Weitz Investment

Q2 2016 13F · by Wallace Weitz, founder

As of: Jun 30, 2016
Filed: Aug 10, 2016
US stock: $2.7B · prev $2.8B
Positions: 66 · prev 63
Options notional: $0
Documents: 1· no amendments

Picture98.2% US stock

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

US stock listed on a US exchange 98.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 1.8%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves57 since the prior filing

+12.6 pp in · −13.2 pp out

New 9 +6.71 pp
Added 15 +5.84 pp
Trimmed 27 −4.64 pp
Exited 6 −8.54 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 46% a year, about 2.2 years per position

Low
Moderate
High

Top 5 positions29% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.28 pp trimmed+0.288.0%
LBTYK Liberty Global Ltd. Class C trimmed−1.45 pp trimmed−1.455.7%
LBRDK Liberty Broadband Corporation Class C added+0.73 pp added+0.735.3%
ACT Allergan PLC added+2.26 pp added+2.265.2%
LSXMK Liberty Media Cor-siriusxm C new+4.95 pp new+4.955.0%

Positions66 in this filing · 6 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.03%	1,476,591	$214M	trimmed−4%	+0.28 pp	13 q
LBTYKLiberty Global Ltd. Class C	5.74%	5,339,190	$153M	trimmed−1%	−1.45 pp	13 q
LBRDKLiberty Broadband Corporation Class C	5.27%	2,340,547	$140M	added+6%	+0.73 pp	7 q
ACTAllergan PLC	5.17%	595,961	$138M	added+96%	+2.26 pp	4 q
LSXMKLiberty Media Cor-siriusxm C	4.95%	4,268,970	$132M	new	+4.95 pp	new
unresolvedLiberty Interactive Corp	4.08%	4,284,075	$109M	trimmed−2%	+0.14 pp	13 q
BRK.ABerkshire Hathaway Inc.	4.01%	492	$107M	trimmed−4%	+0.13 pp	13 q
99803EURLaboratory Crp Of Amer Hldgs	3.94%	805,459	$105M	added+4%	+0.69 pp	13 q
unresolvedTwenty First Centy Fox Inc	3.89%	3,832,140	$104M	added0%	+0.09 pp	7 q
RWTRedwood Trust, Inc.	3.48%	6,720,062	$93M	trimmed−7%	+0.11 pp	13 q
unresolvedExpress Scripts Hldg Co	2.98%	1,046,771	$79M	trimmed−1%	+0.39 pp	13 q
TDGTransDigm Group Incorporated	2.84%	286,773	$76M	trimmed−4%	+0.49 pp	13 q
GOOGAlphabet Inc. Class C	2.80%	107,650	$75M	added+3%	+0.02 pp	9 q
MAMastercard Incorporated	2.41%	728,064	$64M	added+9%	+0.16 pp	7 q
unresolvedInterval Leisure Group Inc	2.31%	3,862,294	$61M	added+13%	+0.54 pp	13 q
unresolvedAon PLC	2.30%	559,878	$61M	trimmed−14%	−0.13 pp	13 q
unresolvedColfax Corp	2.26%	2,276,544	$60M	added+5%	+0.04 pp	3 q
WFCWells Fargo & Co.	2.26%	1,272,799	$60M	added+5%	+0.18 pp	13 q
TXNTexas Instruments Incorporated	1.96%	834,438	$52M	trimmed−5%	+0.15 pp	13 q
MSIMotorola Solutions, Inc. New	1.73%	700,305	$46M	trimmed−15%	−0.49 pp	7 q
RRCRange Resources Corp	1.69%	1,046,166	$45M	trimmed−56%	−1.06 pp	13 q
WAIRWESCO Aircraft Holdings Inc.	1.45%	2,872,486	$39M	trimmed−2%	−0.05 pp	10 q
DISCADiscovery, Inc. Series A	1.43%	1,514,280	$38M	trimmed−12%	−0.33 pp	4 q
unresolvedLiberty Interactive Corp	1.34%	963,900	$36M	trimmed−1%	−0.01 pp	13 q
NCMINational CineMedia, Inc.	1.33%	2,286,953	$35M	added0%	+0.10 pp	13 q
ALSNAllison Transmission Holdings, Inc.	1.19%	1,121,047	$32M	trimmed−5%	+0.06 pp	10 q
1LGEUSDLiberty Global PLC Lilac - C	1.17%	959,426	$31M	added×3.3	+0.78 pp	4 q
FLIRFLIR Systems, Inc. (DE)	1.11%	953,930	$30M	trimmed−9%	−0.12 pp	13 q
WTWWillis Towers Watson Public Limited Company	1.10%	235,014	$29M	trimmed−1%	+0.10 pp	2 q
PXDPioneer Natural Resource Co.	1.03%	181,188	$27M	trimmed−51%	−0.81 pp	10 q
FOSLFossil Group, Inc.	0.96%	891,784	$25M	trimmed−14%	−0.68 pp	5 q
UPSUnited Parcel Service, Inc. Class B	0.85%	209,840	$23M	held	—	13 q
LBRDALiberty Broadband Corporation Class A	0.82%	368,588	$22M	trimmed−9%	−0.02 pp	7 q
PXGBXPraxair Inc	0.82%	194,126	$22M	held	—	13 q
unresolvedMonsanto Co	0.79%	202,190	$21M	held	—	5 q
ACNAccenture PLC	0.79%	185,973	$21M	held	—	13 q
CMCSAComcast Corp	0.78%	317,400	$21M	held	—	3 q
AVPAvon Products, Inc.	0.73%	5,139,435	$19M	trimmed−11%	−0.26 pp	13 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.73%	1,026,274	$19M	new	+0.73 pp	new
unresolvedXO Group Inc.	0.72%	1,105,098	$19M	trimmed−2%	+0.07 pp	13 q
DISCKDiscovery Inc-c	0.71%	797,949	$19M	trimmed−4%	−0.09 pp	8 q
LM03Liberty Media Cor-siriusxm A	0.71%	602,747	$19M	new	+0.71 pp	new
ORCLOracle Corp	0.65%	423,558	$17M	added+4%	+0.05 pp	13 q
HP5AEquity Commonwealth	0.64%	588,000	$17M	held	—	5 q
DEODiageo plc	0.56%	132,365	$15M	held	—	13 q
EOGEOG Resources, Inc.	0.52%	167,070	$14M	trimmed−39%	−0.19 pp	4 q
MUSAMurphy USA Inc.	0.49%	175,000	$13M	added+13%	+0.15 pp	4 q
MCKMcKesson Corporation	0.40%	57,675	$11M	held	—	2 q
unresolvedTwenty First Centy Fox Inc	0.38%	367,723	$10M	trimmed−3%	0.00 pp	7 q
HALHalliburton Company	0.34%	202,487	$9M	trimmed−22%	+0.01 pp	5 q
35YCorecard Corp	0.32%	2,270,000	$8M	held	—	13 q
unresolvedLions Gate Entmnt Corp	0.25%	330,300	$7M	added+19%	+0.03 pp	2 q
BROBrown & Brown, Inc.	0.21%	150,000	$6M	trimmed−82%	−0.88 pp	13 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.12%	220,700	$3M	new	+0.12 pp	new
LM05Liberty Media Corp-liberty-a	0.11%	149,350	$3M	new	+0.11 pp	new
ACIWACI Worldwide, Inc.	0.07%	92,696	$2M	held	—	13 q
BUDAnheuser-Busch INBEV SA/NV	0.07%	15,000	$2M	held	—	12 q
AAPLApple Inc.	0.05%	14,653	$1M	added×2.3	+0.02 pp	2 q
CMPCompass Minerals International, Inc.	0.04%	16,000	$1M	new	+0.04 pp	new
ODFLOld Dominion Freight Line	0.03%	15,379	$928,000	new	+0.03 pp	new
GWREGuidewire Software, Inc.	0.02%	7,000	$432,000	held	—	2 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.02%	31,000	$466,000	new	+0.02 pp	new
SUMSummit Materials, Inc. Class A	0.02%	21,000	$430,000	held	—	2 q
GOOGLAlphabet Inc. Class A	0.01%	190	$134,000	held	—	3 q
AMZNAmazon.Com Inc	0.01%	500	$358,000	held	—	3 q
USBU.S. Bancorp	0.00%	210	$8,000	new	0.00 pp	new
unresolvedLiberty Media Corp Delaware	—	−4,351,543	—	exited	−5.91 pp	—
ENDPQEndo International PLC	—	−968,093	—	exited	−0.97 pp	—
unresolvedLiberty Media Corp Delaware	—	−603,782	—	exited	−0.83 pp	—
OMCOmnicom Group Inc.	—	−238,783	—	exited	−0.71 pp	—
LYVLive Nation Entertainment Inc.	—	−150,000	—	exited	−0.12 pp	—
MNRMonmouth Real Estate Inv Cor	—	−4,893	—	exited	0.00 pp	—