Wallace Weitz Weitz Investment Management
Wallace Weitz founded Weitz Investment Management and built a long career as a patient, research-driven value investor. The firm is known for concentrated equity portfolios, conservative balance-sheet analysis, and multi-year holding periods. Weitz’s letters and process notes are frequently recommended to investors learning classic U.S. value management.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Salesforce
CRM
|
+$21.3M |
| 2 |
LKQ Corp
LKQ
|
+$20.5M |
| 3 |
ACI Worldwide
ACIW
|
+$16M |
| 4 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$9.55M |
| 5 |
Expedia Group
EXPE
|
+$7.14M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TransDigm Group
TDG
|
+$27.7M |
| 2 |
WAIR
WESCO Aircraft Holdings Inc.
WAIR
|
+$16.6M |
| 3 |
Comcast
CMCSA
|
+$14.7M |
| 4 |
Mastercard
MA
|
+$12.9M |
| 5 |
SUM
Summit Materials, Inc. Class A Common Stock
SUM
|
+$10.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.7% |
| 2 | Communication Services | 23.96% |
| 3 | Technology | 16.98% |
| 4 | Consumer Discretionary | 8.83% |
| 5 | Healthcare | 7.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
QVCGA
26
DELISTED
QVC Group Inc Series A
QVCGA
| $30.4M | 1.23% |
60,643
+16,269
| +37% | +$9.55M |
|
27
Danaher
DHR
$154B
| $28.9M | 1.17% |
225,600
| – | – |
|
28
JPMorgan Chase
JPM
$935B
| $28.7M | 1.16% |
243,500
| – | – |
|
29
Dollar Tree
DLTR
$25.3B
| $28.5M | 1.16% |
250,000
+30,000
| +14% | +$3.14M |
|
30
Analog Devices
ADI
$182B
| $28.5M | 1.16% |
255,000
| – | – |
|
|
31
Comcast
CMCSA
$95.3B
| $27.3M | 1.11% |
605,000
-332,450
| -35% | -$14.7M |
|
32
Box
BOX
$4.56B
| $27.2M | 1.11% |
1,643,100
+21,000
| +1% | +$337K |
|
33
Liberty Latin America Class C
LILAK
$1.64B
| $25.6M | 1.04% |
1,750,431
+57,125
| +3% | +$822K |
|
34
Guidewire Software
GWRE
$15.8B
| $25.2M | 1.02% |
238,875
+48,475
| +25% | +$4.89M |
|
35
Axalta
AXTA
$7.75B
| $24.5M | 1% |
813,575
-22,000
| -3% | -$649K |
|
36
Markel Group
MKL
$22.2B
| $23.6M | 0.96% |
20,000
| – | – |
|
|
37
LKQ Corp
LKQ
$6.52B
| $23.6M | 0.96% |
+750,900
| New | +$20.5M |
|
|
GLIBA
38
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
| $22.2M | 0.9% |
357,500
| – | – |
|
|
39
ACI Worldwide
ACIW
$5.24B
| $22.1M | 0.9% |
704,125
+504,125
| +252% | +$16M |
|
40
Diageo
DEO
$52.6B
| $20.8M | 0.85% |
127,500
-2,500
| -2% | -$418K |
|
|
41
Salesforce
CRM
$171B
| $20.8M | 0.84% |
+140,000
| New | +$21.3M |
|
|
LBRDA
42
DELISTED
Liberty Broadband Class A
LBRDA
| $20.1M | 0.82% |
192,500
| – | – |
|
43
Accenture
ACN
$113B
| $19.6M | 0.8% |
102,000
-1,000
| -1% | -$194K |
|
44
Marvell Technology
MRVL
$213B
| $17.9M | 0.73% |
716,600
-318,700
| -31% | -$8M |
|
45
DXC Technology
DXC
$1.73B
| $17.7M | 0.72% |
600,000
-168,500
| -22% | -$7.18M |
|
46
Martin Marietta Materials
MLM
$32.1B
| $17.4M | 0.71% |
63,530
-2,500
| -4% | -$618K |
|
|
LSXMA
47
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $16.4M | 0.67% |
546,734
| – | – |
|
|
48
TransDigm Group
TDG
$66.4B
| $14.8M | 0.6% |
28,355
-54,090
| -66% | -$27.7M |
|
49
Stanley Black & Decker
SWK
$15.1B
| $14.1M | 0.57% |
97,795
-9,500
| -9% | -$1.34M |
|
|
PRSP
50
DELISTED
Perspecta Inc. Common Stock
PRSP
| $13.8M | 0.56% |
530,000
| – | – |
|
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Wallace Weitz's Q3 2019 Portfolio in Review
As of Q3 2019, Wallace Weitz held 75 positions worth $2.46B, down 2.3% from $2.52B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Wallace Weitz withdrew a net $130M in Q3 2019, closing 3 positions and reducing 31 holdings. Its most notable exit was WESCO Aircraft Holdings Inc., an estimated $16.6M position sold in full.
By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 28% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Wallace Weitz opened a new position in Salesforce worth $20.8M.
- Wallace Weitz's largest Q3 2019 buy was Salesforce: 140,000 shares worth $20.8M.
- Wallace Weitz added most to ACI Worldwide in Q3 2019, an estimated $16M increase.
- Wallace Weitz's biggest Q3 2019 reduction was TransDigm Group, cutting an estimated $27.7M.
- Wallace Weitz fully exited WESCO Aircraft Holdings Inc. in Q3 2019, selling an estimated $16.6M.
- Wallace Weitz's ten largest holdings make up 45% of its $2.46B portfolio in Q3 2019.
- Wallace Weitz opened 3 new positions and closed 3 in Q3 2019.
- Wallace Weitz's portfolio value fell 2.3% quarter-over-quarter to $2.46B.
Based on Weitz Investment Management's 13F filing for Q3 2019, filed 13 Nov 2019.