Weitz Investment

Q3 2014 13F · by Wallace Weitz, founder

As of: Sep 30, 2014
Filed: Nov 13, 2014
US stock: $3.4B · prev $3.3B
Positions: 65 · 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%

Moves57 since the prior filing

+5.5 pp in · −4.8 pp out

New 6 +6.51 pp
Added 28 −1.01 pp
Trimmed 20 −4.33 pp
Exited 3 −0.48 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.5 years per position

Low
Moderate
High

Top 5 positions27% of US stock

unresolved Valeant Pharmaceuticals Intl added+0.62 pp added+0.626.5%
LBTYK Liberty Global Ltd. Class C added+0.58 pp added+0.586.0%
BRK.B BERKSHIRE HATHAWAY Class B added+0.49 pp added+0.495.8%
unresolved Liberty Interactive Corp added−0.19 pp added−0.194.4%
unresolved Liberty Media Corp Delaware new+4.26 pp new+4.264.3%

Positions65 in this filing · 3 exited


unresolvedValeant Pharmaceuticals Intl	6.53%	1,691,525	$222M	added+9%	+0.62 pp	6 q
LBTYKLiberty Global Ltd. Class C	5.98%	4,958,258	$203M	added+17%	+0.58 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	5.77%	1,419,123	$196M	added+3%	+0.49 pp	6 q
unresolvedLiberty Interactive Corp	4.38%	5,218,030	$149M	added+1%	−0.19 pp	6 q
unresolvedLiberty Media Corp Delaware	4.26%	3,080,597	$145M	new	+4.26 pp	new
unresolvedDirectv	4.14%	1,624,412	$141M	trimmed−3%	−0.18 pp	6 q
unresolvedExpress Scripts Hldg Co	3.69%	1,776,907	$126M	added+2%	+0.04 pp	6 q
WFCWells Fargo & Co.	3.50%	2,291,485	$119M	trimmed−2%	−0.21 pp	6 q
TXNTexas Instruments Incorporated	3.21%	2,290,955	$109M	added+1%	−0.07 pp	6 q
TDGTransDigm Group Incorporated	3.20%	590,666	$109M	trimmed−1%	+0.18 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	2.96%	988,891	$101M	trimmed−1%	−0.13 pp	6 q
RWTRedwood Trust, Inc.	2.89%	5,925,435	$98M	added+2%	−0.54 pp	6 q
MLMMartin Marietta Materials	2.88%	760,263	$98M	trimmed−2%	−0.20 pp	6 q
unresolvedIconix Brand Group Inc	2.52%	2,322,615	$86M	trimmed−3%	−0.60 pp	6 q
ORCLOracle Corp	2.31%	2,047,605	$78M	added+1%	−0.16 pp	6 q
RRCRange Resources Corp	2.22%	1,113,967	$76M	added+42%	+0.17 pp	6 q
unresolvedLiberty Media Corp Delaware	2.05%	1,473,581	$70M	added+1%	−3.96 pp	6 q
9990302DApache Corp	1.99%	721,408	$68M	trimmed−30%	−1.13 pp	6 q
MSFTMicrosoft Corp	1.97%	1,443,400	$67M	trimmed−21%	−0.34 pp	6 q
LYVLive Nation Entertainment Inc.	1.95%	2,754,295	$66M	added+1%	−0.08 pp	6 q
AVPAvon Products, Inc.	1.82%	4,908,498	$62M	added+66%	+0.52 pp	6 q
unresolvedThe Adt Corporation	1.80%	1,722,865	$61M	trimmed−12%	−0.27 pp	4 q
unresolvedInterval Leisure Group Inc	1.79%	3,197,964	$61M	added+3%	−0.26 pp	6 q
unresolvedAon PLC	1.67%	648,450	$57M	trimmed−2%	−0.13 pp	6 q
ENDPQEndo International PLC	1.45%	721,950	$49M	trimmed−18%	−0.40 pp	3 q
unresolvedCatamaran Corp	1.24%	1,001,377	$42M	added+34%	+0.24 pp	2 q
NCMINational CineMedia, Inc.	1.22%	2,854,615	$41M	added+9%	−0.16 pp	6 q
WAIRWESCO Aircraft Holdings Inc.	1.16%	2,273,340	$40M	added+86%	+0.42 pp	3 q
GOOGAlphabet Inc. Class C	1.14%	67,331	$39M	added+3%	0.00 pp	2 q
EBAYeBay Inc	1.10%	662,990	$38M	added+1%	+0.11 pp	3 q
BROBrown & Brown, Inc.	0.99%	1,047,446	$34M	trimmed−2%	0.00 pp	6 q
FISFidelity National Information Services, Inc.	0.95%	575,080	$32M	added+2%	+0.02 pp	6 q
unresolvedGoogle Inc.	0.93%	53,650	$32M	held	—	6 q
unresolvedXO Group Inc.	0.93%	2,816,429	$32M	trimmed−0%	−0.11 pp	6 q
unresolvedPrecision Castparts Corp	0.89%	127,535	$30M	new	+0.89 pp	new
Redwood Trust Incconvertible	0.84%	28,825,000	$29M	added+70%	+0.31 pp	6 q
FLIRFLIR Systems, Inc. (DE)	0.83%	896,885	$28M	trimmed−2%	−0.13 pp	6 q
DISThe Walt Disney Company	0.74%	283,050	$25M	trimmed−22%	−0.20 pp	6 q
unresolvedWillis Group Holdings Public	0.72%	588,720	$24M	added×4.7	+0.56 pp	6 q
unresolvedAngie's List	0.69%	3,673,102	$23M	added×10.3	+0.56 pp	2 q
DISCKDiscovery Inc-c	0.69%	629,100	$23M	new	+0.69 pp	new
UPSUnited Parcel Service, Inc. Class B	0.69%	239,150	$24M	added+2%	−0.04 pp	6 q
CACICaci International Cla	0.66%	314,400	$22M	held	—	6 q
OMCOmnicom Group Inc.	0.59%	291,280	$20M	trimmed−0%	−0.04 pp	6 q
TBFProShares Short 20+ Year Treasury ETF	0.57%	700,000	$19M	trimmed−13%	−0.13 pp	6 q
ACNAccenture PLC	0.55%	230,400	$19M	held	—	6 q
unresolvedLiberty Interactive Corp	0.52%	470,000	$18M	held	—	6 q
PXGBXPraxair Inc	0.48%	125,645	$16M	held	—	6 q
DEODiageo plc	0.45%	131,595	$15M	held	—	6 q
WKCWorld Kinect Corporation	0.44%	372,100	$15M	trimmed−26%	−0.30 pp	6 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.43%	430,000	$15M	new	+0.43 pp	new
BRK.ABerkshire Hathaway Inc.	0.42%	69	$14M	held	—	6 q
PXDPioneer Natural Resource Co.	0.42%	72,330	$14M	held	—	3 q
unresolvedCumulus Media Inc-cl A	0.39%	3,308,963	$13M	added0%	−0.27 pp	6 q
ACIWACI Worldwide, Inc.	0.35%	643,000	$12M	added×3.7	+0.05 pp	6 q
ASCMAAscent Capital Group, Inc. Series A	0.25%	140,000	$8M	added+40%	+0.05 pp	6 q
POSTPost Holdings, Inc.	0.24%	243,000	$8M	new	+0.24 pp	new
unresolvedSapient Corp	0.23%	550,100	$8M	added0%	−0.04 pp	6 q
PBHPrestige Consumer Healthcare Inc.	0.15%	160,000	$5M	added+28%	+0.02 pp	6 q
35YCorecard Corp	0.09%	2,270,000	$3M	held	—	6 q
BUDAnheuser-Busch INBEV SA/NV	0.04%	13,000	$1M	held	—	5 q
ALSNAllison Transmission Holdings, Inc.	0.01%	15,000	$427,000	held	—	3 q
FCNFTI Consulting, Inc.	0.01%	9,000	$315,000	trimmed−54%	−0.01 pp	6 q
unresolvedHewlett Packard Co	0.01%	10,500	$372,000	trimmed−13%	0.00 pp	6 q
MNRMonmouth Real Estate Inv Cor	0.00%	6,800	$69,000	new	0.00 pp	new
TGTTarget Corporation	—	−255,093	—	exited	−0.45 pp	—
USBU.S. Bancorp	—	−15,000	—	exited	−0.02 pp	—
AAPLApple Inc.	—	−4,200	—	exited	−0.01 pp	—