Read the article titled "Wally Weitz has carved out his own niche in the world of value investing"

Wally Weitz has carved out his own niche in the world of value investing.

Weitz Funds, Weitz Investment Management, Inc. (the“Adviser”) and Weitz Securities, Inc. disclaim any liability for information contained in this article and are not affiliated with the Omaha World-Herald.  The article includes a reference to the term “margin of safety,” and a “margin of safety” is designed to potentially limit downside risk and optimize the potential for growth.

Weitz Partners Value Fund—Investor Class average annual total returns for the one, five, and ten-year periods ended September 30, 2014, were 10.84%, 15.93% and 7.16%, respectively.  Weitz Partners Value Fund—Institutional Class average annual total returns for the one, five, and ten-year periods ended September 30, 2014, were 10.90%, 15.94% and 7.16%, respectively.  Weitz Partners III Opportunity Fund—Investor Class average annual total returns for the one, five, and ten-year periods ended September 30, 2014, were 7.21%, 16.66% and 8.30%, respectively.  Weitz Partners III Opportunity Fund—Institutional Class average annual total returns for the one, five, and ten-year periods ended September 30, 2014, were 7.49%, 19.27% and 8.39%, respectively.  These returns assume reinvestment of dividends and redemption at the end of each period, and reflect the deduction of annual operating expenses, which as stated in the most recent Prospectus are, 1.22% (estimated gross) for the Partners Value Fund—Investor Class, 1.08% (estimated gross) for the Partners Value Fund—Institutional Class, 1.86% for the Partners III Opportunity Fund—Investor Class and 1.45% for the Partners III Opportunity Fund—Institutional Class.  These returns include fee waivers and expense reimbursements, if any’ total returns would have been lower had there been no waiver of fees and/or reimbursement of expenses by the Adviser.  Institutional Class shares of the Partners Value Fund became available for sale on July 31, 2014; for performance prior to that date, these returns use the actual performance of the Fund’s Investor Class (and use the actual expenses of the Fund’s Investor Class) without adjustment. Investor Class shares of the Partners III Opportunity Fund became available for sale on August 1, 2011; for performance prior to that date, these returns use the actual performance of the Fund’s Institutional Class shares (and use the actual expenses of the Fund’s Institutional Class) without adjustment.  For both the Partners Value Fund and the Partners III Opportunity Fund, and for any period of time, Investor Class performance and Institutional Class performance will be similar, because for each Fund, the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.  See the Prospectus for additional details regarding the expenses of each class of shares.  As of December 30, 2005, the Partners III Opportunity Fund succeeded to substantially all the assets of Weitz Partners III Limited Partnership (the “Partnership”), which commenced operations on June 1, 1983.  The investment objectives, policies, guidelines and restrictions of the Partners III Opportunity Fund are materially equivalent to those of the Partnership and the Partnership was managed at all times with full investment authority by the Adviser.  The performance information for Partners III Opportunity Fund includes performance for the period before the Fund became an investment company registered with the Securities and Exchange Commission.  During this period, the Partnership was not registered under the Investment Company Act of 1940 (the “Act”) and therefore was not subject to certain investment or other restrictions or requirements imposed by the Act or the Internal Revenue Code.  If the Partnership had been registered under the Act during this period, the Partnership’s performance might have been adversely affected.

This information represents past performance and past performance 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 above and can be obtained at https://weitzinvestments.com/funds_and_performance/fund_performance.fs.
 
The minimum initial investment for Investor Class shares of the Partners Value Fund or the Partners III Opportunity Fund is $2,500.  The minimum initial investment for Institutional Class shares of the Partners Value Fund or the Partners III Opportunity Fund is $1,000,000.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.  (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)  The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.  Weitz Partners Value Fund-Institutional Class was rated against the following numbers of U.S.-domiciled Large Blend funds over the following time periods: 1343 funds in the last three years and 1204 funds in the last five years.  With respect to these Large Blend funds, Weitz Partners Value Fund-Institutional Class has an Overall Morningstar Rating™ of 4 stars as of September 30, 2014.  Weitz Partners III Opportunity Fund-Institutional Class was rated against the following numbers of U.S.-domiciled Mid-Cap Blend funds over the following time periods : 326 funds in the last three years and 299 funds in the last five years.  With respect to these Mid-Cap Blend funds, Weitz Partners III Opportunity Fund-Institutional Class has an Overall Morningstar Rating™ of 4 stars as of September 30, 2014.

Investors should consider carefully the investment objectives, risks, and charges and expenses of the Funds before investing.  The Funds' Prospectus or Summary Prospectus contains this and other information about the Funds and should be read carefully before investing.  Remember there can be no assurance that an investment objective of any mutual fund will be achieved.

Portfolio composition is subject to change at any time and references to specific securities, industries and sectors referenced in this interview are not recommendations to purchase any particular security.  Current and future portfolio holdings are subject to risk.  

A Prospectus or Summary Prospectus and additional information are available from Weitz Investment Management, Inc., 1125 South 103 Street, Suite 200, Omaha, NE 68124-1071, weitzinvestments.com, 800-304-9745, 402-391-1980.

Weitz Securities, Inc. is the distributor of the Weitz Funds.