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Hickory Fund (WEHIX)

NAV
$54.06
as of 01/24/2020
1 Day Change
-$0.50 /(-0.92%)
as of 01/24/2020
YTD Return
0.75%
as of 01/24/2020
Morningstar Rating™
Overall as of 12/31/2019
   
out of 361 funds
Based on risk-adjusted returns

Fund Facts

  • Ticker
    WEHIX
  • CUSIP
    94904P500
  • Fund
    Inception
    04/01/1993
  • Class
    Inception
    04/01/1993
  • Net
    Assets
    $249 Million
    as of 12/31/2019
  • Dividend
    Frequency
    Semi-annually
  • Morningstar
    Category
    Mid-Cap Blend
  • Portfolio
    Manager(s)
      Wallace Weitz, CFA
    Andrew Weitz

Investment Approach

The Hickory Fund is a concentrated stock fund that focuses on mid-cap companies with market capitalization, at the time of initial purchase, greater than $1 billion and less than or equal to the market capitalization of the largest company in the Russell Midcap Index (approx. $49 billion). The investment objective of the Fund is capital appreciation.

Strategy and Process

High-conviction mid-cap portfolio

There are a limited number of great investment ideas.

We take a long-term view and construct a high active share portfolio.

Value driven, private-buyer mindset

The value of a business is a function of the cash flows it will generate over time.

We think about and value a business like a private buyer and look to buy shares at a discount to our calculation of intrinsic value.

Focus on bottom-up, fundamental research

Human behavior and market sentiment are more volatile than the intrinsic value of a business.

We use bottom-up research to build a concentrated portfolio and may invest in companies that many other traditional value investors may not.

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Historical Returns
as of 12/31/2019

Cumulative Returns

Average Annual Total Returns

YTD 1 MO 3 MO 1 YR 3 YR 5 YR10 YR Since Fund
Inception
4/1/1993
Hickory Fund 36.06% 1.61% 6.58% 36.06% 8.30% 5.27% 10.97% 9.60%
Russell Midcap® Index 30.54% 2.29% 7.06% 30.54% 12.06% 9.33% 13.19% 10.92%
Russell 2500 27.77% 2.11% 8.54% 27.77% 10.33% 8.93% 12.58% 10.40%
S&P 500® 31.49% 3.02% 9.07% 31.49% 15.27% 11.70% 13.56% 9.78%

Growth of a $10,000 Investment Since Inception
as of 12/31/2019

Summary of Returns

Year Hickory Fund Russell Midcap® IndexRelative Results
2019 36.06% 30.54% 5.52%
2018 -13.55% -9.06% -4.49%
2017 8.01% 18.52% -10.51%
2016 10.16% 13.80% -3.64%
2015 -7.62% -2.44% -5.18%
2014 2.27% 13.22% -10.95%
2013 27.83% 34.76% -6.93%
2012 18.98% 17.28% 1.70%
2011 1.53% -1.55% 3.08%
2010 38.66% 25.48% 13.18%
2009 36.54% 40.48% -3.94%
2008 (06/30/2008) -28.92% -36.67% 7.75%
Swipe/scroll vertically for full history

Since Inception Returns

Since Fund Inception (4/1/1993) Hickory Fund Russell Midcap® IndexRelative Results
Cumulative Return 1,063.65% 1,501.01% -437.36%
Average Annual Return 9.60% 10.24% -0.64%

Morningstar Ratings™
as of 12/31/2019

Rating / Number of funds in the category

Category 3 YR 5 YR 10 YR Overall Rating
Mid-Cap Blend    
out of 361
  
out of 292
   
out of 220
   
out of 361

Morningstar Rankings™
as of 12/31/2019

Ranking / Number of funds in the category / Percentile Ranking

Category 1 YR 3 YR 5 YR 10 YR
Mid-Cap Blend 16 / 404
3
238 / 361
70
232 / 292
80
115 / 220
62

Fees & Expenses
as of most recent prospectus dated 07/31/2019

Gross Expense Ratio 1.27%
Net Expense Ratio 1.09%
Contractual Expiration Date 7/31/2020
Distribution and/or service fee (12b-1) Fees None
Sales Charge None
Redemption Fee None

Volatility Measures
as of 12/31/2019

Versus Russell Midcap® Index 3 Year 5 Year
R-Squared 79.8 82.1
Beta 0.91 0.92
Alpha -2.32 -2.95
Upside Capture Ratio 81.0 80.5
Downside Capture Ratio 95.5 100.1
Standard Deviation 13.2 12.8
Sharpe Ratio 0.50 0.33

Source: Factset

Portfolio

Asset Allocation
% of Net Assets as of 12/31/2019

Sector Allocation
% of Common Stock as of 12/31/2019

Communication Services 31.4%
Information Technology 17.2%
Consumer Discretionary 13.1%
Industrials 9.9%
Materials 9.2%
Financials 8.5%
Health Care 4.5%
Real Estate 3.4%
Other 2.8%

Top 10 Holdings
% of Net Assets as of 12/31/2019

Liberty Broadband Corp. - Series A & C 8.7%
LICT Corp. 5.5%
Liberty SiriusXM Group - Series A & C 4.5%
Laboratory Corp. of America Holdings 4.3%
Colfax Corp. 4.1%
Redwood Trust, Inc. 3.9%
ACI Worldwide, Inc. 3.8%
Expedia Group, Inc. 3.7%
Axalta Coating Systems Ltd. 3.7%
Black Knight, Inc. 3.6%
% of Net Assets in Top Holdings 45.8%
View Full Portfolio Holdings as of 12/31/2019

Capitalization
% of Common Stock as of 12/31/2019

> $50 Billion 0.0%
$10 - $50 Billion 39.6%
$2.5 - $10 Billion 46.4%
< $2.5 Billion 14.0%
Weighted Average Market Cap $9.4 Billion

Portfolio Characteristics
as of 12/31/2019

Number of Companies 30
Active Share vs. Russell Midcap® Index 97.4%
Annual Turnover*
28%
5-Year Avg. Annual Turnover* 22%

*as of most recent Annual Report

Distributions

RECORD DATE EX & PAY DATE Income Capital Gain Short-Term Capital Gain Long-Term Total Distribution Reinvestment NAV
12/16/19 12/17/19 n/a n/a 0.8100 0.8100 52.64
06/17/19 06/18/19 n/a n/a 0.1525 0.1525 49.17
12/26/18 12/27/18 n/a 0.1345 2.6831 2.8176 39.79
06/26/18 06/27/18 n/a n/a 2.5581 2.5581 49.64
12/26/17 12/27/17 n/a n/a 2.5700 2.5700 52.34
06/27/17 06/28/17 n/a 0.0308 0.1073 0.1381 54.31
12/27/16 12/28/16 n/a n/a n/a n/a n/a
06/27/16 06/28/16 n/a n/a n/a n/a n/a
12/28/15 12/29/15 n/a n/a 2.1548 2.1548 46.49
06/25/15 06/26/15 n/a n/a 4.6718 4.6718 53.64
12/26/14 12/29/14 n/a n/a 1.5630 1.5630 57.40
06/25/14 06/26/14 n/a n/a 1.4479 1.4479 57.24
06/26/08 06/27/08 0.0295 n/a n/a 0.0295 28.70
12/27/07 12/28/07 0.2700 n/a n/a 0.2700 34.39
06/27/07 06/28/07 0.0817 n/a n/a 0.0817 41.58
12/27/06 12/28/06 0.1900 n/a n/a 0.1900 40.12
06/28/06 06/29/06 0.0171 n/a n/a 0.0171 34.38
12/27/05 12/28/05 0.0770 n/a n/a 0.0770 32.77
12/29/04 12/30/04 0.2050 n/a n/a 0.2050 32.87
06/28/04 06/29/04 0.0230 n/a n/a 0.0230 28.95
12/29/03 12/30/03 0.2227 n/a n/a 0.2227 26.97
06/26/03 06/27/03 0.0322 n/a n/a 0.0322 22.52
12/27/02 12/30/02 0.1415 n/a n/a 0.1415 18.35
12/27/01 12/28/01 n/a n/a 0.0103 0.0103 26.53
12/31/00 12/31/00 n/a n/a 5.2920 5.2920 1.00
12/31/99 12/31/99 0.0110 0.2576 2.2986 2.5672 1.00
12/31/98 12/31/98 0.0966 0.0704 0.3746 0.5416 1.00
12/31/97 12/31/97 0.0725 0.3787 1.5290 1.9802 1.00
12/31/96 12/31/96 n/a 0.0660 0.9732 1.0392 1.00
12/31/95 12/31/95 0.1357 n/a 0.0652 0.2009 1.00
12/31/94 12/31/94 n/a 0.2807 0.1733 0.4540 1.00
12/31/93 12/31/93 n/a 0.0504 n/a 0.0504 1.00

Literature

Fact Sheet Commentary Summary Prospectus
Annual Report Semi-Annual Report Prospectus SAI XBRL*

Risks

An investment in the Fund involves certain risks, including, among others, the following:

Market Risk
As with any mutual fund, investment return and principal value will fluctuate, depending on general market conditions and other factors, and it is possible to lose money by investing.

Value Investing Risk
Value investors seek to invest in companies whose stock prices are low in relation to their real worth or future prospects. Undervalued securities are, by definition, out of favor with investors, and there is no way to predict when, if ever, the securities may return to favor.

Concentration Risk
The chance that the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks. The Fund tends to invest a high percentage of assets in its largest holdings.

Mid-Size Company Risk
Mid-capitalization securities may be more vulnerable to adverse developments than those of larger companies due to such companies’ limited product lines, markets, financing sources, and management depth. Mid-capitalization securities may be affected to a greater extent by the underperformance of a sector or changing market conditions.

Non-U.S. Securities Risk
The Fund may invest in securities issued by non-U.S. issuers, which securities may be denominated in U.S. dollars or foreign currencies. Investments in non-U.S. securities may involve additional risks including exchange rate fluctuation, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets.

Failure to Meet Investment Objective
There can be no assurance that the Fund will meet its investment objective.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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