Weitz Investment

Q3 2019 13F · by Brad Hinton, CIO

As of: Sep 30, 2019
Filed: Nov 13, 2019
US stock: $2.4B · prev $2.5B
Positions: 69 · prev 69
Options notional: $0
Documents: 1· no amendments

Picture98.6% US stock

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

US stock listed on a US exchange 98.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 1.4%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves48 since the prior filing

+4.0 pp in · −4.4 pp out

New 3 +2.13 pp
Added 11 +1.87 pp
Trimmed 31 −3.31 pp
Exited 3 −1.12 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.3 years per position

Low
Moderate
High

Top 5 positions28% of US stock

BRK.A Berkshire Hathaway Inc. held held7.2%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.05 pp trimmed−0.056.9%
LBRDK Liberty Broadband Corporation Class C trimmed−0.19 pp trimmed−0.195.0%
GOOG Alphabet Inc. Class C trimmed+0.46 pp trimmed+0.465.0%
99803EUR Laboratory Crp Of Amer Hldgs trimmed−0.36 pp trimmed−0.363.9%

Positions69 in this filing · 3 exited


BRK.ABerkshire Hathaway Inc.	7.17%	558	$174M	held	—	26 q
BRK.BBERKSHIRE HATHAWAY Class B	6.89%	803,807	$167M	trimmed−1%	−0.05 pp	26 q
LBRDKLiberty Broadband Corporation Class C	4.98%	1,154,900	$121M	trimmed−6%	−0.19 pp	20 q
GOOGAlphabet Inc. Class C	4.95%	98,505	$120M	trimmed−5%	+0.46 pp	22 q
99803EURLaboratory Crp Of Amer Hldgs	3.90%	563,325	$95M	trimmed−8%	−0.36 pp	26 q
MAMastercard Incorporated	3.77%	336,840	$91M	trimmed−12%	−0.31 pp	20 q
VVISA Inc.	3.77%	531,540	$91M	trimmed−9%	−0.31 pp	13 q
35YCorecard Corp	3.70%	2,165,000	$90M	trimmed−5%	+1.07 pp	26 q
LBTYKLiberty Global Ltd. Class C	3.60%	3,677,400	$87M	trimmed−2%	−0.42 pp	26 q
METAMeta Platforms, Inc. Class A	2.96%	403,100	$72M	trimmed−5%	−0.33 pp	7 q
KMXCarMax Inc.	2.94%	812,550	$72M	trimmed−12%	−0.27 pp	7 q
LSXMKLiberty Media Cor-siriusxm C	2.85%	1,648,250	$69M	trimmed−3%	+0.25 pp	14 q
SCHWThe Charles Schwab Corporation	2.65%	1,536,300	$64M	added+7%	+0.34 pp	5 q
RWTRedwood Trust, Inc.	2.30%	3,400,500	$56M	trimmed−1%	+0.01 pp	26 q
BKNGBooking Holdings Inc.	2.08%	25,730	$50M	trimmed−14%	−0.19 pp	7 q
VMCVulcan Materials Company(Holding Company)	1.95%	313,710	$47M	trimmed−1%	+0.19 pp	8 q
ORCLOracle Corp	1.86%	821,720	$45M	added+4%	+0.05 pp	26 q
TXNTexas Instruments Incorporated	1.81%	339,950	$44M	trimmed−14%	−0.02 pp	26 q
BKIBlack Knight, Inc.	1.80%	714,900	$44M	trimmed−5%	−0.02 pp	4 q
SUMSummit Materials, Inc. Class A	1.76%	1,923,450	$43M	trimmed−21%	−0.12 pp	6 q
unresolvedAon PLC	1.70%	213,000	$41M	added0%	+0.05 pp	26 q
unresolvedColfax Corp	1.67%	1,393,250	$40M	trimmed−10%	−0.07 pp	16 q
TMOThermo Fisher Scientific, Inc.	1.32%	110,000	$32M	held	—	12 q
99952EURLinde PLC/OLD	1.30%	163,000	$32M	held	—	4 q
AMZNAmazon.Com Inc	1.25%	17,500	$30M	added+13%	+0.07 pp	16 q
unresolvedQurate Retail Inc	1.25%	2,943,848	$30M	added+37%	+0.18 pp	6 q
DHRDanaher Corporation	1.19%	200,000	$29M	held	—	9 q
DLTRDollar Tree Inc.	1.18%	250,000	$29M	added+14%	+0.23 pp	11 q
JPMJPMorgan Chase & Co.	1.18%	243,500	$29M	held	—	8 q
ADIAnalog Devices, Inc.	1.17%	255,000	$28M	held	—	4 q
BOXBox, Inc.	1.12%	1,643,100	$27M	added+1%	−0.03 pp	3 q
CMCSAComcast Corp	1.12%	605,000	$27M	trimmed−35%	−0.47 pp	16 q
LILAKLiberty Latin America Ltd. Class C	1.05%	1,498,400	$26M	added+3%	+0.05 pp	7 q
GWREGuidewire Software, Inc.	1.04%	238,875	$25M	added+25%	+0.26 pp	15 q
AXTAAxalta Coating Systems Ltd.	1.01%	813,575	$25M	trimmed−3%	+0.01 pp	9 q
LKQLKQ Corporation	0.97%	750,900	$24M	new	+0.97 pp	new
MKLMarkel Group Inc.	0.97%	20,000	$24M	held	—	7 q
ACIWACI Worldwide, Inc.	0.91%	704,125	$22M	added×3.5	+0.63 pp	26 q
GLIBAGci Liberty Inc - Class A	0.91%	357,500	$22M	held	—	7 q
DEODiageo plc	0.86%	127,500	$21M	trimmed−2%	−0.04 pp	26 q
CRMSalesforce, Inc.	0.86%	140,000	$21M	new	+0.86 pp	new
LBRDALiberty Broadband Corporation Class A	0.83%	192,500	$20M	held	—	20 q
ACNAccenture PLC	0.81%	102,000	$20M	trimmed−1%	+0.04 pp	26 q
MRVLMarvell Technology, Inc.	0.74%	716,600	$18M	trimmed−31%	−0.25 pp	8 q
DXCDXC Technology Company	0.73%	600,000	$18M	trimmed−22%	−0.97 pp	10 q
MLMMartin Marietta Materials	0.72%	63,530	$17M	trimmed−4%	+0.11 pp	9 q
LM03Liberty Media Cor-siriusxm A	0.68%	395,000	$16M	held	—	14 q
TDGTransDigm Group Incorporated	0.61%	28,355	$15M	trimmed−66%	−0.99 pp	7 q
SWKStanley Black & Decker, Inc.	0.58%	97,795	$14M	trimmed−9%	−0.04 pp	4 q
PRSPPerspecta Inc	0.57%	530,000	$14M	held	—	6 q
HP5AEquity Commonwealth	0.35%	250,000	$9M	held	—	18 q
EXPEExpedia Group, Inc.	0.30%	54,000	$7M	new	+0.30 pp	new
GDIIngersoll Rand Inc.	0.27%	230,000	$7M	held	—	4 q
EXPEagle Materials, Inc.	0.21%	57,500	$5M	trimmed−3%	−0.01 pp	3 q
FBINFortune Brands Innovations, Inc.	0.17%	75,000	$4M	held	—	6 q
MYEMyers Industries, Inc.	0.15%	211,200	$4M	added+51%	+0.04 pp	4 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.12%	105,000	$3M	held	—	14 q
CHTRCharter Comm Inc Del CL A New	0.10%	6,000	$2M	trimmed−8%	0.00 pp	6 q
MSFTMicrosoft Corp	0.10%	17,500	$2M	held	—	6 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.09%	50,000	$2M	trimmed−33%	−0.02 pp	14 q
VTIVanguard Morningstar Total Stock Market ETF	0.05%	8,068	$1M	held	—	12 q
LM05Liberty Media Corp-liberty-a	0.04%	27,500	$1M	held	—	14 q
VEAVanguard FTSE Developed Markets ETF	0.03%	16,555	$680,000	held	—	12 q
BSVVanguard Short-Term Bond ETF	0.02%	4,692	$379,000	held	—	12 q
IWBiShares Russell 1000 ETF	0.01%	1,648	$271,000	trimmed−13%	0.00 pp	12 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.01%	11,000	$306,000	held	—	14 q
BIVVanguard Intermediate-Term Bond ETF	0.01%	2,371	$209,000	held	—	12 q
AAPLApple Inc.	0.00%	140	$31,000	held	—	15 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	180	$53,000	held	—	12 q
WAIRWESCO Aircraft Holdings Inc.	—	−1,500,000	—	exited	−0.67 pp	—
LEXEALiberty Expedia Holdings, Inc. Class A	—	−150,000	—	exited	−0.29 pp	—
CMPCompass Minerals International, Inc.	—	−74,200	—	exited	−0.16 pp	—