Please Note: The Weitz Funds have updated their annual capital gains schedule. Going forward, capital gains will no longer be distributed in June. The Funds will distribute capital gains in December only. Dividend distributions, where applicable, will continue to be paid quarterly (fixed income funds) and/or monthly (Ultra Short Government only) while Balanced will be semi-annually in June and December.
*XBRL: The SEC has adopted rules requiring mutual fund companies to provide certain Fund risk and return information in XBRL format. XBRL is short for eXtensible Business Reporting Language, a computer language created to facilitate the electronic communication of financial information. The XBRL file linked below is not the Funds' complete Prospectus. An XBRL viewer is required to view this type of file. Please visit http://xbrl.sec.gov/ for more information.
All investments involve risks, including possible loss of principal. By clicking on a fund name, you will be taken to a more detailed fund information page which includes investment risks.
Investors should consider carefully the investment objectives, risks, and charges and expenses of a fund before investing. This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial advisor. Please read the prospectus carefully before investing.
Investment results reflect applicable fees and expenses and
assume all distributions are reinvested but do not reflect the deduction of
taxes an investor would pay on distributions or share redemptions. Certain
Funds have entered into fee waiver and/or expense reimbursement arrangements
with the Investment Advisor. In these cases, the Advisor has contractually
agreed to waive a portion of the Advisor›s fee and reimburse certain expenses
(excluding taxes, interest, brokerage costs, acquired fund fees and expenses
and extraordinary expenses) to limit the total annual fund operating expenses
of the Class›s average daily net assets through 07/31/2022 (and in the case of
the Weitz Core Plus Income Fund — Institutional Class, through 07/31/2023).
Performance quoted for the Balanced, Partners Value and Value Funds' Institutional Class shares before their inception is derived from the historical performance of the Investor Class shares, which have not been adjusted for the expenses of the Institutional Class shares, had they, returns would have been different.
Performance quoted for the Partners III Opportunity and Short Duration Income Funds' Investor Class shares before their inception is derived from the historical performance of the Institutional Class shares, which have not been adjusted for the expenses of the Investor Class shares, had they, returns would have been different.
Index performance is hypothetical and is shown for illustrative purposes only. You cannot invest directly in an index. Click here to view Index Definitions. For the Value Fund the Since Inception return quoted for the Russell 1000 Value is since 5/31/1986. For the Short Duration Income Fund the Since Inception return quoted for U.S. CPI Plus 1.00% is since 12/31/1988. All other indices quoted are since the Fund's inception date provided.
On 12/29/2006, the Nebraska Tax–Free Income Fund succeeded to substantially all of the assets of Weitz Income Partners Limited Partnership, (the "Partnership"). On 12/31/1993, Partners Value Fund succeeded to substantially all of the assets of Weitz Partners II Limited Partnership (the "Partnership"). On 12/30/2005, Partners III Opportunity Fund succeeded to substantially all of the assets of Weitz Partners III Limited Partnership, (the "Partnership”). The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the Partnerships, and the Partnerships were managed at all times with full investment authority by the Investment Adviser. The performance information includes performance for the Partnerships. The Partnerships were not registered under the Investment Company Act of 1940 and, therefore, were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If the Partnerships had been registered under the 1940 Act, the Partnerships' performance might have been adversely affected.
Effective 12/16/2016, the Ultra Short Government Fund revised its principal investment strategies. Prior to that date, the Fund operated as a "government money market fund" and maintained a stable net asset value of $1.00 per share. Performance prior to 12/16/2016 reflects the Fund's prior principal investment strategies and may not be indicative of future performance results.
Effective 12/16/2016, the Short Duration Income Fund revised its principal investment strategies. Since that time the Fund has generally maintained an average effective duration between one to three and a half years. Prior to that date, the Fund maintained a dollar–weighted average maturity of between two to five years. Performance prior to 12/16/2016 reflects the Fund's prior principal investment strategies and may not be indicative of future performance results.
Effective 03/29/2019, the Hickory Fund invests the majority of its assets in the common stock of medium–sized companies, which the Fund considers to be companies with a market capitalization, at the time of initial purchase, of greater than $1 billion and less than or equal to the market capitalization of the largest company in the Russell Midcap Index. Prior to that date, the Fund invested the majority of its assets in the common stock of smaller– and medium–sized companies, which the Fund considered to be companies with a market capitalization, at the time of initial purchase, of less than $10 billion.
© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk–Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating/40% three–year rating for 60–119 months of total returns, and 50% 10–year rating/30% five–year rating/20% three–year rating for 120 or more months of total returns. While the 10–year overall star rating formula seems to give the most weight to the 10–year period, the most recent three–year period actually has the greatest impact because it is included in all three rating periods.
The Morningstar Rating™ for the Balanced Fund's Institutional Class shares is based on Morningstar's Extended Performance Rating. This means that a fund with a share class that does not have a 1, 3-, 5-, or 10–year performance history may receive a hypothetical Morningstar Rating based on the oldest surviving share class of the fund. First, Morningstar computes the funds' new return stream by appending an adjusted return history of the oldest share class. Next, the Extended Performance Rating is determined by comparing the adjusted–historical returns to the current open–end mutual fund universe to identify placement in the bell curve used to assign the Morningstar Rating. Morningstar Ratings that are based on extended performance returns appear as hollow stars.