INBEV SA/NV	0.05%	13,000	$1M	held	—	4 q
FCNFTI Consulting, Inc.	0.02%	19,485	$737,000	trimmed−94%	−0.32 pp	5 q
USBU.S. Bancorp	0.02%	15,000	$650,000	held	—	5 q
ALSNAllison Transmission Holdings, Inc.	0.01%	15,000	$467,000	held	—	2 q
AAPLApple Inc.	0.01%	4,200	$390,000	trimmed−25%	0.00 pp	5 q
unresolvedHewlett Packard Co	0.01%	12,000	$404,000	trimmed−8%	0.00 pp	5 q
CNACNA Financial Corporation	—	−230,000	—	exited	−0.31 pp	—
LQDTLiquidity Services, Inc.	—	−340,000	—	exited	−0.28 pp	—
ESINQItt Educational Svcs Inc	—	−24,000	—	exited	−0.02 pp	—
unresolvedOuterwall Inc	—	−6,253	—	exited	−0.01 pp	—