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%