Weitz Investment

Q2 2015 13F · by Wallace Weitz, founder

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $3.5B · prev $3.7B
Positions: 66 · prev 65
Options notional: $0
Documents: 1· no amendments

Picture99.1% US stock

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

US stock listed on a US exchange 99.1%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.9%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves60 since the prior filing

+7.1 pp in · −7.3 pp out

New 5 +3.27 pp
Added 30 +3.87 pp
Trimmed 21 −5.13 pp
Exited 4 −2.14 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions26% of US stock

LBTYK Liberty Global Ltd. Class C added+0.52 pp added+0.527.4%
BRK.B BERKSHIRE HATHAWAY Class B added+0.02 pp added+0.025.7%
unresolved Valeant Pharmaceuticals Intl trimmed−0.41 pp trimmed−0.414.5%
unresolved Liberty Media Corp Delaware added+0.21 pp added+0.214.3%
unresolved Liberty Interactive Corp added+0.04 pp added+0.044.0%

Positions66 in this filing · 4 exited


LBTYKLiberty Global Ltd. Class C	7.37%	5,143,263	$260M	added+1%	+0.52 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	5.67%	1,472,149	$200M	added+2%	+0.02 pp	9 q
unresolvedValeant Pharmaceuticals Intl	4.51%	716,730	$159M	trimmed−22%	−0.41 pp	9 q
unresolvedLiberty Media Corp Delaware	4.35%	4,283,793	$154M	added+7%	+0.21 pp	4 q
unresolvedLiberty Interactive Corp	4.05%	5,151,430	$143M	added+1%	+0.04 pp	9 q
TDGTransDigm Group Incorporated	3.54%	557,220	$125M	added+1%	+0.27 pp	9 q
BRK.ABerkshire Hathaway Inc.	3.03%	522	$107M	trimmed−0%	−0.04 pp	9 q
RRCRange Resources Corp	3.01%	2,150,589	$106M	added+1%	+0.01 pp	9 q
DISCKDiscovery Inc-c	2.91%	3,303,594	$103M	added+2%	+0.33 pp	4 q
unresolvedExpress Scripts Hldg Co	2.84%	1,127,519	$100M	trimmed−21%	−0.51 pp	9 q
MLMMartin Marietta Materials	2.81%	700,680	$99M	trimmed−9%	−0.11 pp	9 q
RWTRedwood Trust, Inc.	2.54%	5,716,779	$90M	added+3%	−0.13 pp	9 q
99803EURLaboratory Crp Of Amer Hldgs	2.47%	720,849	$87M	trimmed−3%	−0.07 pp	9 q
LBRDKLiberty Broadband Corporation Class C	2.33%	1,608,773	$82M	added+3%	−0.06 pp	3 q
unresolvedTwenty First Centy Fox Inc	2.25%	2,468,453	$80M	added+92%	+1.11 pp	3 q
unresolvedPrecision Castparts Corp	2.24%	396,524	$79M	added+5%	+0.10 pp	4 q
ENDPQEndo International PLC	2.17%	961,135	$77M	added+29%	+0.36 pp	6 q
unresolvedIconix Brand Group Inc	2.00%	2,824,438	$71M	added+18%	−0.18 pp	9 q
WFCWells Fargo & Co.	1.97%	1,234,400	$69M	trimmed−33%	−0.74 pp	9 q
PXDPioneer Natural Resource Co.	1.92%	488,883	$68M	trimmed−7%	−0.41 pp	6 q
GOOGAlphabet Inc. Class C	1.83%	124,403	$65M	added+17%	+0.26 pp	5 q
unresolvedAon PLC	1.82%	646,113	$64M	trimmed−3%	+0.09 pp	9 q
MSIMotorola Solutions, Inc. New	1.72%	1,059,244	$61M	added+28%	+0.23 pp	3 q
FOSLFossil Group, Inc.	1.64%	835,483	$58M	new	+1.64 pp	new
unresolvedInterval Leisure Group Inc	1.62%	2,506,936	$57M	trimmed−5%	−0.24 pp	9 q
AVPAvon Products, Inc.	1.57%	8,858,890	$55M	added+28%	+0.08 pp	9 q
ORCLOracle Corp	1.57%	1,372,317	$55M	added+2%	0.00 pp	9 q
TXNTexas Instruments Incorporated	1.43%	981,251	$51M	added+2%	−0.06 pp	9 q
unresolvedThe Adt Corporation	1.31%	1,383,008	$46M	trimmed−11%	−0.43 pp	7 q
WAIRWESCO Aircraft Holdings Inc.	1.22%	2,838,205	$43M	trimmed−4%	0.00 pp	6 q
unresolvedLiberty Media Corp Delaware	1.13%	1,103,272	$40M	trimmed−0%	−0.02 pp	9 q
NCMINational CineMedia, Inc.	1.11%	2,455,667	$39M	trimmed−15%	−0.07 pp	9 q
unresolvedCatamaran Corp	1.09%	630,219	$38M	trimmed−47%	−0.80 pp	5 q
BROBrown & Brown, Inc.	1.02%	1,100,179	$36M	added+2%	+0.06 pp	9 q
unresolvedLiberty Interactive Corp	1.02%	917,129	$36M	added+5%	+0.03 pp	9 q
CLBCore Laboratories Inc.	0.99%	305,200	$35M	trimmed−7%	+0.06 pp	3 q
unresolvedTwenty First Centy Fox Inc	0.92%	1,000,880	$33M	trimmed−32%	−0.42 pp	3 q
unresolvedWillis Group Holdings Public	0.90%	675,747	$32M	added+2%	+0.04 pp	9 q
unresolvedXO Group Inc.	0.87%	1,870,815	$31M	trimmed−12%	−0.14 pp	9 q
FLIRFLIR Systems, Inc. (DE)	0.85%	971,785	$30M	added+3%	+0.05 pp	9 q
MAMastercard Incorporated	0.83%	315,120	$29M	added+3%	+0.12 pp	3 q
unresolvedGoogle Inc.	0.82%	53,650	$29M	held	—	9 q
ALSNAllison Transmission Holdings, Inc.	0.75%	903,856	$26M	added+7%	+0.02 pp	6 q
unresolvedMonsanto Co	0.69%	227,760	$24M	new	+0.69 pp	new
unresolvedAngie's List	0.63%	3,598,562	$22M	trimmed−8%	+0.01 pp	5 q
UPSUnited Parcel Service, Inc. Class B	0.63%	231,150	$22M	held	—	9 q
ACNAccenture PLC	0.63%	230,400	$22M	held	—	9 q
HP5AEquity Commonwealth	0.62%	847,000	$22M	new	+0.62 pp	new
POSTPost Holdings, Inc.	0.60%	392,860	$21M	added×2.7	+0.42 pp	4 q
LBRDALiberty Broadband Corporation Class A	0.58%	403,581	$21M	added+14%	+0.04 pp	3 q
OMCOmnicom Group Inc.	0.57%	289,636	$20M	added+2%	−0.03 pp	9 q
LYVLive Nation Entertainment Inc.	0.55%	710,500	$20M	trimmed−63%	−0.76 pp	9 q
DEODiageo plc	0.43%	131,695	$15M	added0%	+0.04 pp	9 q
PXGBXPraxair Inc	0.43%	125,745	$15M	held	—	9 q
ACIWACI Worldwide, Inc.	0.31%	445,000	$11M	trimmed−40%	−0.13 pp	9 q
WKCWorld Kinect Corporation	0.27%	200,000	$10M	held	—	9 q
unresolvedCumulus Media Inc-cl A	0.21%	3,670,000	$7M	added+3%	−0.03 pp	9 q
PBHPrestige Consumer Healthcare Inc.	0.21%	160,000	$7M	held	—	9 q
35YCorecard Corp	0.19%	2,270,000	$7M	held	—	9 q
unresolvedBaker Hughes Inc.	0.16%	90,550	$6M	new	+0.16 pp	new
HALHalliburton Company	0.16%	128,780	$6M	new	+0.16 pp	new
MSFTMicrosoft Corp	0.05%	40,000	$2M	held	—	9 q
BUDAnheuser-Busch INBEV SA/NV	0.04%	13,000	$2M	held	—	8 q
37MMrc Global Inc	0.03%	63,110	$974,000	trimmed−3%	+0.01 pp	3 q
unresolvedComcast Corp. Spl Cl A	0.01%	6,500	$390,000	held	—	3 q
MNRMonmouth Real Estate Inv Cor	0.00%	15,200	$148,000	added×2.2	0.00 pp	4 q
FISFidelity National Information Services, Inc.	—	−587,966	—	exited	−1.08 pp	—
Redwood Trust Incconvertible	—	−32,825,000	—	exited	−0.88 pp	—
ASCMAAscent Capital Group, Inc. Series A	—	−140,000	—	exited	−0.15 pp	—
SLCAU.s. Silica Holdings, Inc.	—	−30,000	—	exited	−0.03 pp	—