Weitz Investment

Q4 2016 13F · by Wallace Weitz, founder

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $2.5B · prev $2.6B
Positions: 84 · prev 69
Options notional: $0
Documents: 1· no amendments

Picture98.0% US stock

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

US stock listed on a US exchange 98.0%
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%

Moves81 since the prior filing

+8.8 pp in · −9.2 pp out

New 23 +5.24 pp
Added 14 +3.61 pp
Trimmed 36 −1.90 pp
Exited 8 −7.31 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions31% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.08 pp trimmed+0.088.1%
LBRDK Liberty Broadband Corporation Class C trimmed+0.42 pp trimmed+0.427.1%
LBTYK Liberty Global Ltd. Class C added−0.25 pp added−0.256.6%
ACT Allergan PLC added+0.04 pp added+0.045.4%
BRK.A Berkshire Hathaway Inc. trimmed+0.57 pp trimmed+0.574.1%

Positions84 in this filing · 8 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.07%	1,222,304	$199M	trimmed−15%	+0.08 pp	15 q
LBRDKLiberty Broadband Corporation Class C	7.13%	2,376,352	$176M	trimmed−3%	+0.42 pp	9 q
LBTYKLiberty Global Ltd. Class C	6.58%	5,473,105	$163M	added+1%	−0.25 pp	15 q
ACTAllergan PLC	5.42%	637,733	$134M	added+5%	+0.04 pp	6 q
BRK.ABerkshire Hathaway Inc.	4.10%	415	$101M	trimmed−3%	+0.57 pp	15 q
99803EURLaboratory Crp Of Amer Hldgs	4.05%	778,751	$100M	added+2%	+0.02 pp	15 q
unresolvedTwenty First Centy Fox Inc	3.58%	3,149,250	$88M	trimmed−20%	−0.08 pp	9 q
unresolvedLiberty Interactive Corp	3.49%	4,315,740	$86M	trimmed−3%	+0.07 pp	15 q
LSXMKLiberty Media Cor-siriusxm C	3.45%	2,514,090	$85M	trimmed−26%	−0.92 pp	3 q
RWTRedwood Trust, Inc.	3.33%	5,406,215	$82M	trimmed−10%	+0.06 pp	15 q
MAMastercard Incorporated	3.31%	790,938	$82M	trimmed−1%	+0.20 pp	9 q
GOOGAlphabet Inc. Class C	3.18%	101,773	$79M	trimmed−4%	+0.02 pp	11 q
unresolvedColfax Corp	2.79%	1,918,960	$69M	trimmed−13%	+0.14 pp	5 q
VVISA Inc.	2.72%	860,277	$67M	added×165.4	+2.70 pp	2 q
TDGTransDigm Group Incorporated	2.58%	255,691	$64M	trimmed−2%	−0.30 pp	15 q
DISCKDiscovery Inc-c	2.28%	2,101,499	$56M	trimmed−3%	+0.09 pp	10 q
WFCWells Fargo & Co.	2.00%	898,144	$49M	trimmed−41%	−0.58 pp	15 q
unresolvedAon PLC	1.99%	440,811	$49M	trimmed−11%	−0.13 pp	15 q
ORCLOracle Corp	1.97%	1,266,528	$49M	added+21%	+0.39 pp	15 q
unresolvedIlg Inc	1.86%	2,529,171	$46M	new	+1.86 pp	new
TXNTexas Instruments Incorporated	1.74%	588,195	$43M	trimmed−21%	−0.27 pp	15 q
WAIRWESCO Aircraft Holdings Inc.	1.60%	2,645,493	$40M	held	—	12 q
RRCRange Resources Corp	1.24%	892,669	$31M	trimmed−4%	−0.14 pp	15 q
ALSNAllison Transmission Holdings, Inc.	1.22%	891,857	$30M	trimmed−11%	+0.12 pp	12 q
FLIRFLIR Systems, Inc. (DE)	1.22%	829,670	$30M	trimmed−10%	+0.11 pp	15 q
unresolvedLiberty Ventures	1.17%	786,800	$29M	new	+1.17 pp	new
LBRDALiberty Broadband Corporation Class A	1.06%	361,335	$26M	trimmed−1%	+0.08 pp	9 q
1LGEUSDLiberty Global PLC Lilac - C	1.06%	1,236,646	$26M	added+38%	+0.10 pp	6 q
PXDPioneer Natural Resource Co.	1.03%	141,228	$25M	trimmed−7%	−0.05 pp	12 q
PXGBXPraxair Inc	1.00%	210,317	$25M	added+6%	+0.09 pp	15 q
WTWWillis Towers Watson Public Limited Company	0.91%	183,633	$22M	trimmed−10%	−0.12 pp	4 q
CMCSAComcast Corp	0.87%	312,170	$22M	trimmed−2%	+0.06 pp	5 q
unresolvedMonsanto Co	0.85%	200,634	$21M	trimmed−1%	+0.06 pp	7 q
ACNAccenture PLC	0.79%	167,068	$20M	trimmed−10%	−0.08 pp	15 q
TMOThermo Fisher Scientific, Inc.	0.76%	132,160	$19M	new	+0.76 pp	new
UPSUnited Parcel Service, Inc. Class B	0.73%	157,510	$18M	trimmed−20%	−0.10 pp	15 q
FOSLFossil Group, Inc.	0.70%	667,600	$17M	trimmed−17%	−0.15 pp	7 q
unresolvedXO Group Inc.	0.62%	783,586	$15M	trimmed−16%	−0.07 pp	15 q
LM03Liberty Media Cor-siriusxm A	0.57%	410,000	$14M	trimmed−5%	+0.01 pp	3 q
DEODiageo plc	0.56%	132,495	$14M	held	—	15 q
MSIMotorola Solutions, Inc. New	0.55%	164,458	$14M	trimmed−31%	−0.15 pp	9 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.51%	318,160	$13M	new	+0.51 pp	new
NCMINational CineMedia, Inc.	0.50%	845,573	$12M	trimmed−52%	−0.50 pp	15 q
AVPAvon Products, Inc.	0.49%	2,382,690	$12M	trimmed−10%	−0.08 pp	15 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.45%	357,900	$11M	trimmed−41%	−0.20 pp	3 q
MUSAMurphy USA Inc.	0.41%	165,244	$10M	added+10%	0.00 pp	6 q
CVSCvs Health Corporation	0.39%	121,162	$10M	new	+0.39 pp	new
AMZNAmazon.Com Inc	0.38%	12,460	$9M	added×24.9	+0.36 pp	5 q
35YCorecard Corp	0.37%	2,270,000	$9M	held	—	15 q
unresolvedTwenty First Centy Fox Inc	0.34%	310,505	$8M	added+21%	+0.10 pp	9 q
HP5AEquity Commonwealth	0.31%	256,000	$8M	held	—	7 q
HALHalliburton Company	0.28%	127,157	$7M	trimmed−37%	−0.07 pp	7 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.18%	220,700	$5M	held	—	3 q
LGF.BLions Gate Entertainment Corp. Class B Non-Voting Shares	0.15%	150,000	$4M	new	+0.15 pp	new
LGFLions Gate Entertainment-a	0.14%	125,000	$3M	new	+0.14 pp	new
ACIWACI Worldwide, Inc.	0.12%	167,000	$3M	added+47%	+0.04 pp	15 q
unresolvedCommerceHub, Inc., Series C	0.12%	192,780	$3M	held	—	2 q
LM05Liberty Media Corp-liberty-a	0.10%	77,500	$2M	held	—	3 q
BUDAnheuser-Busch INBEV SA/NV	0.06%	15,000	$2M	held	—	14 q
unresolvedCommerceHub, Inc., Series A	0.06%	96,390	$1M	held	—	2 q
CMPCompass Minerals International, Inc.	0.06%	19,778	$2M	added+24%	+0.01 pp	3 q
IWViShares Russell 3000 ETF	0.06%	11,000	$1M	new	+0.06 pp	new
AAPLApple Inc.	0.04%	7,745	$897,000	trimmed−35%	−0.01 pp	4 q
VTIVanguard Morningstar Total Stock Market ETF	0.04%	7,772	$896,000	new	+0.04 pp	new
BATRAAtlanta Braves Holdings, Inc. Series A	0.03%	31,000	$635,000	held	—	3 q
VEAVanguard FTSE Developed Markets ETF	0.03%	19,138	$699,000	new	+0.03 pp	new
unresolvedZoes Kitchen Inc	0.03%	26,667	$640,000	added+20%	+0.01 pp	2 q
CMGChipotle Mexican Grill, Inc.	0.02%	1,553	$586,000	new	+0.02 pp	new
FISFidelity National Information Services, Inc.	0.02%	8,000	$605,000	new	+0.02 pp	new
GWREGuidewire Software, Inc.	0.02%	11,000	$543,000	added+57%	0.00 pp	4 q
CRMSalesforce, Inc.	0.02%	9,000	$616,000	new	+0.02 pp	new
SUMSummit Materials, Inc. Class A	0.02%	18,722	$445,000	trimmed−12%	+0.01 pp	4 q
GOOGLAlphabet Inc. Class A	0.01%	190	$151,000	held	—	5 q
AMTAmerican Tower Corporation	0.01%	2,828	$299,000	new	+0.01 pp	new
DGDollar General Corp.	0.01%	3,873	$287,000	new	+0.01 pp	new
IWBiShares Russell 1000 ETF	0.01%	1,550	$193,000	new	+0.01 pp	new
8TGThermon Group Holdings Inc	0.01%	16,868	$322,000	new	+0.01 pp	new
BIVVanguard Intermediate-Term Bond ETF	0.01%	2,303	$191,000	new	+0.01 pp	new
BSVVanguard Short-Term Bond ETF	0.01%	4,609	$366,000	new	+0.01 pp	new
VHTVanguard Health Care ETF	0.01%	2,076	$263,000	new	+0.01 pp	new
OEFiShares S&P 100 ETF	0.00%	128	$13,000	new	0.00 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.00%	395	$88,000	new	0.00 pp	new
USBU.S. Bancorp	0.00%	205	$11,000	trimmed−35%	0.00 pp	3 q
VIGVanguard Dividend Appreciation ETF	0.00%	430	$37,000	new	0.00 pp	new
unresolvedExpress Scripts Hldg Co	—	−1,000,693	—	exited	−2.70 pp	—
unresolvedInterval Leisure Group Inc	—	−2,914,327	—	exited	−1.92 pp	—
unresolvedLiberty Interactive Corp	—	−965,400	—	exited	−1.47 pp	—
MCKMcKesson Corporation	—	−58,080	—	exited	−0.37 pp	—
unresolvedLions Gate Entmnt Corp	—	−457,400	—	exited	−0.35 pp	—
EOGEOG Resources, Inc.	—	−91,270	—	exited	−0.34 pp	—
BROBrown & Brown, Inc.	—	−80,000	—	exited	−0.12 pp	—
ODFLOld Dominion Freight Line	—	−13,480	—	exited	−0.04 pp	—