Meet Omaha's Unsung Fund Managers. Here's Their Winning Formula.
By Lewis Braham
This event is exclusively for financial advisors
Weitz fixed income research analyst David Kratz gives our take on the global aviation company Vista, how the business is aiming to revolutionize private air travel, and why it may be in a strong position for growth.
Out of 552 Intermediate Core-Plus Bond funds as of 08/31/2023
based on risk adjusted returns
Out of 440 Moderately Conservative Allocation funds as of 08/31/2023
based on risk adjusted returns
Out of 532 Short-Term Bond funds as of 08/31/2023
based on risk adjusted returns
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The following indices are used as benchmarks for the various mutual funds offered by Weitz Funds. Index performance is hypothetical and is shown for illustrative purposes only. You cannot invest directly in an index.
The Bloomberg 1-3 Year U.S. Aggregate Index is generally representative of the market for investment grade, U.S. dollar denominated, fixed-rate taxable bonds with maturities from one to three years.
The Bloomberg 5-Year Municipal Bond Index is a capitalization weighted bond index generally representative of major municipal bonds of all quality ratings with an average maturity of approximately five years.
The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.
The ICE BofA 6-Month Treasury Bill Index is generally representative of the market for U.S. Treasury Bills.
The Morningstar Moderately Conservative Target Risk Index is an asset allocation index comprised of constituent Morningstar indices and reflects global equity market exposure of 40% based on an asset allocation methodology derived by Ibbotson Associates, a Morningstar company.
The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.
The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.
The Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “SMID” cap. The Russell 2500 Index is a subset of the Russell 3000 Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.
The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.
The Russell Midcap Index tracks the performance of the 800 next-largest U.S. companies, after the 1,000 largest U.S. companies.
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.
The CPI + 1% is created by adding 1% to the annual percentage change in the Consumer Price Index (“CPI”) as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI will reflect the level of inflation at any time.
30-Day SEC Yield represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period.
Active share indicates the proportion of portfolio holdings that are different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio.
Alpha measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta.
Average coupon is the weighted average coupon rate of each bond in the portfolio.
Average effective duration provides a measure of a fund's interest-rate sensitivity. The longer a fund's duration, the more sensitive the fund is to shifts in interest rates.
Average Life Progression is a measure of repayment speed for a collateral pool (for example, a collection of mortgages may serve as the collateral pool for an issuance of mortgage-backed securities).
Beta measures volatility in relation to the fund's benchmark. A beta of less than 1.0 indicates lower volatility while a beta of more than 1.0 indicates higher volatility than the benchmark.
12b-1 fees represent the annual charge deducted from fund assets to pay for distribution and marketing costs.
Downside Capture Ratio measures performance in down markets relative to the benchmark.
Effective Long is the sum of the portfolio’s long positions (such as common stocks, or derivatives where the price increases when an index or position rises).
Effective Net is the Effective Long minus the Effective Short.
Effective Short is the sum of the portfolio’s short positions (such as, derivatives where the price increases when an index or position falls).
The gross expense ratio reflects the total annual operating expenses of a mutual fund, before any fee waivers or reimbursements.
Information ratio is a portfolio’s excess return (over its benchmark), divided by the amount of excess risk taken relative to the benchmark.
Investment Grade Bonds are those securities rated at least BBB- by one or more credit ratings agencies.
The market capitalization of a company represents the current stock-market value of a company's equity. It is calculated as the current share price times the number of shares outstanding as of the most recent quarter.
The net expense ratio reflects the total annual operating expenses of a mutual fund after taking into account any fee waiver and/or expense reimbursement. The net expense ratio represents what investors are ultimately charged to be invested in a mutual fund.
Non-Investment Grade Bonds are those securities (commonly referred to as “high yield” or “junk” bonds) rated BB+ and below by one or more credit ratings agencies.
Portfolio turnover is a measure of how much buying and selling of securities a portfolio does during a particular period. A turnover of 100 percent means the portfolio has sold the equivalent of every security in its portfolio and replaced it with something else over a set period.
A redemption fee is a fee charged to an investor when shares are sold from a fund. This fee will be charged by the fund company and then added back to the fund.
Relative Results are the difference between the Fund’s performance and the performance of the reflected benchmark.
R-Squared is a measure that represents the percentage of a portfolio’s movements that can be explained by movements in a benchmark. A measure of 100 indicates that all of the return can be explained by movements in the benchmark.
Also known as loads, sales charges represent the maximum level of initial (front-end) and deferred (back-end) sales charges imposed by a fund.
Sharpe Ratio is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance.
Standard Deviation measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility.
Upside Capture Ratio measures performance in up markets relative to the benchmark.
Yield to Maturity (YTM) is the total return anticipated on a bond portfolio if the bonds are held to maturity.
Yield to Worst (YTW) is the lowest potential yield that can be received on a bond portfolio without the issuers actually defaulting.
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