Weitz Investment

Q3 2015 13F · by Wallace Weitz, founder

As of: Sep 30, 2015
Filed: Nov 13, 2015
US stock: $3.2B · prev $3.5B
Positions: 67 · prev 66
Options notional: $0
Documents: 1· no amendments

Picture99.0% US stock

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

US stock listed on a US exchange 99.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 1.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves65 since the prior filing

+10.6 pp in · −10.8 pp out

New 6 +5.18 pp
Added 36 +5.45 pp
Trimmed 18 −6.28 pp
Exited 5 −4.54 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 42% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions26% of US stock

LBTYK Liberty Global Ltd. Class C added−0.59 pp added−0.596.8%
BRK.B BERKSHIRE HATHAWAY Class B added+0.78 pp added+0.786.5%
unresolved Liberty Media Corp Delaware added+0.76 pp added+0.765.1%
unresolved Liberty Interactive Corp trimmed−0.29 pp trimmed−0.293.8%
unresolved Valeant Pharmaceuticals Intl trimmed−0.99 pp trimmed−0.993.5%

Positions67 in this filing · 5 exited


LBTYKLiberty Global Ltd. Class C	6.78%	5,279,304	$217M	added+3%	−0.59 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	6.45%	1,581,357	$206M	added+7%	+0.78 pp	10 q
unresolvedLiberty Media Corp Delaware	5.11%	4,735,123	$163M	added+11%	+0.76 pp	5 q
unresolvedLiberty Interactive Corp	3.76%	4,582,735	$120M	trimmed−11%	−0.29 pp	10 q
unresolvedValeant Pharmaceuticals Intl	3.52%	630,155	$112M	trimmed−12%	−0.99 pp	10 q
TDGTransDigm Group Incorporated	3.19%	480,357	$102M	trimmed−14%	−0.35 pp	10 q
BRK.ABerkshire Hathaway Inc.	3.18%	520	$102M	trimmed−0%	+0.15 pp	10 q
unresolvedPrecision Castparts Corp	3.17%	440,563	$101M	added+11%	+0.93 pp	5 q
RRCRange Resources Corp	2.75%	2,735,346	$88M	added+27%	−0.26 pp	10 q
unresolvedExpress Scripts Hldg Co	2.70%	1,066,089	$86M	trimmed−5%	−0.14 pp	10 q
LBRDKLiberty Broadband Corporation Class C	2.69%	1,676,680	$86M	added+4%	+0.36 pp	4 q
RWTRedwood Trust, Inc.	2.63%	6,077,504	$84M	added+6%	+0.09 pp	10 q
99803EURLaboratory Crp Of Amer Hldgs	2.50%	735,729	$80M	added+2%	+0.03 pp	10 q
GOOGAlphabet Inc. Class C	2.45%	128,562	$78M	added+3%	+0.62 pp	6 q
DISCADiscovery, Inc. Series A	2.34%	2,875,000	$75M	new	+2.34 pp	new
MSIMotorola Solutions, Inc. New	2.34%	1,092,813	$75M	added+3%	+0.62 pp	4 q
ENDPQEndo International PLC	2.11%	972,478	$67M	added+1%	−0.06 pp	7 q
FOSLFossil Group, Inc.	2.02%	1,157,741	$65M	added+39%	+0.38 pp	2 q
WFCWells Fargo & Co.	1.94%	1,204,763	$62M	trimmed−2%	−0.03 pp	10 q
unresolvedTwenty First Centy Fox Inc	1.86%	2,195,011	$59M	trimmed−11%	−0.39 pp	4 q
unresolvedAon PLC	1.83%	661,513	$59M	added+2%	+0.01 pp	10 q
unresolvedInterval Leisure Group Inc	1.73%	3,006,342	$55M	added+20%	+0.11 pp	10 q
PXDPioneer Natural Resource Co.	1.72%	450,988	$55M	trimmed−8%	−0.20 pp	7 q
ORCLOracle Corp	1.61%	1,421,882	$51M	added+4%	+0.04 pp	10 q
ACTAllergan PLC	1.60%	187,607	$51M	new	+1.60 pp	new
TXNTexas Instruments Incorporated	1.58%	1,022,126	$51M	added+4%	+0.15 pp	10 q
unresolvedTwenty First Centy Fox Inc	1.35%	1,601,200	$43M	added+60%	+0.43 pp	4 q
unresolvedThe Adt Corporation	1.34%	1,428,624	$43M	added+3%	+0.03 pp	8 q
unresolvedIconix Brand Group Inc	1.33%	3,137,002	$42M	added+11%	−0.67 pp	10 q
WAIRWESCO Aircraft Holdings Inc.	1.32%	3,446,000	$42M	added+21%	+0.10 pp	7 q
unresolvedLiberty Media Corp Delaware	1.23%	1,101,533	$39M	trimmed−0%	+0.10 pp	10 q
unresolvedLiberty Interactive Corp	1.16%	918,556	$37M	added0%	+0.14 pp	10 q
NCMINational CineMedia, Inc.	1.14%	2,717,430	$36M	added+11%	+0.03 pp	10 q
BROBrown & Brown, Inc.	1.08%	1,116,728	$35M	added+2%	+0.06 pp	10 q
unresolvedMonsanto Co	1.07%	401,800	$34M	added+76%	+0.38 pp	2 q
MAMastercard Incorporated	1.04%	369,530	$33M	added+17%	+0.21 pp	4 q
ALSNAllison Transmission Holdings, Inc.	1.01%	1,204,728	$32M	added+33%	+0.26 pp	7 q
unresolvedGoogle Inc.	0.97%	48,570	$31M	trimmed−9%	+0.15 pp	10 q
FLIRFLIR Systems, Inc. (DE)	0.90%	1,030,681	$29M	added+6%	+0.05 pp	10 q
unresolvedWillis Group Holdings Public	0.89%	695,725	$29M	added+3%	−0.01 pp	10 q
AVPAvon Products, Inc.	0.84%	8,215,308	$27M	trimmed−7%	−0.73 pp	10 q
unresolvedXO Group Inc.	0.83%	1,879,286	$27M	added0%	−0.04 pp	10 q
HP5AEquity Commonwealth	0.73%	855,000	$23M	added+1%	+0.11 pp	2 q
CLBCore Laboratories Inc.	0.72%	229,200	$23M	trimmed−25%	−0.27 pp	4 q
UPSUnited Parcel Service, Inc. Class B	0.71%	231,150	$23M	held	—	10 q
ACNAccenture PLC	0.71%	230,400	$23M	held	—	10 q
PXGBXPraxair Inc	0.68%	213,340	$22M	added+70%	+0.25 pp	10 q
EOGEOG Resources, Inc.	0.65%	286,740	$21M	new	+0.65 pp	new
LBRDALiberty Broadband Corporation Class A	0.65%	404,917	$21M	added0%	+0.07 pp	4 q
OMCOmnicom Group Inc.	0.60%	289,826	$19M	added0%	+0.03 pp	10 q
unresolvedAngie's List	0.54%	3,428,562	$17M	trimmed−5%	−0.09 pp	6 q
DISCKDiscovery Inc-c	0.51%	668,721	$16M	trimmed−80%	−2.40 pp	5 q
DEODiageo plc	0.44%	131,695	$14M	held	—	10 q
LYVLive Nation Entertainment Inc.	0.42%	560,500	$13M	trimmed−21%	−0.13 pp	10 q
HALHalliburton Company	0.32%	291,930	$10M	added×2.3	+0.16 pp	2 q
1LGEUSDLiberty Global PLC Lilac - C	0.31%	291,980	$10M	new	+0.31 pp	new
MUSAMurphy USA Inc.	0.27%	155,000	$9M	new	+0.27 pp	new
ACIWACI Worldwide, Inc.	0.24%	367,000	$8M	trimmed−18%	−0.07 pp	10 q
35YCorecard Corp	0.20%	2,270,000	$6M	held	—	10 q
unresolvedCumulus Media Inc-cl A	0.09%	3,880,000	$3M	added+6%	−0.12 pp	10 q
BUDAnheuser-Busch INBEV SA/NV	0.05%	15,000	$2M	added+15%	+0.01 pp	9 q
MSFTMicrosoft Corp	0.04%	30,000	$1M	trimmed−25%	−0.01 pp	10 q
37MMrc Global Inc	0.02%	63,110	$704,000	held	—	4 q
unresolvedColumbia Pipeline Group Inc	0.01%	10,000	$183,000	new	+0.01 pp	new
unresolvedComcast Corp. Spl Cl A	0.01%	6,500	$372,000	held	—	4 q
POSTPost Holdings, Inc.	0.01%	5,300	$313,000	trimmed−99%	−0.59 pp	5 q
MNRMonmouth Real Estate Inv Cor	0.00%	15,200	$148,000	held	—	5 q
MLMMartin Marietta Materials	—	−700,680	—	exited	−2.81 pp	—
unresolvedCatamaran Corp	—	−630,219	—	exited	−1.09 pp	—
WKCWorld Kinect Corporation	—	−200,000	—	exited	−0.27 pp	—
PBHPrestige Consumer Healthcare Inc.	—	−160,000	—	exited	−0.21 pp	—
unresolvedBaker Hughes Inc.	—	−90,550	—	exited	−0.16 pp	—