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Performance data represents past performance, which does not guarantee future results. The investment return and the principal value of an investment in the Funds will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be higher or lower than the performance data quoted. Performance data current to the most recent month end may be obtained at weitzinvestments.com.

Average annual total returns (in each case, for the period ending August 31, 2017) are (i) for the Value Fund—Investor Class, 11.95% (for the year-to-date period), 13.35% (for the 1-year period), 10.13% (for the 5-year period), 4.88% (for the 10-year period) and 10.22% (since the May 9, 1986 inception date), (ii) for the Partners Value Fund—Investor Class, 10.04% (for the year-to-date period), 12.14% (for the 1-year period), 9.45% (for the 5-year period), 5.70% (for the 10-year period) and 11.90% (since the June 1, 1983 inception date), (iii) for the Partners III Opportunity Fund—Investor Class, 9.25% (for the year-to-date period), 10.99% (for the 1-year period), 9.19% (for the 5-year period), 7.08% (for the 10-year period) and 12.44% (since the June 1, 1983 inception date), (iv) for the Hickory Fund, 9.35% (for the year-to-date period), 12.48% (for the 1-year period), 8.91% (for the 5-year period), 5.97% (for the 10-year period) and 9.89% (since the April 1, 1983 inception date). The above performance numbers for the Funds (x) reflect the deduction of annual operating expenses which, as stated in the Funds’ most recent prospectus and expressed as a percentage of net assets, are: 1.24% for Value Fund—Investor Class, 1.27% for Partners Value Fund—Investor Class, 2.29% for Partners III Opportunity Fund—Investor Class, 1.25% for Hickory Fund; and (y) assume reinvestment of dividends and redemption at the end of each period and (z) include fee waivers and expense reimbursements; total returns would have been lower had there been no waivers and/or reimbursements.

Average annual total returns for the S&P 500 Index (in each case, for the period ending August 31, 2017) are, 11.93% (for the year-to-date period), 16.23% (for the 1-year period), 14.34% (for the 5-year period), 7.61% (for the 10-year period) and 10.94% (since June 1, 1983). Comparative returns are the average returns for the applicable period of the reflected index. The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies. Index performance is hypothetical and is shown for illustrative purposes only. Investors cannot directly invest in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges. Index performance is not indicative of the performance of any of the Weitz Funds.

The inception date for the Funds above refers to the inception date of the Weitz Partners II Limited Partnership and Weitz Partners III Limited Partnership. On the last business day of 1993, the Partners Value Fund succeeded to substantially all the assets of Weitz Partners II Limited Partnership.  On the last business day of 2005, the Partners III Opportunity Fund succeeded to substantially all the assets of Weitz Partners III Limited Partnership.  In each case, (i) the investment objectives, policies and restrictions of the Fund are materially equivalent to those of the respective Partnership, (ii) the Partnership was managed at all times with full investment authority by Weitz Investment Management, Inc., (iii) the performance information above includes performance for the Partnership, (iv) the Partnership was not registered under the Investment Company Act of 1940 (the “1940 Act”) and, therefore, was not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code and (v) if the Partnership had been registered under the 1940 Act, the Partnership’s performance might have been adversely affected. 

Investor Class shares for Partners III Opportunity Fund became available for sale on August 1, 2011. For performance prior to that date, returns include the actual performance of the Fund’s Institutional Class (and use the actual expenses of the Fund’s Institutional Class), without adjustment. For any such period of time, the performance of the Fund’s Investor Class would have been similar to the performance of the Fund’s Institutional Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.

As of June 30, 2017: Apple Inc. represented 0% of the Weitz Funds’ portfolios. Amazon.com, Inc. represented 1.3% of Value Fund’s net assets. Berkshire Hathaway, Inc. – Class B represented 9.8%, 7.4%, and 7.4% of Partners III Opportunity, Value, and Partners Value Funds’ net assets, respectively. Colfax Corp. represented 3.3%, 4.6% and 3.6% of Partners Value, Partners III Opportunity and Hickory Funds’ net assets, respectively. Comcast Corp.-Class A represented 2.6% of Value Funds net assets. Liberty Braves Group – Series A & C represented 0.6% and 1.0% Partners III Opportunity and Hickory Funds’ net assets, respectively. Liberty Broadband Corp. – Series A & C represented 9.8%, 8.6% and 8.1% of Partners III Opportunity, Partners Value and Hickory Funds’ net assets, respectively. Liberty Broadband Corp. – Series C represented 7.7% of Value Fund’s net assets. Liberty Expedia Holdings, Inc. – Series A represented 0.8% and 2.1% of Partners III Opportunity and Hickory Funds’ net assets, respectively. Liberty Formula One Group – Series A & C represented 1.0% and 3.0% of Partners III Opportunity and Hickory Funds’ net assets, respectively. Liberty Global Group- Class C represented 7.7%, 6.7%, 5.2%, and 2.8% of Partners III Opportunity, Partners Value, Value, and Hickory Funds’ net assets, respectively. Liberty SiriusXM Group – Series A & C represented 4.8%, 4.1% and 3.3% of Partners III Opportunity, Hickory and Partners Value Funds’ net assets, respectively. Liberty SiriusXM Group – Series C represented 2.3% of Value Fund’s net assets. Liberty Ventures – Series A represented 4.5% and 3.5% of Partners III Opportunity and Hickory Funds’ net assets, respectively. LiLAC - Class C represented 2.1%, 2.0% and 1.6% of Partners Value, Hickory and Partners III Opportunity Funds’ net assets, respectively. Mastercard Inc. – Class A represented 4.1, 2.2% and 5.3% of Value, Partners Value and Partners III Opportunity Funds’ net assets, respectively. Visa Inc. – Class A represented 2.5%, 3.8% and 3.0% of Value, Partners Value and Partners III Opportunity Funds’ net assets, respectively. Portfolio composition is subject to change at any time. Current and future portfolio holdings are subject to risk.

Investors should consider carefully the investment objectives, risks, and charges and expenses of the Fund before investing. The Funds’ Prospectus contains this and other information about the Fund and should be read carefully before investing. The Prospectus is available from Weitz Investment Management, Inc. Weitz Securities, Inc. is the distributor of the Weitz Funds.