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Mid-Quarter Fixed Income Q&A

Thomas D. Carney, CFA

Director of Fixed Income Research, Portfolio Manager

Nolan P. Anderson

Portfolio Manager, Research Analyst

Yana Morgan, CFP

Director, Client Portfolio Manager

Join the leaders of our fixed income funds for an update on our current views of the bond market including:

  • Why we believe the recent calm may be akin to the 'eye of a hurricane'
  • Due diligence actions we're currently taking in our fixed income funds
  • How we're balancing offense and defense
  • An update on the metrics of our ABS portfolio
  • What we think may lie ahead from a macro-economic view and why it all matters for fixed income investors.

View the transcript here.

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.

Past performance is not a guarantee of future results. Portfolio composition is subject to change and may not be representative of the Fund's current or future investments.

 The Funds receive credit quality ratings on portfolio securities when available from credit rating agencies. The Funds themselves have not been rated by a credit rating agency. Ratings and portfolio credit quality may change over time. A security is “investment grade” when it has received a credit quality rating of at least BBB. If a security has received different ratings from more than one rating agency, then the highest rating is used. Mortgage related securities issued and guaranteed by government sponsored agencies such as Fannie Mae and Freddie Mac are generally not rated by rating agencies. Securities which are not rated do not necessarily indicate low quality. Fannie Mae's and Freddie Mac's senior long-term debt are currently rating Aaa and AAA by Moody's and Fitch, respectively.

Definitions: Investment Grade Bonds are those securities rated at least BBB- by one or more credit ratings agencies. Non-Investment Grade Bonds are those securities (commonly referred to as “high yield” or “junk” bonds) rated below BBB- by two or more credit ratings agencies. Yield to Worst (YTW) is the lowest potential yield that can be received on a bond portfolio without the issuers actually defaulting. An asset-backed security (ABS) is an investment security—a bond or note—which is collateralized by a pool of assets, such as loans, leases, credit card debt, royalties, or receivables.

Consider these risks before investing: All investments involve risks, including possible loss of principal. Changing interest rates may have sudden and unpredictable effects in the markets and on the Fund's investments. The Fund may purchase lower-rated and unrated fixed-income securities, which involve an increased possibility that the issuers of these may not be able to make payments of interest and principal. See the Weitz Funds› prospectus for a further discussion of risks.

Investors should consider carefully the investment objectives, risks, and charges and expenses of a fund before investing. This and other important information is contained in the prospectus and summary prospectus, which may be obtained at here or from a financial advisor. Please read the prospectus carefully before investing.

Weitz Securities, Inc. is the distributor of the Weitz Funds.

©2020 Weitz Investment Management, Inc. All rights reserved.

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