Weitz Investment

Q1 2017 13F · by Brad Hinton, CIO

As of: Mar 31, 2017
Filed: May 15, 2017
US stock: $2.4B · prev $2.5B
Positions: 81 · prev 84
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 2.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves71 since the prior filing

+0.8 pp in · −1.1 pp out

New 2 +0.64 pp
Added 19 +0.20 pp
Trimmed 45 +2.10 pp
Exited 5 −3.21 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.1% a year, about 24.6 years per position

Low
Moderate
High

Top 5 positions33% of US stock

LBRDK Liberty Broadband Corporation Class C trimmed+1.03 pp trimmed+1.038.2%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.03 pp trimmed−0.038.0%
LBTYK Liberty Global Ltd. Class C trimmed+1.07 pp trimmed+1.077.7%
ACT Allergan PLC trimmed−0.28 pp trimmed−0.285.1%
99803EUR Laboratory Crp Of Amer Hldgs trimmed+0.41 pp trimmed+0.414.5%

Positions81 in this filing · 5 exited


LBRDKLiberty Broadband Corporation Class C	8.16%	2,251,124	$194M	trimmed−5%	+1.03 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	8.04%	1,149,537	$192M	trimmed−6%	−0.03 pp	16 q
LBTYKLiberty Global Ltd. Class C	7.65%	5,204,180	$182M	trimmed−5%	+1.07 pp	16 q
ACTAllergan PLC	5.14%	512,403	$122M	trimmed−20%	−0.28 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	4.46%	740,019	$106M	trimmed−5%	+0.41 pp	16 q
BRK.ABerkshire Hathaway Inc.	4.33%	413	$103M	trimmed−0%	+0.23 pp	16 q
MAMastercard Incorporated	3.52%	745,144	$84M	trimmed−6%	+0.21 pp	10 q
unresolvedLiberty Interactive Corp	3.45%	4,110,804	$82M	trimmed−5%	−0.04 pp	16 q
unresolvedTwenty First Centy Fox Inc	3.43%	2,520,950	$82M	trimmed−20%	−0.15 pp	10 q
GOOGAlphabet Inc. Class C	3.36%	96,549	$80M	trimmed−5%	+0.18 pp	12 q
RWTRedwood Trust, Inc.	3.34%	4,789,650	$80M	trimmed−11%	+0.01 pp	16 q
VVISA Inc.	3.04%	815,294	$72M	trimmed−5%	+0.32 pp	3 q
LSXMKLiberty Media Cor-siriusxm C	2.91%	1,790,652	$69M	trimmed−29%	−0.54 pp	4 q
unresolvedColfax Corp	2.84%	1,724,640	$68M	trimmed−10%	+0.05 pp	6 q
ORCLOracle Corp	2.24%	1,198,427	$53M	trimmed−5%	+0.27 pp	16 q
DISCKDiscovery Inc-c	2.21%	1,858,584	$53M	trimmed−12%	−0.07 pp	11 q
unresolvedAon PLC	2.08%	417,134	$50M	trimmed−5%	+0.09 pp	16 q
unresolvedIlg Inc	1.97%	2,234,256	$47M	trimmed−12%	+0.11 pp	2 q
WFCWells Fargo & Co.	1.96%	839,352	$47M	trimmed−7%	−0.04 pp	16 q
TXNTexas Instruments Incorporated	1.84%	543,780	$44M	trimmed−8%	+0.10 pp	16 q
unresolvedLiberty Ventures	1.42%	762,000	$34M	trimmed−3%	+0.25 pp	2 q
WAIRWESCO Aircraft Holdings Inc.	1.33%	2,775,000	$32M	added+5%	−0.27 pp	13 q
LBRDALiberty Broadband Corporation Class A	1.25%	350,000	$30M	trimmed−3%	+0.19 pp	10 q
FLIRFLIR Systems, Inc. (DE)	1.15%	756,315	$27M	trimmed−9%	−0.07 pp	16 q
PXGBXPraxair Inc	1.06%	213,663	$25M	added+2%	+0.06 pp	16 q
PXDPioneer Natural Resource Co.	1.03%	131,491	$24M	trimmed−7%	0.00 pp	13 q
ALSNAllison Transmission Holdings, Inc.	1.01%	669,225	$24M	trimmed−25%	−0.21 pp	13 q
RRCRange Resources Corp	1.01%	826,204	$24M	trimmed−7%	−0.23 pp	16 q
1LGEUSDLiberty Global PLC Lilac - C	1.00%	1,037,666	$24M	trimmed−16%	−0.06 pp	7 q
CMCSAComcast Corp	0.97%	612,920	$23M	trimmed−2%	+0.10 pp	6 q
unresolvedMonsanto Co	0.95%	200,351	$23M	trimmed−0%	+0.10 pp	8 q
WTWWillis Towers Watson Public Limited Company	0.93%	169,228	$22M	trimmed−8%	+0.02 pp	5 q
TMOThermo Fisher Scientific, Inc.	0.87%	135,545	$21M	added+3%	+0.11 pp	2 q
ACNAccenture PLC	0.84%	166,817	$20M	trimmed−0%	+0.05 pp	16 q
UPSUnited Parcel Service, Inc. Class B	0.71%	157,236	$17M	trimmed−0%	−0.02 pp	16 q
LM03Liberty Media Cor-siriusxm A	0.67%	410,000	$16M	held	—	4 q
DEODiageo plc	0.64%	131,570	$15M	trimmed−1%	+0.08 pp	16 q
DLTRDollar Tree Inc.	0.60%	181,061	$14M	new	+0.60 pp	new
LEXEALiberty Expedia Holdings, Inc. Class A	0.59%	308,000	$14M	trimmed−3%	+0.08 pp	2 q
unresolvedXO Group Inc.	0.57%	785,346	$14M	added0%	−0.05 pp	16 q
MUSAMurphy USA Inc.	0.52%	167,614	$12M	added+1%	+0.11 pp	7 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.50%	350,000	$12M	trimmed−2%	+0.05 pp	4 q
NCMINational CineMedia, Inc.	0.50%	939,695	$12M	added+11%	0.00 pp	16 q
AMZNAmazon.Com Inc	0.46%	12,460	$11M	held	—	6 q
35YCorecard Corp	0.44%	2,270,000	$10M	held	—	16 q
CVSCvs Health Corporation	0.40%	122,123	$10M	added+1%	+0.01 pp	2 q
HP5AEquity Commonwealth	0.33%	254,000	$8M	trimmed−1%	+0.02 pp	8 q
HALHalliburton Company	0.26%	126,980	$6M	trimmed−0%	−0.02 pp	8 q
unresolvedTwenty First Centy Fox Inc	0.22%	164,490	$5M	trimmed−47%	−0.12 pp	10 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.21%	215,000	$5M	trimmed−3%	+0.03 pp	4 q
ACIWACI Worldwide, Inc.	0.15%	167,000	$4M	held	—	16 q
LGF.BLions Gate Entertainment Corp. Class B Non-Voting Shares	0.15%	150,000	$4M	held	—	2 q
LGFLions Gate Entertainment-a	0.14%	125,000	$3M	held	—	2 q
CMPCompass Minerals International, Inc.	0.13%	46,248	$3M	added×2.3	+0.07 pp	4 q
unresolvedCommerceHub, Inc., Series C	0.12%	188,000	$3M	trimmed−2%	0.00 pp	3 q
FOSLFossil Group, Inc.	0.12%	159,953	$3M	trimmed−76%	−0.58 pp	8 q
GWREGuidewire Software, Inc.	0.11%	47,645	$3M	added×4.3	+0.09 pp	5 q
LM05Liberty Media Corp-liberty-a	0.11%	77,500	$3M	held	—	4 q
BUDAnheuser-Busch INBEV SA/NV	0.08%	17,000	$2M	added+13%	+0.02 pp	15 q
unresolvedCommerceHub, Inc., Series A	0.06%	94,000	$1M	trimmed−2%	0.00 pp	3 q
AMTAmerican Tower Corporation	0.05%	8,828	$1M	added×3.1	+0.04 pp	2 q
DFINDonnelley Financial Solutions, Inc.	0.04%	44,100	$851,000	new	+0.04 pp	new
VTIVanguard Morningstar Total Stock Market ETF	0.04%	7,807	$947,000	added0%	0.00 pp	2 q
FISFidelity National Information Services, Inc.	0.03%	8,000	$637,000	held	—	2 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.03%	31,000	$742,000	held	—	4 q
CRMSalesforce, Inc.	0.03%	8,000	$660,000	trimmed−11%	+0.01 pp	2 q
VEAVanguard FTSE Developed Markets ETF	0.03%	19,198	$754,000	added0%	0.00 pp	2 q
unresolvedZoes Kitchen Inc	0.03%	43,408	$803,000	added+63%	0.00 pp	3 q
AVPAvon Products, Inc.	0.02%	131,000	$576,000	trimmed−95%	−0.47 pp	16 q
SUMSummit Materials, Inc. Class A	0.02%	18,722	$463,000	held	—	5 q
BSVVanguard Short-Term Bond ETF	0.02%	4,621	$368,000	added0%	+0.01 pp	2 q
GOOGLAlphabet Inc. Class A	0.01%	190	$161,000	held	—	6 q
AAPLApple Inc.	0.01%	2,300	$330,000	trimmed−70%	−0.03 pp	5 q
DGDollar General Corp.	0.01%	4,973	$347,000	added+28%	0.00 pp	2 q
IWBiShares Russell 1000 ETF	0.01%	1,983	$260,000	added+28%	0.00 pp	2 q
8TGThermon Group Holdings Inc	0.01%	16,868	$352,000	held	—	2 q
BIVVanguard Intermediate-Term Bond ETF	0.01%	2,313	$193,000	added0%	0.00 pp	2 q
VHTVanguard Health Care ETF	0.01%	2,083	$287,000	added0%	0.00 pp	2 q
OEFiShares S&P 100 ETF	0.00%	128	$13,000	held	—	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	395	$93,000	held	—	2 q
VIGVanguard Dividend Appreciation ETF	0.00%	430	$39,000	held	—	2 q
TDGTransDigm Group Incorporated	—	−255,691	—	exited	−2.58 pp	—
MSIMotorola Solutions, Inc. New	—	−164,458	—	exited	−0.55 pp	—
IWViShares Russell 3000 ETF	—	−11,000	—	exited	−0.06 pp	—
CMGChipotle Mexican Grill, Inc.	—	−1,553	—	exited	−0.02 pp	—
USBU.S. Bancorp	—	−205	—	exited	0.00 pp	—