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Multi Cap Equity Fund (WPVLX)

Fund Facts

  • Ticker
    WPVLX
  • CUSIP
    94904P609
  • Fund
    Inception
    06/01/1983
  • Class
    Inception
    06/01/1983
  • Fund
    Assets
    $549 Million
    as of 06/30/2024
  • Dividend
    Frequency
    Annually
  • Portfolio
    Manager(s)
      Wally Weitz, CFA®
    Brad Hinton, CFA®
    Drew Weitz

Investment Approach

The Multi Cap Equity 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.

Returns
as of 08/31/2024

Cumulative Returns

Average Annual Total Returns

YTD 1 MO 1 YR 3 YR 5 YR10 YR20 YR30 YR40 YR Since Fund
Inception
6/1/1983
Multi Cap Equity Fund 14.54% 1.90% 18.15% 2.67% 9.07% 6.26% 6.92% 9.88% 11.06% 11.19%
Russell 3000 Index 18.19% 2.18% 26.14% 7.87% 15.17% 12.35% 10.57% 10.54% 11.50% 11.24%
S&P 500 Index 19.53% 2.43% 27.14% 9.38% 15.91% 12.97% 10.64% 10.66% 11.70% 11.53%

Growth of a $10,000 Investment Since Inception
as of 08/31/2024

Calendar Year Returns
as of 08/31/2024

Year Multi Cap Equity Fund Russell 3000 Index Relative Results
2023 17.80% 25.96% -8.16%
2022 -21.21% -19.21% -2.00%
2021 23.57% 25.66% -2.09%
2020 7.57% 20.89% -13.32%
2019 33.26% 31.02% 2.24%
2018 -11.50% -5.24% -6.26%
2017 11.46% 21.13% -9.67%
2016 6.22% 12.74% -6.52%
2015 -9.25% 0.48% -9.73%
2014 7.91% 12.56% -4.65%
2013 30.87% 33.55% -2.68%
2012 17.92% 16.42% 1.50%
2011 2.19% 1.03% 1.16%
2010 27.49% 16.93% 10.56%
2009 31.30% 28.34% 2.96%
2008 -38.06% -37.31% -0.75%
2007 -8.54% 5.14% -13.68%
2006 22.53% 15.72% 6.81%
2005 -2.42% 6.12% -8.54%
2004 14.99% 11.95% 3.04%
2003 25.38% 31.06% -5.68%
2002 -16.99% -21.54% 4.55%
2001 -0.86% -11.46% 10.60%
2000 21.07% -7.46% 28.53%
1999 22.05% 20.90% 1.15%
1998 29.07% 24.14% 4.93%
1997 40.62% 31.78% 8.84%
1996 19.14% 21.82% -2.68%
1995 38.67% 36.80% 1.87%
1994 -9.03% 0.19% -9.22%
1993 23.00% 10.88% 12.12%
1992 15.10% 9.59% 5.51%
1991 28.10% 33.68% -5.58%
1990 -6.30% -5.11% -1.19%
1989 20.30% 29.31% -9.01%
1988 14.90% 17.83% -2.93%
1987 4.30% 1.92% 2.38%
1986 11.10% 16.72% -5.62%
1985 40.70% 32.15% 8.55%
1984 14.50% 3.39% 11.11%
1983 (06/01/1983) 9.90% 2.10% 7.80%
Swipe/scroll vertically for full history

Since Inception Returns
as of 08/31/2024

Since Fund Inception (6/1/1983) Multi Cap Equity Fund Russell 3000 IndexRelative Results
Cumulative Return 7,844.72% 8,013.98% -169.26%
Average Annual Return 11.19% 11.24% -0.05%

Morningstar Ratings™
as of 8/31/2024

Rating / Number of funds in the category

Category: Large Blend
3 YR 5 YR 10 YR Overall Rating

out of 1292

out of 1185

out of 893

out of 1292
Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 8/31/2024

Ranking / Number of funds in the category / Percentile Ranking

Category: Large Blend
1 YR 3 YR 5 YR 10 YR
1300 / 1409
91
1262 / 1292
97
1158 / 1185
98
883 / 893
100
Morningstar Rankings are based on total returns.

Fees & Expenses
as of most recent prospectus dated 07/31/2024

Gross Expense Ratio 1.07%
Net Expense Ratio 1.07%
Contractual Expiration Date 7/31/2025
Distribution and/or service fee (12b-1) Fees None
Sales Charge None
Redemption Fee None

Volatility Measures
as of 06/30/2024

Versus Russell 3000 Index 1 Year
R-Squared 88.77
Beta 0.94
Alpha -8.48
Upside Capture Ratio 76.11
Downside Capture Ratio 110.92
Standard Deviation 15.26
Sharpe Ratio 0.41

Source: Morningstar Direct

Portfolio

Asset Allocation
% of Net Assets as of 06/30/2024

EQUITY BREAKDOWN
% of Net Assets as of 06/30/2024

Fund Russell 3000 Index
Communication Services 25.0 8.8
Financials 18.7 13.2
Industrials 13.8 9.4
Information Technology 12.9 30.1
Materials 9.1 2.5
Consumer Discretionary 6.9 10.1
Health Care 6.5 11.9
Real Estate 4.0 2.6
Consumer Staples 0.0 5.5
Energy 0.0 3.9
Utilities 0.0 2.2

Top Ten Equity Holdings
% of Net Assets as of 06/30/2024

Alphabet, Inc. 7.9%
Berkshire Hathaway, Inc. 6.7%
Meta Platforms, Inc. 6.4%
HEICO Corp. 5.2%
Visa, Inc. 4.4%
CoStar Group, Inc. 4.0%
Mastercard, Inc. 4.0%
Aon plc 3.6%
CarMax, Inc. 3.5%
Danaher Corp. 3.4%
% of Net Assets in Top Holdings 49.1%
View Full Portfolio Holdings as of 06/30/2024 (PDF)
Download Portfolio Holdings as of 06/30/2024 (CSV)

Capitalization
% of Common Stock as of 06/30/2024

More than $50 Billion 40.7%
$25 - $50 Billion 24.1%
$10 - $25 Billion 20.0%
$2.5 - $10 Billion 11.3%
Less than $2.5 Billion 4.0%
Weighted Average Market Cap $395.9 Billion

Characteristics
as of 06/30/2024

No. of Equity Issuers 29
Active Share (%) vs. Russell 3000 Index 91.9
Annual Turnover (%) 14

Morningstar Stock Stylebox
as of 6/30/2024

Value
Blend
Growth
Large
0
22
19
Medium
11
16
20
Small
3
3
6
 

Weight %

  • 50+
  • 25-49
  • 10-24
  • 0-9
  • 50+
  • 25-49
  • 10-24
  • 0-9

Distributions

RECORD DATE EX DATE PAY DATE Income Capital Gain Short-Term Capital Gain Long-Term Total Distribution Reinvestment NAV
12/12/23 12/13/23 12/14/23 n/a n/a 0.5409 0.5409 29.31
12/13/22 12/14/22 12/15/22 n/a n/a 1.8982 1.8982 26.57
12/14/21 12/15/21 12/16/21 n/a n/a 2.3683 2.3683 34.76
12/15/20 12/16/20 12/16/20 n/a n/a 2.3000 2.3000 30.10
06/16/20 06/17/20 06/17/20 n/a n/a 1.0310 1.0310 27.07
12/16/19 12/17/19 12/17/19 n/a n/a 0.9600 0.9600 31.31
06/17/19 06/18/19 06/18/19 n/a n/a 1.2833 1.2833 29.34
12/26/18 12/27/18 12/27/18 n/a n/a 1.6000 1.6000 25.41
06/26/18 06/27/18 06/27/18 n/a n/a 0.7697 0.7697 30.53
12/26/17 12/27/17 12/27/17 n/a n/a 0.7300 0.7300 31.52
12/27/16 12/28/16 12/28/16 n/a n/a n/a n/a n/a
06/27/17 06/28/16 06/28/16 n/a n/a 1.7051 1.7051 31.08
12/28/15 12/29/15 12/29/15 n/a n/a 2.2250 2.2250 27.34
06/25/15 06/26/15 06/26/15 n/a n/a 1.5608 1.5608 32.85
12/26/14 12/29/14 12/29/14 n/a n/a 0.9340 0.9340 34.25
06/25/14 06/26/14 06/26/14 n/a n/a 0.1672 0.1672 33.58

Literature

Fact Sheet
(06/24)
Commentary
(06/24)
Summary Prospectus
(07/24)
Prospectus
(07/24)
SAI
(07/24)
Annual Report*
(03/24)
Portfolio Holdings
(06/23)
Semi-Annual Report*
(09/23)
Portfolio Holdings
(12/23)

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.  Market risk includes political, regulatory, economic, social and health risks (including the risks presented by the spread of infectious diseases such as the COVID-19 pandemic) which can lead to increased market volatility and negative impacts on local and global financial markets, and the duration and severity of the impact of these risks on markets cannot be reasonably estimated.  

Value Investing Risk
Value investors seek to invest in companies whose stock prices are low in relation to their estimated 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 risk 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 companies tend to have less overall volatility, compared to mid-size and small companies; however, large companies may not be able to attain the high growth rates of successful mid-size or small companies.  In addition, large companies may be less capable of responding to competitive challenges and disruptive changes.

Mid-Size Company Risk
Mid-size companies may be more volatile and less liquid, compared to large companies, due to the mid-size companies› limited product lines, markets, financing sources and management depth.  Also, mid-size companies may be affected to a greater extent by the underperformance of a sector or changing market conditions.

Small Company Risk
Small companies may be more volatile and less liquid, compared to large and mid-size companies, due to the small companies› size, limited product lines, markets, financing sources and management depth.  Also, small companies 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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