Fund Performance

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Performance as of August 31, 2018

Fund Name
Annualized
1 Year
Month
Since
Inception(1)
Since
Investment
Style
Inception(1)
(where applicable)
10 Year
5 Year
3 Year
Value Fund - Investor Class (2)
10.26%
8.90%
8.86%
8.33%
7.27%
11.61%
1.38%
Value Fund- Institutional Class (2)
10.29%
8.99%
8.96%
8.52%
7.51%
11.89%
1.39%
Partners Value Fund - Investor Class (4)
11.73%
9.13%
5.97%
5.52%
6.15%
2.06%
Partners Value Fund- Institutional Class (2)(4)
11.76%
9.23%
6.16%
5.76%
6.42%
2.07%
Partners III Opportunity Fund - Investor Class (3)(5)
12.16%
9.97%
4.49%
3.94%
3.00%
2.10%
Partners III Opportunity Fund - Institutional Class (5)
12.24%
10.26%
4.92%
4.45%
3.60%
2.10%
Hickory Fund 
9.53%
8.95%
8.84%
4.69%
5.74%
1.13%
0.73%
Balanced Fund (10)
5.60%
6.88%
5.36%
6.75%
6.06%
0.79%
Core Plus Income Fund - Investor Class (9)
2.76%
n/a
n/a
2.94%
0.01%
0.60%
Core Plus Income Fund- Institutional Class (9)
2.98%
n/a
n/a
3.18%
0.21%
0.70%
Short Duration Income Fund - Investor Class  (3)(8)
5.00%
2.90%
1.42%
1.48%
0.32%
0.33%
Short Duration Income Fund - Institutional Class (3)(8)
5.06%
3.06%
1.64%
1.72%
0.52%
0.41%
Ultra Short Government Fund (7)
2.36%
0.29%
0.40%
0.66%
1.37%
0.18%
Nebraska Tax-Free Income Fund (6)
4.50%
2.06%
1.15%
0.33%
-0.80%
0.00%

Performance data represents past performance, which does not guarantee future results. The investment return and the principal value of an investment in the Funds will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be higher or lower than the performance data quoted. Performance data current to the most recent month end may be obtained at weitzinvestments.com.

Returns assume reinvestment of dividends and redemption at the end of each period, and reflect the deduction of annual operating expenses, which as stated in the most recent Prospectus are: Value-Institutional Class, 1.09% (gross); Value-Investor Class, 1.22%; Partners Value-Institutional Class, 1.07% (gross); Partners Value-Investor Class, 1.25%; Partners III Opportunity-Institutional Class, 1.63%; Partners III Opportunity-Investor Class, 2.14%; Hickory, 1.24%; Balanced, 1.00% (gross); Core Plus Income-Institutional, 1.09% (gross); Core Plus Income-Investor, 1.65% (gross); Short Duration Income Fund-Institutional Class, 0.62% (gross); Short Duration Income Fund-Investor Class, 0.91% (gross); Ultra Short Government Fund-Institutional Class, 0.60% (gross) and Nebraska Tax-Free Income, 0.85%. Returns also include fee waivers and/or expense reimbursements, if any; total returns would have been lower had there been no waivers or reimbursements.

Investors should consider carefully the investment objectives, risks, and charges and expenses of the Funds before investing. The Funds’ Prospectus contains this and other information about the Funds and should be read carefully before investing. The Prospectus is available from Weitz Investment Management, Inc. Weitz Securities, Inc. is the distributor of the Weitz Funds.

(1) The inception dates for the Funds are:  Value Fund, May 9, 1986 (investment style inception June 30, 2008).  Partners Value Fund, June 1, 1983.  Partners III Opportunity Fund, June 1, 1983. Hickory Fund, April 1, 1983 (investment style inception June 30, 2008).  Balanced Fund, October 1, 2003.  Core Plus Income Fund, July 31, 2014.  Short Duration Income Fund, December 23, 1988. Ultra Short Government Fund, August 1,1991. Nebraska Tax-Free Income Fund, October 1, 1985. Effective June 30, 2008, Value Fund adopted its current principal investment strategy of investing the majority of its assets in large-sized companies and Hickory Fund adopted its current principal investment strategy of investing the majority of its assets in smaller-and medium-sized companies.  For each Fund, see also the related footnotes below.

(2) Weitz Investment Management, Inc., the investment adviser, has agreed in writing to limit the total annual operating expenses of the Fund’s Institutional and Investor Class shares (in each case, excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to 0.99% and 1.30%, respectively, of the each Class's average daily net assets through July 31, 2019. Institutional Class shares first became available for sale on July 31, 2014.  For performance prior to that date, the table includes the actual performance of the Fund's Investor Class (and uses the actual expenses of the Fund's Investor Class, for such period of time), without any adjustments. For any such period of time, the performance of the Fund's Institutional Class would have been substantially similar to the performance of the Fund's Investor Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.
  
(3) Investor Class shares first became available for sale on August 1, 2011. For performance prior to that date, this table includes the actual performance of the Fund's Institutional Class (and uses the actual expenses of the Fund's Institutional Class, for such period of time), without any adjustments. For any such period of time, the performance of the Fund's Investor Class would have been substantially similar to, yet lower than, the performance of the Fund's Institutional Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses. Effective December 16, 2016, the Short Duration Income Fund expects to manage its portfolio to have an average effective duration of between one and 3½ years.

(4) The investment adviser, has agreed in writing to limit the total annual operating expenses of the Fund's Institutional and Investor Class shares (in each case, excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to 0.99% and 1.30%, respectively, of the each Class's average daily net assets through July 31, 2019. As of December 31, 1993, the Fund succeeded to substantially all of the assets of Weitz Partners II Limited Partnership (the "Partnership"), which commenced operations on June 1, 1983. The investment objectives, policies, guidelines and restrictions of the Partners Value Fund are materially equivalent to those of Partners II and Partners II was managed at all times with full investment authority by Wallace R. Weitz & Company ("Weitz"). The performance information includes performance for the period before the Fund became an investment company registered with the Securities and Exchange Commission.

(5) As of December 30, 2005, the Fund succeeded to substantially all the assets of Weitz Partners III Limited Partnership (the "Partnership"), which commenced operations on June 1, 1983. The investment objectives, policies and restrictions of the Partners III Opportunity Fund are materially equivalent to those of Partners III and Partners III was managed at all times with full investment authority by Weitz. The performance information includes performance for the period before the Fund became an investment company registered with the Securities and Exchange Commission.   

(6) As of December 29, 2006, the Fund succeeded to substantially all the assets of Weitz Income Partners Limited Partnership (the "Partnership"), which commenced operations on October 1, 1985. The investment objectives, policies, guidelines and restrictions of the Nebraska Tax-Free Income Fund are materially equivalent to those of Income Partners and Income Partners was managed at all times with full investment authority by Weitz. The performance information includes performance for the period before the Fund became an investment company registered with the Securities and Exchange Commission.

(7) The investment advisor has agreed in writing to limit the total annual fund operating expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to 0.20% of the Institutional Class shares’ average daily net assets through July 31, 2019, and voluntarily limited expenses to 0.05% for the year ended March 31, 2016. Voluntary limits may be changed at any time. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.  Prior to December 16, 2016, the Fund operated as a “government money market fund” and maintained a stable net asset value of $1.00 per share.  The Fund’s performance above for the period prior to December 16, 2016 reflects the Fund’s performance as a “government money market fund” and may not be indicative of future performance results.

(8) The investment adviser has agreed in writing to waive its fees and reimburse certain expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to limit the total annual fund operating expenses for Institutional Class shares and Investor Class shares to 0.48% and 0.68%, respectively, of each Class’ average daily net assets through July 31, 2019. 

(9) The investment adviser has agreed in writing to waive its fees and reimburse certain expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to limit the total annual fund operating expenses for Institutional Class shares and Investor Class shares to 0.40% and 0.60%, respectively, of each Class’s average daily net assets through July 31, 2019.

(10) The Investment Adviser has agreed in writing to waive its fees and reimburse certain expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to limit the total annual fund operating expenses to 0.85% of average daily net assets through July 31, 2019.