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Weitz's "Winning Formula" in Fixed Income Featured in Barron's

 

 

Weitz's Tom Carney, CFA, and Nolan Anderson sit down with Barron's to break down their approach to bond investing and how their simple, yet powerful, fixed income philosophy has led to strong results for the Weitz Core Plus Income Fund.

The Barron's Fund Profile titled “Meet Omaha's Unsung Fund Managers. Here's Their Winning Formula” provides a glimpse into how Carney and Anderson strive to achieve returns without taking on excessive downside risk. Specifically, the profile highlights how the portfolio managers invest beyond broad indexes and take advantage of the best risk/reward opportunities available at any given time.

   

      
Average Annual Total Returns (%) as of 9.30.2022
YTD 1 YR 3 YR 5 YR Since
Inception*

Core Plus Income Fund - Institutional (WCPBX)

expense ratio: 0.40% (net) | 0.62% (gross)

-11.11 -11.10 -0.07 1.79 2.49
Bloomberg U.S. Aggregate Bond Index -14.61 -14.60 -3.25 -0.27 0.87
Morningstar U.S. Intermediate Core-Plus Bond Category
-14.76
-15.09
-2.87
-0.15
0.96

*07/31/2014

Morningstar Ranking as of 9.30.2022
Category: Intermediate Core-Plus Bond  1 YR 3 YR 5 YR

Percentile Ranking

6 3 3
Ranking/number of funds in category 19 / 610 18 / 568 10 / 508

Morningstar Rankings are based on total returns


   

 

 

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. Please visit weitzinvestments.com for the most recent month-end performance.

Fund expenses for the Core Plus Income Fund Institutional Class, as stated in the most recent Prospectus, are 0.59% (Gross), 0.40% (Net). Investment results reflect applicable fees and expenses and assume all distributions are reinvested but do not reflect the deduction of taxes an investor would pay on distributions or share redemptions. Net and Gross Expense Ratios are as of the Fund's most recent prospectus. Certain Funds have entered into fee waiver and/or expense reimbursement arrangements with the Investment Advisor. In these cases, the Advisor has contractually agreed to waive a portion of the Advisor's fee 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 of the Class's average daily net assets through 07/31/2023.

The gross expense ratio reflects the total annual operating expenses of the fund, before any fee waivers or reimbursements. The net expense ratio reflects the total annual operating expenses of the fund after taking into account any fee waiver and/or expense reimbursement. The net expense ratio represents what investors are ultimately charged to be invested in a mutual fund. Fund Expenses data is as of most recent prospectus dated 07/31/2022.

Index performance is hypothetical and is shown for illustrative purposes only. You cannot invest directly in an index. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Morningstar Intermediate Core-Plus Bond Category portfolios invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index.

All data for the Morningstar Intermediate Core-Plus Bond Category is provided by Morningstar.
Holdings are subject to change and may not be representative of the Fund's current or future investments.

© 2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Morningstar percentile rank is a standardized way of ranking items within a peer group, in this case, funds with the same Morningstar category. The observation with the largest numerical value is ranked one; the observation with the smallest numerical value is ranked 100. The remaining observations are placed equal distance from one another on the rating scale.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar rated the Core Plus Income Fund Institutional Class shares 5, and 5 stars, among 568, and 508 Intermediate Core-Plus Bond funds for the 3- and 5-year periods ended 9/30/2022, respectively.
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