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Partners Value Fund (WPVLX)

Fund Facts

  • Ticker
    WPVLX
  • CUSIP
    94904P609
  • Fund
    Inception
    06/01/1983
  • Class
    Inception
    06/01/1983
  • Net
    Assets
    $435 Million
    as of 06/30/2020
  • Dividend
    Frequency
    Semi-annually
  • Portfolio
    Manager(s)
      Wallace Weitz, CFA
    Bradley Hinton, CFA
    Andrew Weitz

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 08/31/2020

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 -3.93% 5.32% 4.95% 4.70% 4.90% 9.81% 11.30%
S&P 500® 9.74% 7.19% 21.94% 14.52% 14.46% 15.16% 11.22%
Russell 3000® 9.39% 7.24% 21.44% 13.95% 13.86% 14.94% 10.98%

Growth of a $10,000 Investment Since Inception
as of 08/31/2020

Summary of Returns

Year Partners Value Fund S&P 500®Relative Results
2019 33.26% 31.49% 1.77%
2018 -11.50% -4.38% -7.12%
2017 11.46% 21.83% -10.37%
2016 6.22% 11.96% -5.74%
2015 -9.25% 1.38% -10.63%
2014 7.91% 13.69% -5.78%
2013 30.87% 32.39% -1.52%
2012 17.92% 16.00% 1.92%
2011 2.19% 2.11% 0.08%
2010 27.49% 15.06% 12.43%
2009 31.30% 26.46% 4.84%
2008 -38.06% -37.00% -1.06%
2007 -8.54% 5.49% -14.03%
2006 22.53% 15.79% 6.74%
2005 -2.42% 4.91% -7.33%
2004 14.99% 10.88% 4.11%
2003 25.38% 28.68% -3.30%
2002 -16.99% -22.10% 5.11%
2001 -0.86% -11.89% 11.03%
2000 21.07% -9.10% 30.17%
1999 22.05% 21.04% 1.01%
1998 29.07% 28.58% 0.49%
1997 40.62% 33.36% 7.26%
1996 19.14% 22.96% -3.82%
1995 38.67% 37.58% 1.09%
1994 -9.03% 1.32% -10.35%
1993 23.00% 10.08% 12.92%
1992 15.10% 7.62% 7.48%
1991 28.10% 30.47% -2.37%
1990 -6.30% -3.10% -3.20%
1989 20.30% 31.69% -11.39%
1988 14.90% 16.61% -1.71%
1987 4.30% 5.10% -0.80%
1986 11.10% 18.60% -7.50%
1985 40.70% 31.60% 9.10%
1984 14.50% 6.10% 8.40%
1983 (06/01/1983) 9.90% 4.15% 5.75%
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 5,313.68% 5,172.35% 141.33%
Average Annual Return 11.30% 11.22% 0.08%

Morningstar Ratings™
as of 08/31/2020

Rating / Number of funds in the category

Category 3 YR 5 YR 10 YR Overall Rating
Large Growth  
out of 1228
 
out of 1091
 
out of 810
 
out of 1228
Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 08/31/2020

Ranking / Number of funds in the category / Percentile Ranking

Category 1 YR 3 YR 5 YR 10 YR
Large Growth 1327 / 1335
100
1224 / 1228
100
1090 / 1091
100
809 / 810
100
Morningstar Rankings are based on total returns.

Fees & Expenses
as of most recent prospectus dated 07/31/2020

Gross Expense Ratio 1.13%
Net Expense Ratio 1.09%
Contractual Expiration Date 7/31/2021
Distribution and/or service fee (12b-1) Fees None
Sales Charge None
Redemption Fee None

Volatility Measures
as of 06/30/2020

Versus Russell 3000 3 Year 5 Year10 Year
R-Squared 91.7 87.988.6
Beta 1.10 1.030.99
Alpha -7.77 -7.28-4.38
Upside Capture Ratio 86.4 77.182.9
Downside Capture Ratio 117.9 110.8102.3
Standard Deviation 20.1 16.714.7
Sharpe Ratio 0.04 0.070.54

Source: Morningstar Direct

Portfolio

Asset Allocation
% of Net Assets as of 06/30/2020

Sector Allocation
% of Common Stock as of 06/30/2020

Information Technology 26.6%
Communication Services 26.1%
Financials 18.4%
Materials 10.5%
Industrials 7.5%
Consumer Discretionary 6.3%
Health Care 4.6%

Top 10 Holdings
% of Net Assets as of 06/30/2020

Berkshire Hathaway Inc. - Class B 6.4%
Alphabet, Inc. - Class C 6.0%
Liberty Broadband Corp. - Series A & C 5.8%
Visa Inc. - Class A 4.4%
Liberty SiriusXM Group - Series A & C 4.4%
Laboratory Corp. of America Holdings 4.4%
Mastercard Inc. - Class A 3.7%
CoStar Group, Inc. 3.6%
Liberty Global plc - Class C 3.6%
CarMax, Inc. 3.5%
% of Net Assets in Top Holdings 45.8%
View Full Portfolio Holdings as of 06/30/2020

Capitalization
% of Common Stock as of 06/30/2020

> $50 Billion 30.7%
$25 - $50 Billion 10.4%
$10 - $25 Billion 38.3%
$2.5 - $10 Billion 14.2%
< $2.5 Billion 6.4%
Weighted Average Market Cap $159.0 Billion

Portfolio Characteristics
as of 06/30/2020

Number of Companies 29
Active Share vs. Russell 3000 92.2%
Annual Turnover*
26%
5-Year Avg. Annual Turnover* 25%

*as of most recent Annual Report

Morningstar Stock Stylebox
as of 6/30/2020

Value
Blend
Growth
Large
3
16
22
Medium
8
18
21
Small
4
0
8
 

Weight %

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

Distributions

RECORD DATE EX & PAY DATE Income Capital Gain Short-Term Capital Gain Long-Term Total Distribution Reinvestment NAV
06/16/20 06/17/20 n/a n/a 1.0310 1.0310 27.07
12/16/19 12/17/19 n/a n/a 0.9600 0.9600 31.31
06/17/19 06/18/19 n/a n/a 1.2833 1.2833 29.34
12/26/18 12/27/18 n/a n/a 1.6000 1.6000 25.41
06/26/18 06/27/18 n/a n/a 0.7697 0.7697 30.53
12/26/17 12/27/17 n/a n/a 0.7300 0.7300 31.52
12/27/16 12/28/16 n/a n/a n/a n/a n/a
06/27/17 06/28/16 n/a n/a 1.7051 1.7051 31.08
12/28/15 12/29/15 n/a n/a 2.2250 2.2250 27.34
06/25/15 06/26/15 n/a n/a 1.5608 1.5608 32.85
12/26/14 12/29/14 n/a n/a 0.9340 0.9340 34.25
06/25/14 06/26/14 n/a n/a 0.1672 0.1672 33.58
06/25/09 06/26/09 0.0111 n/a n/a 0.0111 13.64
06/26/08 06/27/08 0.0214 n/a n/a 0.0214 16.26
12/27/07 12/28/07 0.0500 0.1840 1.1788 1.4128 19.90
06/27/07 06/28/07 0.0449 0.0397 1.1022 1.1868 24.54
12/27/06 12/28/06 0.0500 0.0202 2.3000 2.3702 24.52
06/28/06 06/29/06 0.0894 0.1452 0.7218 0.9564 23.13
12/27/05 12/28/05 0.0500 0.1599 0.2368 0.4467 22.77
06/27/05 06/28/05 0.1003 n/a 0.0061 0.1064 23.39
12/29/04 12/30/04 0.0500 0.0302 0.5738 0.6540 23.92
06/28/04 06/29/04 0.0339 n/a 0.0981 0.1320 22.00
06/26/03 06/27/03 0.0197 n/a n/a 0.0197 19.37
12/27/02 12/30/02 0.0443 n/a n/a 0.0443 17.04
06/26/02 06/27/02 0.0057 0.0102 0.1156 0.1315 17.46
12/27/01 12/28/01 0.1345 n/a n/a 0.1345 20.96
06/26/01 06/27/01 0.0752 0.0439 0.2173 0.3364 21.95
12/31/00 12/31/00 0.3021 0.3632 0.7978 1.4631 1.00
12/31/99 12/31/99 0.1995 0.0275 0.7669 0.9939 1.00
12/31/98 12/31/98 0.0492 n/a 1.6745 1.7237 1.00
12/31/97 12/31/97 0.1676 0.2193 1.4673 1.8542 1.00
12/31/96 12/31/96 0.0571 0.1798 0.6131 0.8500 1.00
12/31/95 12/31/95 0.2366 0.1087 0.7371 1.0824 1.00
12/31/94 12/31/94 n/a n/a 0.8181 0.8181 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.  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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