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Partners Value Fund (WPVIX)

NAV
$33.66
as of 02/14/2020
1 Day Change
$0.20 /(0.60%)
as of 02/14/2020
YTD Return
4.73%
as of 02/14/2020
Morningstar Rating™
Overall as of 01/31/2020
 
out of 1223 funds
Based on risk-adjusted returns

Fund Facts

  • Ticker
    WPVIX
  • CUSIP
    94904P849
  • Fund
    Inception
    06/01/1983
  • Class
    Inception
    07/31/2014
  • Net
    Assets
    $604 Million
    as of 12/31/2019
  • Dividend
    Frequency
    Semi-annually
  • Morningstar
    Category
    Large Growth
  • Portfolio
    Manager(s)
      Wallace Weitz, CFA
    Bradley Hinton, CFA

Investment Approach

The Partners Value Fund is a multi-cap focused, no-load, concentrated stock fund. The investment objective of the Fund is capital appreciation.

Strategy and Process

High-conviction multi-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 01/31/2020

Cumulative Returns

Average Annual Total Returns

YTD 1 MO 1 YR 3 YR 5 YR10 YR Since Fund
Inception
6/1/1983
Partners Value Fund -0.22% -0.22% 21.39% 8.24% 5.76% 10.70% 11.65%
S&P 500® -0.04% -0.04% 21.68% 14.54% 12.37% 13.97% 11.13%
Russell 3000® -0.11% -0.11% 20.53% 13.82% 11.85% 13.82% 10.89%
Russell 3000® Value -2.37% -2.37% 14.14% 8.24% 8.57% 11.76% 10.95%

Growth of a $10,000 Investment Since Inception
as of 01/31/2020

Summary of Returns

Year Partners Value Fund S&P 500®Relative Results
2020 (01/31/2020) -0.22% -0.04% -0.18%
2019 33.61% 31.49% 2.12%
2018 -11.24% -4.38% -6.86%
2017 11.74% 21.83% -10.09%
2016 6.45% 11.96% -5.51%
2015 -9.07% 1.38% -10.45%
2014 (07/31/2014) 7.97% 4.15% 3.82%
Swipe/scroll vertically for full history

Since Inception Returns

Since Fund Inception (6/1/1983) Partners Value Fund S&P 500®Relative Results
Cumulative Return 5,595.87% 4,702.49% 893.38%
Average Annual Return 11.65% 11.13% 0.52%

Morningstar Ratings™
as of 01/31/2020

Rating / Number of funds in the category

Category 3 YR 5 YR 10 YR Overall Rating
Large Growth  
out of 1223
 
out of 1084
 
out of 814
 
out of 1223
Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 01/31/2020

Ranking / Number of funds in the category / Percentile Ranking

Category 1 YR 3 YR 5 YR 10 YR
Large Growth 861 / 1367
64
1210 / 1223
99
1078 / 1084
100
n/a
Morningstar Rankings are based on total returns.

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

Gross Expense Ratio 1.07%
Net Expense Ratio 0.89%
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 3000 3 Year 5 Year10 Year
R-Squared 87.3 84.986.5
Beta 1.05 0.970.93
Alpha -4.69 -5.14-1.38
Upside Capture Ratio 85.7 74.284.1
Downside Capture Ratio 109.6 103.790.7
Standard Deviation 13.7 12.712.8
Sharpe Ratio 0.60 0.320.80

Source: Factset

Portfolio

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

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

Information Technology 25.0%
Communication Services 25.0%
Financials 17.3%
Consumer Discretionary 12.8%
Materials 9.9%
Industrials 6.0%
Health Care 4.0%

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

Berkshire Hathaway Inc. - Class B 6.3%
Liberty Broadband Corp. - Series A & C 6.1%
Alphabet, Inc. - Class C 4.9%
Liberty SiriusXM Group - Series A & C 4.8%
Laboratory Corp. of America Holdings 3.9%
Colfax Corp. 3.3%
Black Knight, Inc. 3.3%
Redwood Trust, Inc. 3.3%
Visa Inc. - Class A 3.3%
Texas Instruments, Inc. 3.2%
% of Net Assets in Top Holdings 42.4%
View Full Portfolio Holdings as of 12/31/2019

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

> $50 Billion 32.0%
$10 - $50 Billion 40.9%
$2.5 - $10 Billion 23.7%
< $2.5 Billion 3.4%
Weighted Average Market Cap $142.4 Billion

Portfolio Characteristics
as of 12/31/2019

Number of Companies 32
Active Share vs. Russell 3000 91.9%
Annual Turnover*
38%
5-Year Avg. Annual Turnover* 25%

*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 0.9600 0.9600 31.80
06/17/19 06/18/19 n/a n/a 1.2833 1.2833 29.74
12/26/18 12/27/18 n/a n/a 1.6000 1.6000 25.71
06/26/18 06/27/18 n/a n/a 0.7697 0.7697 30.82
12/26/17 12/27/17 n/a n/a 0.7300 0.7300 31.78
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 2.2250 2.2250 27.43
06/25/15 06/26/15 n/a n/a 1.5608 1.5608 32.91
12/26/14 12/29/14 n/a n/a 0.9340 0.9340 34.28

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.

Large Company Risk
Large-capitalization securities tend to have less overall volatility than those issued by smaller capitalization companies, however, large-capitalization securities may underperform securities of smaller capitalization companies during periods when such stocks are in favor.

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.

Small Company Risk
Small-capitalization securities may be more volatile and less liquid due to the companies’ size, limited product lines, markets, financing sources, and management depth. Small-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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