Weitz Investment

Q3 2016 13F · by Wallace Weitz, founder

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $2.6B · prev $2.7B
Positions: 69 · prev 66
Options notional: $0
Documents: 1· no amendments

Picture98.1% US stock

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

US stock listed on a US exchange 98.1%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 1.9%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves60 since the prior filing

+5.9 pp in · −6.0 pp out

New 4 +0.22 pp
Added 19 +5.72 pp
Trimmed 36 −4.54 pp
Exited 1 −1.43 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.1 years per position

Low
Moderate
High

Top 5 positions31% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.04 pp trimmed−0.048.0%
LBTYK Liberty Global Ltd. Class C added+1.09 pp added+1.096.8%
LBRDK Liberty Broadband Corporation Class C added+1.44 pp added+1.446.7%
ACT Allergan PLC added+0.21 pp added+0.215.4%
LSXMK Liberty Media Cor-siriusxm C trimmed−0.58 pp trimmed−0.584.4%

Positions69 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	7.99%	1,443,797	$209M	trimmed−2%	−0.04 pp	14 q
LBTYKLiberty Global Ltd. Class C	6.83%	5,399,355	$178M	added+1%	+1.09 pp	14 q
LBRDKLiberty Broadband Corporation Class C	6.71%	2,452,674	$175M	added+5%	+1.44 pp	8 q
ACTAllergan PLC	5.38%	609,963	$140M	added+2%	+0.21 pp	5 q
LSXMKLiberty Media Cor-siriusxm C	4.37%	3,416,684	$114M	trimmed−20%	−0.58 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	4.03%	766,205	$105M	trimmed−5%	+0.09 pp	14 q
unresolvedTwenty First Centy Fox Inc	3.66%	3,946,645	$96M	added+3%	−0.23 pp	8 q
BRK.ABerkshire Hathaway Inc.	3.53%	426	$92M	trimmed−13%	−0.48 pp	14 q
unresolvedLiberty Interactive Corp	3.42%	4,457,390	$89M	added+4%	−0.66 pp	14 q
RWTRedwood Trust, Inc.	3.27%	6,037,413	$85M	trimmed−10%	−0.21 pp	14 q
GOOGAlphabet Inc. Class C	3.16%	106,209	$83M	trimmed−1%	+0.36 pp	10 q
MAMastercard Incorporated	3.11%	797,039	$81M	added+9%	+0.70 pp	8 q
TDGTransDigm Group Incorporated	2.88%	260,112	$75M	trimmed−9%	+0.04 pp	14 q
unresolvedExpress Scripts Hldg Co	2.70%	1,000,693	$71M	trimmed−4%	−0.28 pp	14 q
unresolvedColfax Corp	2.65%	2,202,667	$69M	trimmed−3%	+0.39 pp	4 q
WFCWells Fargo & Co.	2.58%	1,520,533	$67M	added+19%	+0.32 pp	14 q
DISCKDiscovery Inc-c	2.19%	2,174,044	$57M	added×2.7	+1.48 pp	9 q
unresolvedAon PLC	2.12%	493,197	$55M	trimmed−12%	−0.18 pp	14 q
TXNTexas Instruments Incorporated	2.01%	748,885	$53M	trimmed−10%	+0.05 pp	14 q
unresolvedInterval Leisure Group Inc	1.92%	2,914,327	$50M	trimmed−25%	−0.39 pp	14 q
ORCLOracle Corp	1.58%	1,048,288	$41M	added×2.5	+0.93 pp	14 q
unresolvedLiberty Interactive Corp	1.47%	965,400	$38M	added0%	+0.13 pp	14 q
RRCRange Resources Corp	1.38%	928,339	$36M	trimmed−11%	−0.31 pp	14 q
WAIRWESCO Aircraft Holdings Inc.	1.36%	2,645,493	$36M	trimmed−8%	−0.09 pp	11 q
FLIRFLIR Systems, Inc. (DE)	1.11%	924,955	$29M	trimmed−3%	0.00 pp	14 q
ALSNAllison Transmission Holdings, Inc.	1.10%	997,727	$29M	trimmed−11%	−0.09 pp	11 q
PXDPioneer Natural Resource Co.	1.08%	151,333	$28M	trimmed−16%	+0.05 pp	11 q
WTWWillis Towers Watson Public Limited Company	1.03%	203,319	$27M	trimmed−13%	−0.07 pp	3 q
NCMINational CineMedia, Inc.	1.00%	1,774,191	$26M	trimmed−22%	−0.33 pp	14 q
LBRDALiberty Broadband Corporation Class A	0.98%	364,636	$26M	trimmed−1%	+0.16 pp	8 q
1LGEUSDLiberty Global PLC Lilac - C	0.96%	894,112	$25M	trimmed−7%	−0.21 pp	5 q
PXGBXPraxair Inc	0.91%	197,606	$24M	added+2%	+0.09 pp	14 q
ACNAccenture PLC	0.87%	186,068	$23M	added0%	+0.08 pp	14 q
FOSLFossil Group, Inc.	0.85%	801,746	$22M	trimmed−10%	−0.11 pp	6 q
UPSUnited Parcel Service, Inc. Class B	0.83%	197,840	$22M	trimmed−6%	−0.02 pp	14 q
CMCSAComcast Corp	0.81%	318,440	$21M	added0%	+0.03 pp	4 q
unresolvedMonsanto Co	0.79%	202,305	$21M	added0%	0.00 pp	6 q
MSIMotorola Solutions, Inc. New	0.70%	239,010	$18M	trimmed−66%	−1.03 pp	8 q
unresolvedXO Group Inc.	0.69%	936,783	$18M	trimmed−15%	−0.03 pp	14 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.65%	605,700	$17M	trimmed−41%	−0.08 pp	2 q
DEODiageo plc	0.59%	132,495	$15M	added0%	+0.03 pp	14 q
AVPAvon Products, Inc.	0.57%	2,640,575	$15M	trimmed−49%	−0.16 pp	14 q
LM03Liberty Media Cor-siriusxm A	0.56%	430,000	$15M	trimmed−29%	−0.15 pp	2 q
MUSAMurphy USA Inc.	0.41%	150,000	$11M	trimmed−14%	−0.08 pp	5 q
MCKMcKesson Corporation	0.37%	58,080	$10M	added+1%	−0.03 pp	3 q
HALHalliburton Company	0.35%	202,487	$9M	held	—	6 q
unresolvedLions Gate Entmnt Corp	0.35%	457,400	$9M	added+38%	+0.10 pp	3 q
EOGEOG Resources, Inc.	0.34%	91,270	$9M	trimmed−45%	−0.18 pp	5 q
35YCorecard Corp	0.32%	2,270,000	$8M	held	—	14 q
HP5AEquity Commonwealth	0.30%	256,000	$8M	trimmed−56%	−0.34 pp	6 q
unresolvedTwenty First Centy Fox Inc	0.24%	256,878	$6M	trimmed−30%	−0.14 pp	8 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.15%	220,700	$4M	held	—	2 q
BROBrown & Brown, Inc.	0.12%	80,000	$3M	trimmed−47%	−0.09 pp	14 q
unresolvedCommerceHub, Inc., Series C	0.12%	192,780	$3M	new	+0.12 pp	new
LM05Liberty Media Corp-liberty-a	0.09%	77,500	$2M	trimmed−48%	−0.02 pp	2 q
ACIWACI Worldwide, Inc.	0.08%	113,696	$2M	added+23%	+0.01 pp	14 q
BUDAnheuser-Busch INBEV SA/NV	0.08%	15,000	$2M	held	—	13 q
unresolvedCommerceHub, Inc., Series A	0.06%	96,390	$2M	new	+0.06 pp	new
AAPLApple Inc.	0.05%	11,934	$1M	trimmed−19%	0.00 pp	3 q
CMPCompass Minerals International, Inc.	0.05%	16,000	$1M	held	—	2 q
ODFLOld Dominion Freight Line	0.04%	13,480	$925,000	trimmed−12%	+0.01 pp	2 q
AMZNAmazon.Com Inc	0.02%	500	$419,000	held	—	4 q
GWREGuidewire Software, Inc.	0.02%	7,000	$420,000	held	—	3 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.02%	31,000	$541,000	held	—	2 q
VVISA Inc.	0.02%	5,200	$430,000	new	+0.02 pp	new
unresolvedZoes Kitchen Inc	0.02%	22,140	$491,000	new	+0.02 pp	new
GOOGLAlphabet Inc. Class A	0.01%	190	$153,000	held	—	4 q
SUMSummit Materials, Inc. Class A	0.01%	21,000	$390,000	held	—	3 q
USBU.S. Bancorp	0.00%	315	$14,000	added+50%	0.00 pp	2 q
DISCADiscovery, Inc. Series A	—	−1,514,280	—	exited	−1.43 pp	—