Weitz Investment

Q1 2018 13F · by Brad Hinton, CIO

As of: Mar 31, 2018
Filed: May 14, 2018
US stock: $2.3B · prev $2.3B
Positions: 72 · prev 74
Options notional: $0
Documents: 1· no amendments

Picture97.3% US stock

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

US stock listed on a US exchange 97.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 2.7%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves63 since the prior filing

+10.8 pp in · −10.8 pp out

New 8 +6.20 pp
Added 17 +4.64 pp
Trimmed 28 −6.26 pp
Exited 10 −4.53 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 43% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions36% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.15 pp trimmed+0.159.8%
LBRDK Liberty Broadband Corporation Class C trimmed−0.20 pp trimmed−0.207.6%
BRK.A Berkshire Hathaway Inc. added+2.36 pp added+2.367.3%
LBTYK Liberty Global Ltd. Class C trimmed−1.62 pp trimmed−1.625.5%
99803EUR Laboratory Crp Of Amer Hldgs trimmed+0.07 pp trimmed+0.075.3%

Positions72 in this filing · 10 exited


BRK.BBERKSHIRE HATHAWAY Class B	9.79%	1,129,642	$225M	trimmed−1%	+0.15 pp	20 q
LBRDKLiberty Broadband Corporation Class C	7.64%	2,053,262	$176M	trimmed−5%	−0.20 pp	14 q
BRK.ABerkshire Hathaway Inc.	7.33%	564	$169M	added+45%	+2.36 pp	20 q
LBTYKLiberty Global Ltd. Class C	5.49%	4,152,537	$126M	trimmed−15%	−1.62 pp	20 q
99803EURLaboratory Crp Of Amer Hldgs	5.25%	747,684	$121M	trimmed−1%	+0.07 pp	20 q
ACTAllergan PLC	4.90%	670,399	$113M	added+3%	+0.35 pp	11 q
GOOGAlphabet Inc. Class C	4.25%	94,903	$98M	added0%	+0.01 pp	16 q
VVISA Inc.	4.07%	782,856	$94M	trimmed−1%	+0.22 pp	7 q
MAMastercard Incorporated	4.03%	530,198	$93M	trimmed−21%	−0.32 pp	14 q
RWTRedwood Trust, Inc.	3.21%	4,776,100	$74M	added+6%	+0.34 pp	20 q
LSXMKLiberty Media Cor-siriusxm C	2.73%	1,536,867	$63M	trimmed−12%	−0.22 pp	8 q
ORCLOracle Corp	2.65%	1,335,774	$61M	added+13%	+0.26 pp	20 q
unresolvedColfax Corp	2.27%	1,639,900	$52M	added+18%	−0.09 pp	10 q
unresolvedAon PLC	1.97%	323,029	$45M	added0%	+0.13 pp	20 q
DXCDXC Technology Company	1.96%	447,647	$45M	added+1%	+0.15 pp	4 q
unresolvedLiberty Interactive Corp	1.92%	1,759,250	$44M	trimmed−32%	−0.77 pp	20 q
TXNTexas Instruments Incorporated	1.78%	394,270	$41M	trimmed−22%	−0.48 pp	20 q
LBRDALiberty Broadband Corporation Class A	1.29%	350,000	$30M	held	—	14 q
LILAKLiberty Latin America Ltd. Class C	1.24%	1,492,800	$28M	new	+1.24 pp	new
WFCWells Fargo & Co.	1.23%	540,578	$28M	trimmed−0%	−0.17 pp	20 q
GLIBAGci Liberty Inc - Class A	1.22%	530,202	$28M	new	+1.22 pp	new
DLTRDollar Tree Inc.	1.21%	292,816	$28M	added+28%	+0.16 pp	5 q
ALSNAllison Transmission Holdings, Inc.	1.20%	709,600	$28M	trimmed−7%	−0.21 pp	17 q
TMOThermo Fisher Scientific, Inc.	1.18%	131,581	$27M	trimmed−0%	+0.11 pp	6 q
WAIRWESCO Aircraft Holdings Inc.	1.16%	2,600,000	$27M	trimmed−13%	+0.21 pp	17 q
PXGBXPraxair Inc	1.10%	175,140	$25M	trimmed−14%	−0.24 pp	20 q
KMXCarMax Inc.	1.09%	404,735	$25M	new	+1.09 pp	new
DISCKDiscovery Inc-c	1.05%	1,241,300	$24M	held	—	15 q
DHRDanaher Corporation	1.02%	239,761	$23M	trimmed−0%	+0.07 pp	3 q
AXTAAxalta Coating Systems Ltd.	0.99%	757,450	$23M	added×3.9	+0.72 pp	3 q
TUPTupperware Brands Corporation	0.98%	465,300	$23M	new	+0.98 pp	new
unresolvedMonsanto Co	0.95%	186,850	$22M	trimmed−3%	−0.01 pp	12 q
CMCSAComcast Corp	0.93%	624,659	$21M	trimmed−0%	−0.14 pp	10 q
DEODiageo plc	0.76%	130,000	$18M	held	—	20 q
ACNAccenture PLC	0.76%	114,346	$18M	trimmed−0%	+0.01 pp	20 q
AMZNAmazon.Com Inc	0.73%	11,633	$17M	trimmed−30%	−0.10 pp	10 q
unresolvedTwenty First Centy Fox Inc	0.72%	450,000	$17M	trimmed−73%	−1.72 pp	14 q
LM03Liberty Media Cor-siriusxm A	0.71%	395,000	$16M	held	—	8 q
METAMeta Platforms, Inc. Class A	0.70%	101,228	$16M	new	+0.70 pp	new
PXDPioneer Natural Resource Co.	0.61%	81,294	$14M	trimmed−34%	−0.31 pp	17 q
unresolvedXO Group Inc.	0.61%	675,000	$14M	held	—	20 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.51%	300,000	$12M	added+44%	+0.12 pp	6 q
35YCorecard Corp	0.50%	2,270,000	$12M	held	—	20 q
BKNGBooking Holdings Inc.	0.43%	4,764	$10M	new	+0.43 pp	new
TDGTransDigm Group Incorporated	0.41%	30,540	$9M	new	+0.41 pp	new
ACIWACI Worldwide, Inc.	0.39%	375,000	$9M	added+7%	+0.05 pp	20 q
CMPCompass Minerals International, Inc.	0.37%	143,000	$9M	added+32%	+0.04 pp	8 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.37%	275,000	$8M	held	—	8 q
FLIRFLIR Systems, Inc. (DE)	0.35%	161,100	$8M	trimmed−62%	−0.49 pp	20 q
HP5AEquity Commonwealth	0.34%	254,000	$8M	held	—	12 q
GWREGuidewire Software, Inc.	0.25%	72,000	$6M	added+11%	+0.04 pp	9 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.24%	245,000	$6M	held	—	8 q
LGF.BLions Gate Entertainment Corp. Class B Non-Voting Shares	0.16%	150,000	$4M	held	—	6 q
LGFLions Gate Entertainment-a	0.14%	125,000	$3M	held	—	6 q
MUSAMurphy USA Inc.	0.14%	45,000	$3M	trimmed−31%	−0.08 pp	11 q
MKLMarkel Group Inc.	0.13%	2,500	$3M	new	+0.13 pp	new
LM05Liberty Media Corp-liberty-a	0.10%	77,500	$2M	held	—	8 q
BUDAnheuser-Busch INBEV SA/NV	0.08%	17,000	$2M	held	—	19 q
JPMJPMorgan Chase & Co.	0.06%	12,500	$1M	held	—	2 q
MLMMartin Marietta Materials	0.06%	6,500	$1M	held	—	3 q
VTIVanguard Morningstar Total Stock Market ETF	0.05%	8,068	$1M	trimmed−11%	0.00 pp	6 q
VMCVulcan Materials Company(Holding Company)	0.05%	11,000	$1M	added+10%	0.00 pp	2 q
MRVLMarvell Technology, Inc.	0.05%	60,000	$1M	held	—	2 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.03%	31,000	$705,000	held	—	8 q
VEAVanguard FTSE Developed Markets ETF	0.03%	16,555	$733,000	trimmed−16%	−0.01 pp	6 q
BSVVanguard Short-Term Bond ETF	0.02%	4,692	$368,000	added0%	0.00 pp	6 q
GOOGLAlphabet Inc. Class A	0.01%	160	$166,000	trimmed−16%	0.00 pp	10 q
IWBiShares Russell 1000 ETF	0.01%	1,898	$279,000	held	—	6 q
unresolvedTwenty First Centy Fox Inc	0.01%	8,745	$318,000	trimmed−37%	−0.01 pp	14 q
BIVVanguard Intermediate-Term Bond ETF	0.01%	2,371	$194,000	added+1%	0.00 pp	6 q
AAPLApple Inc.	0.00%	140	$23,000	held	—	9 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	180	$47,000	trimmed−54%	0.00 pp	6 q
unresolvedLiberty Ventures	—	−785,000	—	exited	−1.82 pp	—
1LGEUSDLiberty Global PLC Lilac - C	—	−1,537,874	—	exited	−1.31 pp	—
RRCRange Resources Corp	—	−814,184	—	exited	−0.59 pp	—
unresolvedPriceline Grp Inc	—	−5,520	—	exited	−0.41 pp	—
HALHalliburton Company	—	−126,980	—	exited	−0.27 pp	—
unresolvedCommerceHub, Inc., Series C	—	−54,000	—	exited	−0.05 pp	—
NCMINational CineMedia, Inc.	—	−150,000	—	exited	−0.04 pp	—
unresolvedCommerceHub, Inc., Series A	—	−27,000	—	exited	−0.03 pp	—
DGDollar General Corp.	—	−1,430	—	exited	−0.01 pp	—
VIGVanguard Dividend Appreciation ETF	—	−430	—	exited	0.00 pp	—