August 24, 2022 Drew Weitz and Barton Hooper Appear on The Investor‘s Podcast Network Portfolio manager Drew Weitz and director of equity research Barton Hooper, CFA, recently sat down with the Clay Finck of the Millennial Investing by The Investor's Podcast Network for an in-depth discussion on our Quality at a Discount investing approach and how we put it into action. Drew and Barton dig into the value of quality investing, the factors we use to identify above-average to excellent businesses, and our take on specific businesses that fit into our “QuaD” framework. LISTEN NOW 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 as of 08/18/2022, 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. As of 06/30/2022, 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: Accenture plc: 1.1%, 0.0%, 0.0%, 0.0%, and 2.8%; Alphabet, Inc.: 1.9%, 0.0%, 6.7%, 7.3%, and 7.5%; Amazon.com, Inc.: 0.0%, 0.0%, 4.3%, 0.0%, and 2.7%; Berkshire Hathaway, Inc.: 2.1%, 0.0%, 9.7%, 6.6%, and 4.0%; Danaher Corporation: 2.1%, 0.0%, 2.0%, 2.6%, and 4.7%; Charter Communications, Inc.: 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%; GameStop Corp.: 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%; International Business Machines Corporation: 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%; Invesco QQQ Trust: 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%; Liberty Broadband Corp.: 1.3%, 9.1%, 6.6%, 4.7%, and 4.4%; Liberty Sirius XM Group: 0.0%,5.7%, 5.1%, 4.9%, and 2.9%; LinkedIn Corporation: 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%; Meta Platforms, Inc.: 0.0%, 0.0%, 4.9%, 2.7%, and 4.1%; Microsoft Corporation: 2.3%, 0.0%, 0.0%, 0.0%, and 0.0%; Oracle Corporation: 1.1%, 0.0%, 0.0%, 0.0%, and 2.9%; Salesforce, Inc.: 0.0%, 0.0%, 0.0%, 0.0%, and 2.7%; SAP SE: 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%; SPDR® S&P 500® ETF Trust: 0.0%, 0.0%, -3.1% (short position), 0.0%, and 0.0%; Sirius XM Holdings, Inc.: 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%; Twitter, Inc.: 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%. Included is a reference to the term “margin of safety." This term refers to purchasing securities at a price that is less than our estimate of intrinsic value. A potential “margin of safety” may limit downside risk and optimize the potential for growth. Consider these risks before investing: All investments involve risks, including possible loss of principal. These risks include market risks, such as political, regulatory, economic, social and health risks (including the risks presented by the spread of infectious diseases). In addition, because the Fund may have a more concentrated portfolio than certain other mutual funds, the performance of each holding in the Fund 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.