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Partners Value Fund (WPVLX)

Fund Facts

  • Ticker
    WPVLX
  • CUSIP
    94904P609
  • Fund
    Inception
    06/01/1983
  • Class
    Inception
    06/01/1983
  • Fund
    Assets
    $412 Million
    as of 06/30/2022
  • Dividend
    Frequency
    Annually
  • Portfolio
    Manager(s)
      Wally Weitz, CFA
    Brad Hinton, CFA
    Drew 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 07/31/2022

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 -15.40% 8.95% -12.40% 6.31% 5.85% 8.00% 11.17%
Russell 3000 Index -13.70% 9.38% -7.35% 12.54% 12.17% 13.47% 10.93%
S&P 500 Index -12.58% 9.22% -4.64% 13.35% 12.82% 13.79% 11.20%

Growth of a $10,000 Investment Since Inception
as of 07/31/2022

Summary of Returns

Year Partners Value Fund Russell 3000 IndexRelative Results
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

Since Fund Inception (6/1/1983) Partners Value Fund Russell 3000 IndexRelative Results
Cumulative Return 6,222.31% 5,722.41% 499.90%
Average Annual Return 11.17% 10.93% 0.24%

Morningstar Ratings™
as of 07/31/2022

Rating / Number of funds in the category

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

out of 1232

out of 1110

out of 815

out of 1232
Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 07/31/2022

Ranking / Number of funds in the category / Percentile Ranking

Category: Large Blend
1 YR 3 YR 5 YR 10 YR
1278 / 1357
94
1181 / 1232
96
1075 / 1110
97
802 / 815
99
Morningstar Rankings are based on total returns.

Fees & Expenses
as of most recent prospectus dated 07/31/2021

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

Volatility Measures
as of 06/30/2022

Versus Russell 3000 Index 3 Year
R-Squared 89.96
Beta 1.00
Alpha -5.03
Upside Capture Ratio 88.70
Downside Capture Ratio 107.34
Standard Deviation 21.26
Sharpe Ratio 0.16

Source: Morningstar Direct

Portfolio

Asset Allocation
% of Net Assets as of 06/30/2022

Sector Allocation
% of Common Stock as of 06/30/2022

Communication Services 26.4%
Financials 20.7%
Information Technology 19.6%
Industrials 11.8%
Materials 8.5%
Consumer Discretionary 7.0%
Health Care 6.0%

Top Ten Equity Holdings
% of Net Assets as of 06/30/2022

Alphabet, Inc. 7.3%
Berkshire Hathaway, Inc. 6.6%
CoStar Group, Inc. 4.9%
Liberty Media Corp-Liberty SiriusXM 4.9%
Liberty Broadband Corp. 4.7%
Visa, Inc. 4.4%
Liberty Global PLC 3.9%
Mastercard, Inc. 3.8%
Markel Corp. 3.5%
CarMax, Inc. 3.5%
% of Net Assets in Top Holdings 47.5%
View Full Portfolio Holdings as of 06/30/2022 (PDF)
Download Portfolio Holdings as of 06/30/2022 (CSV)

Capitalization
% of Common Stock as of 06/30/2022

> $50 Billion 37.4%
$25 - $50 Billion 2.3%
$10 - $25 Billion 48.3%
$2.5 - $10 Billion 9.7%
< $2.5 Billion 2.3%
Weighted Average Market Cap $215.6 Billion

Portfolio Characteristics
as of 06/30/2022

Number of Companies 30
Active Share vs. Russell 3000 Index 92.6%
Number of Fixed Income Issuers (Including U.S. Treasury Bills, if applicable) 0
Annual Turnover*
7%
5-Year Avg. Annual Turnover* 19%

Morningstar Stock Stylebox
as of 6/30/2022

Value
Blend
Growth
Large
0
12
25
Medium
15
30
12
Small
0
6
0
 

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
12/14/21 12/15/21 n/a n/a 2.3683 2.3683 34.76
12/15/20 12/16/20 n/a n/a 2.3000 2.3000 30.10
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
12/27/11 12/28/11 n/a n/a n/a 0.000000 0.00
12/28/10 12/29/10 n/a n/a n/a 0.000000 0.00
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
(06/22)
Commentary
(06/22)
Summary Prospectus
(07/22)
Prospectus
(07/22)
SAI
(07/22)
Annual Report*
(03/22)
Portfolio Holdings
(06/22)
Semi-Annual Report*
(09/21)
Portfolio Holdings
(12/21)

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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