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Video Insights

Quality at a Discount Investing: Six Elements of Quality

 

 

View the full video transcript here.

The Weitz Quality at a Discount investing framework uses six elements as a roadmap for identifying above-average to excellent businesses that can be bought at a discount to estimated intrinsic value. Co-CIO and portfolio manager Brad Hinton, CFA, and director of equity research Barton Hooper, CFA, break down the importance of each quality element and how our research team considers them when evaluating companies.

  

Video Insights / 01.20.2021

2021 Outlook

Weitz equity portfolio managers Wally Weitz, Brad Hinton, and Drew Weitz join Asset TV for a review of last year's challenges, what the new presidential administration could mean for the markets, and thoughts on possible light at the end of the tunnel for the COVID-19 pandemic. 
Market Perspectives / 12.28.2020

Quality at a Discount

Quality at a Discount means finding high-quality businesses that we can buy at a discount to intrinsic value. Read more about how it works and how it informs our investment decisions.

 


 

The opinions expressed are those of Weitz Investment Management and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through the date of publication, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. This commentary is being provided as a general source of information and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy. Investment decisions should always be made based on an investor's specific objectives, financial needs, risk tolerance and time horizon.

Holdings are subject to change and may not be representative of a Fund's current or future investments.

Past performance is not a guarantee of future results.

Consider these risks before investing: All investments involve risks, including possible loss of principal. The Weitz equity funds may invest in undervalued securities, which by definition are out of favor with investors, and there is no way to predict when, if ever, such securities may return to favor. Because the Fund(s) may have a more concentrated portfolio than certain other mutual funds, the performance of each holding in the Fund(s) has a greater impact upon the overall portfolio, which increases risk. See the Fund's prospectus for a further discussion of risks related to the Fund(s).

As of 12/31/2020, the following portfolio company constituted a portion of the net assets of Balanced Fund, Hickory Fund, Partners III Opportunity Fund, Partners Value Fund, and Value Fund as follows:

Alphabet, Inc. — Class C: 2.0%, 0.0%, 5.2%, 5.2%, 6.0%
Amazon.com, Inc. (AMZN): 0.0%, 0.0%, 2.5%, 0.0%, 3.2%
Analog Devices, Inc. (ADI): 1.3%, 0.0%, 0.0%, 0.0%, 4.0%
AutoZone, Inc. (AZO): 1.1%, 0.0%, 0.0%, 0.0%, 0.0%
Berkshire Hathaway Inc. — Class B (BRK.B): 2.1%, 0.0%, 11.6%, 5.0%, 5.3%
Black Knight, Inc. (BKI): 0.0%, 3.0%, 2.5%, 2.9%, 0.0%
CarMax, Inc. (KMX): 0.0%, 4.0%, 2.6%, 3.3%, 3.3%
Carvana Co. (CVNA): 0.0%, 0.0%, 0.0%, 0.0%, 0.0%
Charter Communications, Inc. — Class A (CHTR): 1.7%, 0.0%, 0.0%, 0.0%, 0.0%
CoStar Group, Inc. (CSGP): 0.0%, 3.8%, 2.2%, 4.2%, 3.7%
HEICO Corp. — Class A (HEI.A): 0.0%, 3.1%, 0.0%, 2.9%, 0.0%
IDEX Corp. (IEX): 1.1%, 1.8%, 0.0%, 1.6%, 0.0%
JPMorgan Chase & Co. (JPM): 1.3%, 0.0%, 0.0%, 0.0%, 2.9%
Mastercard Inc. — Class A (MA): 1.7%, 0.0%, 4.9%, 3.7%, 4.1%
Oracle Corp. (ORCL): 1.4%, 0.0%, 0.0%, 2.4%, 3.7%
Texas Instruments, Inc. (TXN): 1.0%, 0.0%, 3.4%, 2.9%, 0.0%
Thermo Fisher Scientific, Inc. (TMO): 2.0%, 0.0%, 0.0%, 0.0%, 3.9%
Visa Inc. — Class A (V): 1.7%, 0.0%, 5.1%, 4.2%, 4.3%
Vroom, Inc. (VRM): 0.0%, 0.0%, 0.0%, 0.0%, 0.0%
Vulcan Materials Co.: 1.7%, 2.2%, 1.2%, 4.0%, 3.9%

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