Weitz Investment

Q1 2016 13F · by Wallace Weitz, founder

As of: Mar 31, 2016
Filed: May 13, 2016
US stock: $2.8B · prev $2.9B
Positions: 63 · prev 66
Options notional: $0
Documents: 1· no amendments

Picture98.4% US stock

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

US stock listed on a US exchange 98.4%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 1.6%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves63 since the prior filing

+9.0 pp in · −9.5 pp out

New 6 +1.59 pp
Added 17 +7.42 pp
Trimmed 31 −2.77 pp
Exited 9 −6.73 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions29% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.72 pp trimmed+0.727.8%
LBTYK Liberty Global Ltd. Class C trimmed−0.40 pp trimmed−0.407.2%
unresolved Liberty Media Corp Delaware trimmed+0.17 pp trimmed+0.175.9%
LBRDK Liberty Broadband Corporation Class C added+1.52 pp added+1.524.5%
unresolved Liberty Interactive Corp trimmed−0.27 pp trimmed−0.273.9%

Positions63 in this filing · 9 exited


BRK.BBERKSHIRE HATHAWAY Class B	7.75%	1,533,279	$218M	trimmed−1%	+0.72 pp	12 q
LBTYKLiberty Global Ltd. Class C	7.19%	5,376,338	$202M	trimmed−1%	−0.40 pp	12 q
unresolvedLiberty Media Corp Delaware	5.91%	4,351,543	$166M	trimmed−1%	+0.17 pp	7 q
LBRDKLiberty Broadband Corporation Class C	4.54%	2,199,666	$127M	added+30%	+1.52 pp	6 q
unresolvedLiberty Interactive Corp	3.94%	4,379,665	$111M	trimmed−2%	−0.27 pp	12 q
BRK.ABerkshire Hathaway Inc.	3.88%	510	$109M	held	—	12 q
unresolvedTwenty First Centy Fox Inc	3.80%	3,827,710	$107M	added×2.3	+2.22 pp	6 q
RWTRedwood Trust, Inc.	3.37%	7,239,004	$95M	added+16%	+0.54 pp	12 q
99803EURLaboratory Crp Of Amer Hldgs	3.25%	777,949	$91M	added+11%	+0.27 pp	12 q
ACTAllergan PLC	2.91%	304,722	$82M	added+55%	+0.80 pp	3 q
GOOGAlphabet Inc. Class C	2.78%	104,914	$78M	trimmed−2%	−0.02 pp	8 q
RRCRange Resources Corp	2.75%	2,387,244	$77M	trimmed−26%	+0.02 pp	12 q
unresolvedExpress Scripts Hldg Co	2.59%	1,057,939	$73M	trimmed−0%	−0.59 pp	12 q
unresolvedAon PLC	2.43%	652,296	$68M	trimmed−2%	+0.33 pp	12 q
TDGTransDigm Group Incorporated	2.35%	298,775	$66M	trimmed−21%	−0.61 pp	12 q
MAMastercard Incorporated	2.25%	667,634	$63M	added+69%	+0.92 pp	6 q
unresolvedColfax Corp	2.22%	2,178,240	$62M	added+11%	+0.65 pp	2 q
MSIMotorola Solutions, Inc. New	2.22%	821,450	$62M	trimmed−2%	+0.25 pp	6 q
WFCWells Fargo & Co.	2.08%	1,207,587	$58M	added+2%	−0.14 pp	12 q
PXDPioneer Natural Resource Co.	1.84%	367,264	$52M	trimmed−15%	−0.03 pp	9 q
TXNTexas Instruments Incorporated	1.81%	882,533	$51M	trimmed−12%	−0.08 pp	12 q
unresolvedInterval Leisure Group Inc	1.77%	3,431,474	$50M	added+12%	+0.12 pp	12 q
DISCADiscovery, Inc. Series A	1.76%	1,729,700	$50M	trimmed−21%	−0.25 pp	3 q
FOSLFossil Group, Inc.	1.64%	1,034,911	$46M	trimmed−18%	+0.05 pp	4 q
WAIRWESCO Aircraft Holdings Inc.	1.50%	2,918,000	$42M	trimmed−10%	+0.16 pp	9 q
unresolvedLiberty Interactive Corp	1.35%	969,900	$38M	added+2%	−0.12 pp	12 q
FLIRFLIR Systems, Inc. (DE)	1.23%	1,044,795	$34M	trimmed−2%	+0.20 pp	12 q
NCMINational CineMedia, Inc.	1.23%	2,276,632	$35M	held	—	12 q
ALSNAllison Transmission Holdings, Inc.	1.13%	1,179,987	$32M	trimmed−1%	+0.06 pp	9 q
BROBrown & Brown, Inc.	1.09%	852,743	$31M	trimmed−19%	−0.07 pp	12 q
WTWWillis Towers Watson Public Limited Company	1.00%	237,378	$28M	new	+1.00 pp	new
AVPAvon Products, Inc.	0.99%	5,775,120	$28M	trimmed−18%	+0.01 pp	12 q
ENDPQEndo International PLC	0.97%	968,093	$27M	added+41%	−0.47 pp	9 q
LBRDALiberty Broadband Corporation Class A	0.84%	404,504	$24M	added+1%	+0.12 pp	6 q
unresolvedLiberty Media Corp Delaware	0.83%	603,782	$23M	trimmed−3%	−0.01 pp	12 q
DISCKDiscovery Inc-c	0.80%	834,644	$23M	trimmed−2%	+0.06 pp	7 q
PXGBXPraxair Inc	0.79%	194,126	$22M	added+19%	+0.22 pp	12 q
UPSUnited Parcel Service, Inc. Class B	0.79%	209,840	$22M	added0%	+0.10 pp	12 q
ACNAccenture PLC	0.76%	185,973	$21M	trimmed−12%	0.00 pp	12 q
EOGEOG Resources, Inc.	0.71%	274,920	$20M	trimmed−8%	−0.02 pp	3 q
OMCOmnicom Group Inc.	0.71%	238,783	$20M	trimmed−16%	−0.03 pp	12 q
CMCSAComcast Corp	0.69%	317,400	$19M	added×48.8	+0.68 pp	2 q
unresolvedXO Group Inc.	0.65%	1,129,198	$18M	trimmed−21%	−0.14 pp	12 q
unresolvedMonsanto Co	0.63%	202,190	$18M	trimmed−49%	−0.73 pp	4 q
ORCLOracle Corp	0.60%	408,323	$17M	trimmed−4%	+0.06 pp	12 q
HP5AEquity Commonwealth	0.59%	588,000	$17M	held	—	4 q
DEODiageo plc	0.51%	132,365	$14M	added0%	+0.01 pp	12 q
1LGEUSDLiberty Global PLC Lilac - C	0.39%	291,530	$11M	added+6%	−0.02 pp	3 q
unresolvedTwenty First Centy Fox Inc	0.38%	378,788	$11M	trimmed−82%	−1.59 pp	6 q
MUSAMurphy USA Inc.	0.34%	155,000	$10M	held	—	3 q
HALHalliburton Company	0.33%	259,047	$9M	trimmed−12%	−0.01 pp	4 q
MCKMcKesson Corporation	0.32%	57,675	$9M	new	+0.32 pp	new
35YCorecard Corp	0.28%	2,270,000	$8M	held	—	12 q
unresolvedLions Gate Entmnt Corp	0.22%	278,500	$6M	new	+0.22 pp	new
LYVLive Nation Entertainment Inc.	0.12%	150,000	$3M	held	—	12 q
ACIWACI Worldwide, Inc.	0.07%	92,696	$2M	held	—	12 q
BUDAnheuser-Busch INBEV SA/NV	0.07%	15,000	$2M	held	—	11 q
AAPLApple Inc.	0.03%	6,439	$702,000	new	+0.03 pp	new
GOOGLAlphabet Inc. Class A	0.01%	190	$145,000	trimmed−7%	0.00 pp	2 q
AMZNAmazon.Com Inc	0.01%	500	$297,000	held	—	2 q
GWREGuidewire Software, Inc.	0.01%	7,000	$381,000	new	+0.01 pp	new
SUMSummit Materials, Inc. Class A	0.01%	21,000	$408,000	new	+0.01 pp	new
MNRMonmouth Real Estate Inv Cor	0.00%	4,893	$58,000	trimmed−68%	−0.01 pp	7 q
unresolvedPrecision Castparts Corp	—	−428,851	—	exited	−3.42 pp	—
unresolvedThe Adt Corporation	—	−1,275,483	—	exited	−1.45 pp	—
unresolvedWillis Group Holdings Public	—	−635,992	—	exited	−1.06 pp	—
unresolvedIconix Brand Group Inc	—	−2,228,265	—	exited	−0.52 pp	—
IWViShares Russell 3000 ETF	—	−41,515	—	exited	−0.17 pp	—
MSFTMicrosoft Corp	—	−25,000	—	exited	−0.05 pp	—
CLBCore Laboratories Inc.	—	−10,000	—	exited	−0.04 pp	—
unresolvedColumbia Pipeline Group Inc	—	−12,250	—	exited	−0.01 pp	—
37MMrc Global Inc	—	−23,530	—	exited	−0.01 pp	—