Weitz Investment

Q4 2015 13F · by Wallace Weitz, founder

As of: Dec 31, 2015
Filed: Feb 16, 2016
US stock: $2.9B · prev $3.2B
Positions: 66 · prev 67
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 1.1%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves68 since the prior filing

+4.7 pp in · −4.8 pp out

New 5 +1.77 pp
Added 17 +2.94 pp
Trimmed 40 +0.33 pp
Exited 6 −5.14 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.9 years per position

Low
Moderate
High

Top 5 positions28% of US stock

LBTYK Liberty Global Ltd. Class C added+0.81 pp added+0.817.6%
BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.58 pp trimmed+0.587.0%
unresolved Liberty Media Corp Delaware trimmed+0.63 pp trimmed+0.635.7%
unresolved Liberty Interactive Corp trimmed+0.45 pp trimmed+0.454.2%
BRK.A Berkshire Hathaway Inc. trimmed+0.29 pp trimmed+0.293.5%

Positions66 in this filing · 6 exited


LBTYKLiberty Global Ltd. Class C	7.59%	5,408,393	$221M	added+2%	+0.81 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	7.03%	1,547,537	$204M	trimmed−2%	+0.58 pp	11 q
unresolvedLiberty Media Corp Delaware	5.74%	4,377,106	$167M	trimmed−8%	+0.63 pp	6 q
unresolvedLiberty Interactive Corp	4.21%	4,481,769	$122M	trimmed−2%	+0.45 pp	11 q
BRK.ABerkshire Hathaway Inc.	3.47%	510	$101M	trimmed−2%	+0.29 pp	11 q
unresolvedPrecision Castparts Corp	3.42%	428,851	$99M	trimmed−3%	+0.25 pp	6 q
unresolvedExpress Scripts Hldg Co	3.18%	1,058,456	$93M	trimmed−1%	+0.48 pp	11 q
LBRDKLiberty Broadband Corporation Class C	3.02%	1,692,987	$88M	added+1%	+0.33 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	2.98%	700,037	$87M	trimmed−5%	+0.48 pp	11 q
TDGTransDigm Group Incorporated	2.96%	377,079	$86M	trimmed−22%	−0.23 pp	11 q
RWTRedwood Trust, Inc.	2.83%	6,229,870	$82M	added+3%	+0.20 pp	11 q
GOOGAlphabet Inc. Class C	2.80%	107,352	$81M	trimmed−17%	+0.35 pp	7 q
RRCRange Resources Corp	2.73%	3,225,425	$79M	added+18%	−0.02 pp	11 q
WFCWells Fargo & Co.	2.22%	1,186,467	$64M	trimmed−2%	+0.28 pp	11 q
ACTAllergan PLC	2.11%	196,170	$61M	added+5%	+0.51 pp	2 q
unresolvedAon PLC	2.10%	662,933	$61M	added0%	+0.27 pp	11 q
DISCADiscovery, Inc. Series A	2.01%	2,192,659	$59M	trimmed−24%	−0.33 pp	2 q
MSIMotorola Solutions, Inc. New	1.97%	837,746	$57M	trimmed−23%	−0.37 pp	5 q
unresolvedTwenty First Centy Fox Inc	1.97%	2,103,476	$57M	trimmed−4%	+0.11 pp	5 q
TXNTexas Instruments Incorporated	1.89%	1,003,480	$55M	trimmed−2%	+0.31 pp	11 q
PXDPioneer Natural Resource Co.	1.87%	432,348	$54M	trimmed−4%	+0.15 pp	8 q
unresolvedInterval Leisure Group Inc	1.65%	3,065,336	$48M	added+2%	−0.08 pp	11 q
FOSLFossil Group, Inc.	1.59%	1,263,758	$46M	added+9%	−0.43 pp	3 q
unresolvedTwenty First Centy Fox Inc	1.58%	1,693,300	$46M	added+6%	+0.23 pp	5 q
unresolvedColfax Corp	1.57%	1,955,069	$46M	new	+1.57 pp	new
unresolvedLiberty Interactive Corp	1.47%	946,856	$43M	added+3%	+0.31 pp	11 q
unresolvedThe Adt Corporation	1.45%	1,275,483	$42M	trimmed−11%	+0.11 pp	9 q
ENDPQEndo International PLC	1.44%	684,923	$42M	trimmed−30%	−0.67 pp	8 q
unresolvedMonsanto Co	1.36%	399,838	$39M	trimmed−0%	+0.29 pp	3 q
WAIRWESCO Aircraft Holdings Inc.	1.34%	3,241,900	$39M	trimmed−6%	+0.02 pp	8 q
MAMastercard Incorporated	1.33%	395,874	$39M	added+7%	+0.29 pp	5 q
NCMINational CineMedia, Inc.	1.23%	2,276,632	$36M	trimmed−16%	+0.09 pp	11 q
BROBrown & Brown, Inc.	1.16%	1,048,360	$34M	trimmed−6%	+0.08 pp	11 q
ALSNAllison Transmission Holdings, Inc.	1.07%	1,196,422	$31M	trimmed−1%	+0.06 pp	8 q
unresolvedWillis Group Holdings Public	1.06%	635,992	$31M	trimmed−9%	+0.17 pp	11 q
FLIRFLIR Systems, Inc. (DE)	1.03%	1,069,115	$30M	added+4%	+0.13 pp	11 q
AVPAvon Products, Inc.	0.98%	7,018,220	$28M	trimmed−15%	+0.14 pp	11 q
unresolvedLiberty Media Corp Delaware	0.84%	619,523	$24M	trimmed−44%	−0.39 pp	11 q
unresolvedXO Group Inc.	0.79%	1,426,958	$23M	trimmed−24%	−0.04 pp	11 q
ACNAccenture PLC	0.76%	210,545	$22M	trimmed−9%	+0.05 pp	11 q
DISCKDiscovery Inc-c	0.74%	851,409	$21M	added+27%	+0.23 pp	6 q
OMCOmnicom Group Inc.	0.74%	283,273	$21M	trimmed−2%	+0.14 pp	11 q
EOGEOG Resources, Inc.	0.73%	300,080	$21M	added+5%	+0.08 pp	2 q
LBRDALiberty Broadband Corporation Class A	0.72%	402,351	$21M	trimmed−1%	+0.07 pp	5 q
UPSUnited Parcel Service, Inc. Class B	0.69%	209,629	$20M	trimmed−9%	−0.02 pp	11 q
PXGBXPraxair Inc	0.57%	162,686	$17M	trimmed−24%	−0.11 pp	11 q
HP5AEquity Commonwealth	0.56%	588,000	$16M	trimmed−31%	−0.17 pp	3 q
ORCLOracle Corp	0.54%	427,498	$16M	trimmed−70%	−1.07 pp	11 q
unresolvedIconix Brand Group Inc	0.52%	2,228,265	$15M	trimmed−29%	−0.81 pp	11 q
DEODiageo plc	0.50%	132,265	$14M	added0%	+0.06 pp	11 q
1LGEUSDLiberty Global PLC Lilac - C	0.41%	273,780	$12M	trimmed−6%	+0.10 pp	2 q
HALHalliburton Company	0.34%	293,367	$10M	added0%	+0.02 pp	3 q
MUSAMurphy USA Inc.	0.32%	155,000	$9M	held	—	2 q
35YCorecard Corp	0.25%	2,270,000	$7M	held	—	11 q
IWViShares Russell 3000 ETF	0.17%	41,515	$5M	new	+0.17 pp	new
LYVLive Nation Entertainment Inc.	0.13%	150,000	$4M	trimmed−73%	−0.29 pp	11 q
ACIWACI Worldwide, Inc.	0.07%	92,696	$2M	trimmed−75%	−0.17 pp	11 q
BUDAnheuser-Busch INBEV SA/NV	0.06%	15,000	$2M	held	—	10 q
MSFTMicrosoft Corp	0.05%	25,000	$1M	trimmed−17%	+0.01 pp	11 q
CLBCore Laboratories Inc.	0.04%	10,000	$1M	trimmed−96%	−0.68 pp	5 q
GOOGLAlphabet Inc. Class A	0.01%	205	$159,000	new	+0.01 pp	new
AMZNAmazon.Com Inc	0.01%	500	$338,000	new	+0.01 pp	new
unresolvedColumbia Pipeline Group Inc	0.01%	12,250	$245,000	added+23%	0.00 pp	2 q
CMCSAComcast Corp	0.01%	6,500	$367,000	new	+0.01 pp	new
37MMrc Global Inc	0.01%	23,530	$304,000	trimmed−63%	−0.01 pp	5 q
MNRMonmouth Real Estate Inv Cor	0.01%	15,200	$159,000	held	—	6 q
unresolvedValeant Pharmaceuticals Intl	—	−630,155	—	exited	−3.52 pp	—
unresolvedGoogle Inc.	—	−48,570	—	exited	−0.97 pp	—
unresolvedAngie's List	—	−3,428,562	—	exited	−0.54 pp	—
unresolvedCumulus Media Inc-cl A	—	−3,880,000	—	exited	−0.09 pp	—
unresolvedComcast Corp. Spl Cl A	—	−6,500	—	exited	−0.01 pp	—
POSTPost Holdings, Inc.	—	−5,300	—	exited	−0.01 pp	—