FAQs

Investing

: In today’s global marketplace, where many businesses have a worldwide presence, international securities are often viewed as a necessary component to successful diversification. The foreign securities in which we invest are generally well-established, multi-national companies headquartered outside the U.S. While the percentage will vary over time, foreign securities often have a presence in the portfolios. Additionally, many of our portfolio companies have significant business earnings from the international marketplace. You can visit the Funds section to review portfolio holdings.
: By prospectus, our stock funds are allowed considerable investment flexibility, and each fund has slightly different restrictions. The Prospectus and Statement of Additional Information for the funds describe these restrictions in detail.

Put and call options. We are allowed to buy and sell options in all the stock funds. As a practical matter, we have sold (written) puts and/or calls in each of the funds, but we typically do not buy puts and calls. Writing covered options is generally considered more conservative than buying options, but writing is not risk-free.

Futures. We typically do not buy or sell futures, but occasionally we may.

Illiquid securities. SEC rules require that each mutual fund’s portfolio securities be classified according to their “liquidity,” i.e. how quickly the fund believes it can sell the holding without negatively impacting the price. Illiquid securities (the securities most difficult to sell) are not expected to make up more than 15% of any fund’s portfolio. Occasionally, the Weitz Funds may hold a security that is not immediately marketable, or that is restricted from open market trading, and such securities would be classified as illiquid. Securities with lower trading volume may also be classified as illiquid.

Margin borrowing. The Partners III Opportunity Fund is the only fund allowed to borrow to leverage its portfolio.

Selling short. Short selling involves selling borrowed securities with the hope or expectation of replacing them at a lower cost in the future. Short sales may be used in an attempt to lock in the takeover premium in a stock-for-stock merger, or more aggressively to try to profit from an expected decline in the price of a specific security. Although each stock fund is allowed to sell securities short, to date, only Partners III Opportunity Fund used short positions to hedge against specific company, sector or market risks. Opportunistically, this Fund may use shorts “offensively” with the expectation a security will decline in value, or as part of relatively complex investments such as convergence trades or merger arbitrage.
: All our analysts and portfolio managers are sensitive to the impacts that the companies in which we invest have on their employees and the rest of society. Beyond our preference to own and be associated with companies and managements we admire and who make a positive difference in the world, we also believe that companies who treat their employees, their customers and society well often make better investments. Few companies, however, are completely above reproach in all respects. We pay attention to these issues while staying focused on our primary goal of earning good returns for our investors. We do not currently manage a fund that is specifically registered as “socially responsible.”
: Each of our funds has its own primary benchmark. It is important to note, however, that we do not aim to mimic any benchmark in terms of sector, industry or security selection. We build our portfolios one security at a time based on our view of opportunities in the marketplace

Review the Weitz Funds’ performance.

See Index Definitions
: Please see our Proxy Voting page.

Funds

: Each of the funds, except Nebraska Tax-Free Income Fund, is available for sale in all states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands. Nebraska Tax-Free Income Fund is available for sale in Nebraska and other select states/territories.
: The minimum initial investment for Investor Class shares is $2,500 per fund. The minimum initial investment for Institutional Class shares is $1 million per fund (with the exception of the Ultra Short Government Fund which is $25,000). After the minimum initial investment amount has been met, the minimum subsequent investment amount is $25.
: No. There are no current plans to close any of the funds.
: Yes. If you are an institutional investor interested in opening a separate account, please contact us at 800-304-9745 or at institutional@weitzinvestments.com.
: Across all Weitz strategies, we apply a consistent investment philosophy utilizing our core principles: bottom-up focus; fundamental research; high-conviction approach. Our family of funds is designed to offer a range of investment options for investors with different goals and preferences.

You can review our fund line-up in detail here or see the Weitz Funds Prospectus.

Administrative

Can I access my account online?

Yes. You have 24-hour online access to your account where you can:

Execute purchases, redemptions or exchanges of your mutual fund shares
View your account balance and account history
Establish or modify an automatic investment plan
Update your mailing address and/or email address

Set up online access here. Please note, you will need your account number and social security number to establish online access. If you have any questions, please call Client Services at 888-859-0698.

How do I open a regular (non-IRA) account?

Online
You can open a new account online. Visit Open an Account. In order to complete an online purchase, you will need to provide electronic bank transfer instructions and certain identification information. There is a limit of $100,000 per day for online purchase transactions through our website. Certain account types are not available for online account access.

Mail
Complete and sign an Account Application. Enclose a check made payable to Weitz Funds. (We do not accept cash, money orders, post-dated checks, traveler’s checks, third-party checks, credit card convenience checks, instant loan checks, checks drawn on banks outside the U.S. or other checks deemed high-risk checks.)

Mail the application and the check to Weitz Funds.

Please provide other supporting legal documents that may be required in the case of estates, trusts, guardianships, custodianships, partnerships, corporations and certain other accounts.

Do you offer IRAs?

The Weitz Funds are offered by Prospectus only. Please read the prospectus carefully before investing.

Yes. We offer Traditional, SEP and Roth IRAs. IRAs are not permitted in the Nebraska Tax-Free Income Fund. We do not offer Education IRAs. Although we do not administer 401(k) or 403(b) plans, many of the Weitz Funds are available for investment within retirement plans. If you discover that a certain Weitz Fund is not available for investment within your retirement plan, please ask your plan administrator to contact us at 888-859-0698 to discuss adding it to your investment options.

How do I open an IRA?

Certain individuals may be eligible to open a traditional IRA, Roth IRA or SEP IRA. You can request information about establishing an IRA by calling Client Services at 888-859-0698.

Online
Traditional IRA accounts and Roth IRA accounts can be opened online. Visit Open an Account. . You cannot open an IRA online that will be funded by an IRA Rollover, IRA Transfer of Assets or Roth Conversion. Currently, Weitz does not charge an annual maintenance fee on. IRA accounts.

Mail
You can open an IRA account by completing an IRA Application and mailing the document to Weitz Funds.

How do I rollover assets from my former employer's retirement plan [401(k), 403(b), etc.] to Weitz Investments?

Online
Traditional IRA accounts can be opened online. Visit Open an Account. (Currently, IRA accounts are not charged an annual maintenance fee). However, you cannot open an IRA online that will be funded by an IRA Rollover, IRA Transfer of Assets or Roth Conversion. Currently, Weitz does not charge an annual maintenance fee on IRA accounts.

Mail
If you would like to rollover your retirement plan assets to Weitz Investments, you will first need to establish a Traditional IRA account at Weitz. To open an account, please complete our IRA Application, and send the document to Weitz Funds.

Once we receive your completed application, we will open your account and provide you the account number. You can then contact your former employer’s retirement plan administrator to notify them of your intent to rollover the account. They may require that you complete additional forms in order to process the rollover.

How do I transfer my IRA to a Weitz Investments IRA?

To transfer an IRA from another investment firm into your existing Weitz IRA, please complete an IRA Transfer Form. If you do not have an existing IRA account at Weitz, please also complete our IRA Application. With your transfer form, be sure to include a copy of your most recent statement from your current IRA administrator. Send all documents to Weitz Funds.

Please be sure to contact your current IRA Custodian to see if they require additional information, such as a medallion signature guarantee, to process the transfer.

How do I change my IRA beneficiaries?

You may designate beneficiaries when you establish your IRA by completing the Beneficiary Designation Section of the IRA Application. To add, remove or change beneficiaries, you must complete an IRA Designation of Beneficiary Form.

How do I purchase additional shares?

You can purchase fund shares in the following ways:

Online
You can purchase additional fund shares by logging in to your account. There is a limit of $100,000 per day for online purchase transactions through our website. If your order is accepted after the close of regular trading on the NYSE, or on a day the NYSE is not open for regular trading, your purchase price will be the NAV as computed on the next business day. Payment for online share purchases can only be made through your electronic bank transfer instructions. If you have not previously established electronic bank transfer instructions for your account, you can do so once you’ve logged in, or you can contact Client Services at 888-859-0698 to get started.

Phone
If you have an existing account directly with Weitz Funds and you have established electronic bank transfer instructions, you can purchase additional shares by calling 888-859-0698. There is a limit of $100,000 per day for purchase transactions over the telephone. If your order is received after the close of regular trading on the NYSE, or on a day the NYSE is not open for regular trading, your purchase price will be the NAV as computed on the next business day. Payment for telephone share purchases can only be made through your electronic bank transfer instructions or by wire. If you have not previously established banking instructions for your account, you can do so at weitzinvestments.com, or by calling us at 888-859-0698. If an account has multiple owners, we may rely on the instructions of any one account owner.

Mail
Complete the remittance stub at the bottom of your statement (be sure to indicate the appropriate tax year if making an IRA contribution). Send the remittance stub along with a check made payable to Weitz Funds. If a remittance stub is not available, please supply the necessary information (name, address, account number, and amount of investment) on a separate piece of paper attached to your check. (We do not accept cash, money orders, post-dated checks, traveler’s checks, third-party checks, credit card convenience checks, instant loan checks, checks drawn on banks outside the U.S. or other checks deemed high-risk checks). Mail the check and remittance stub to Weitz Funds.

Wire
You can purchase shares with payment by bank wire by calling Client Services at 888-859-0698 and furnishing your account name, address and account number together with the amount being wired and the name of the wiring bank. Additional instructions may be provided to you. If you are purchasing shares by wire for a new account, you must send a completed Account Application to Weitz Funds prior to wiring your payment.

Can I purchase shares with a credit card, cash or money order?

For security reasons, we are unable to accept cash, money orders, post-dated checks, traveler's checks, third-party checks, credit card convenience checks, starter checks, instant loan checks, checks drawn on banks outside the U.S. or other checks deemed to be high risk checks. We can only accept purchases in U.S. dollars drawn on U.S. banks.

How can I establish an automatic investment plan?

An automatic investment plan makes it easy to stay committed to your long-term goals. At any time after you open an account, you can choose to make automatic investments (subject to the required minimum investment) at regular intervals.

Online:
Log in to your account to establish an automatic investment plan.

Mail:
Complete our Automatic Investment Service Form. Return the completed form with a voided check from your bank account (we cannot accept starter checks) to Weitz Funds.

How do I redeem shares?

You can redeem fund shares in the following ways:

Online
You can log in to your account to redeem fund shares, up to $100,000 per day. Redemptions cannot be made via the website from corporate accounts or certain other accounts. If your order is accepted after the close of regular trading on the NYSE, or on a day the NYSE is not open for regular trading, your redemption price will be the NAV as computed on the next business day.

Phone
You can redeem fund shares by phone up to $100,000 per day. Telephone redemptions cannot typically be made from IRA accounts, retirement accounts, corporate accounts or certain other accounts. The ability to redeem shares by telephone is automatically established on any account for which telephone redemptions are available unless the account holder requests otherwise. To redeem by phone, call Client Services at 888-859-0698. If an account has multiple owners, we may rely on the instructions of any one account owner.

Mail
You can request the redemption of shares in writing by mail to Weitz Funds. To be in good order your request should include the following:

your account number and fund name/number;
the amount of the redemption being requested (specified in dollars or shares);
the signature of all account owners exactly as they are registered on the account (for a corporate or trust shareholder, the signature must be of an authorized person with an indication of the capacity in which such person is signing);
a signature guarantee, if required;
and other supporting legal documents that may be required in the case of estates, trusts, guardianships, custodianships, partnerships, corporations and certain other accounts. You can call Client Services at 888-859-0698 for information on which documents may be required.

Redemption payments

Payment for the shares redeemed will be made as soon as possible, but no later than seven days after the date of the receipt of your redemption request. Payment will be made by check or, if you have established electronic bank transfer instructions on your account, you can request to receive your redemption proceeds via electronic bank transfer or by wire to the bank account of record. If you have not previously established electronic bank transfer instructions for your account, please contact Client Services at 888-859-0698 for assistance with making a redemption via wire transfer. Please note, your bank may impose a charge to receive the wire transfer.

To protect you and Weitz Funds, any redemption request received within 15 days of an address change must be accompanied by a signature guarantee.

A redemption of shares is treated as a sale for tax purposes and, for taxable (non-IRA accounts) will generally result in a short-term or long-term capital gain or loss, depending on how long you have owned the shares.

Withdrawing from your Weitz Funds IRA

To withdraw funds from your Weitz Funds IRA, please complete the IRA Withdrawal Statement. The IRA Withdrawal Statement allows you to make one-time withdrawals or to set up a series of systematic withdrawals.

You can redeem shares from your IRA by logging in to your account. You must have established electronic bank transfer instructions on your account in order to receive your redemption proceeds via electronic bank transfer.

Note: You must make a federal income tax withholding election for any withdrawal from an IRA. You may elect to withhold a percentage (not less than 10%) of the amount withdrawn, or you may elect not to withhold. You must specify your withholding election prior to making a redemption. Remember that there are tax consequences, and sometimes penalties, for withdrawing funds from your Traditional or Roth IRA. You should seek competent tax advice any time you take a distribution from your IRA.

How do I exchange shares between the funds?

Exchanges will only be made between accounts with identical registrations. Please remember that exchanges made between the funds may generate a taxable gain or loss. It is always important to seek competent tax advice when making decisions that will impact your tax situation.

Online
You can process an exchange online by logging in to your account. If your order is accepted after the close of regular trading on the NYSE, or on a day the NYSE is not open for regular trading, the price of the redeemed fund and price of the purchased fund will be their respective net asset values as computed on the next business day.

Phone
You can request an exchange over the telephone by calling Client Services at 888-859-0698. The ability to initiate such exchanges by telephone is automatically established on your account unless you request otherwise. If an account has multiple owners, we may rely on the instructions of any one account owner.

Mail
You can request the exchange of shares in writing by mail to Weitz Funds. To do so, please include:

the name of the fund you are exchanging from and the fund you are exchanging to
your account number and fund name/number;
the dollar amount to be exchanged
the signature of all account owners exactly as they are registered on the account (for a corporate or trust shareholder, the signature must be of an authorized person with an indication of the capacity in which such person is signing);
a signature guarantee, if required;
and other supporting legal documents that may be required in the case of estates, trusts, guardianships, custodianships, partnerships, corporations and certain other accounts. You can call us at 888-859-0698 for information on which documents may be required.

How do I change the address of record for my account(s)?

Online
You can change your address of record by logging in to your account.

Mail
Written requests must be signed by all registered owners of the account and should include your account name(s), account number(s) and both the new and old addresses. Requests should be sent to Weitz Funds.

Phone
You can request a change of address over the telephone by calling Client Services at 888-859-0698. If an account has multiple owners, we may rely on the instructions of any one account owner.

To protect you and Weitz Funds, we may require a signature guarantee for any redemption request received within 15 days of an address change.

What tax forms will I receive?

As a shareholder, you may receive one or more of the following tax forms:

Form 1099-DIV
Reports taxable ordinary income, qualified dividends and capital gains distributed to non-retirement accounts. Please note, you will receive a Form 1009-DIV if the distributions from your non-retirement account fund are at least $10.

Form 1099-B
Reports redemptions or exchanges from non-retirement accounts.

Form 1099-R
Reports withdrawals from retirement accounts. This form also reports recharacterizations, rollovers, conversions or excess contribution removals.

Form 5498
Reports contributions made to retirement accounts through the current year’s tax deadline.

Account

: States are looking at inactive mutual fund accounts as possible abandoned property. If you have not initiated contact or had activity in your account for a while, it could be at risk of being forfeited to your state government.

“Escheatment” is the process of a state government claiming that “abandoned property” should belong to the state. Different states have different rules, but a general rule is that if a mutual fund account holder does not contact the mutual fund company within the “dormancy period,” then the mutual fund account is abandoned property that can be escheated to the state. Mutual fund accounts may also be considered abandoned property if the account has uncashed checks or if the US Post Office concludes that mail to the account holder is undeliverable. Please note that these state laws can change with short notice. For more information regarding the abandoned property laws of your State, please review your State Treasurer’s website.

To avoid escheatment, we strongly encourage all Weitz Funds shareholders to contact us at least once each year to review their account information. It’s also important to promptly notify us of any name or address changes. You can contact us by logging into your account and viewing your holdings. We will “capture” this activity as proof that you have initiated contact with us. You can also contact us by calling Client Services at 888-859-0698, Monday through Friday between 8:00 am to 4:30 pm Central time. Please note that under abandoned property laws, “contact” requires more than visiting our public website or establishing a systematic investment or withdrawal plan.
: Weitz Equity Funds (Partners III Opportunity, Partners Value and Value) pay distributions (capital gains) in December. Weitz Balanced, Core Plus Income, Nebraska Tax-Free Income and Short Duration Income Funds pay distributions in June (dividends only) and December (dividends and capital gains). Weitz Ultra Short Government Fund declares dividends daily and pays them monthly (capital gains paid in December only).
: Mutual funds must distribute all their dividends and capital gains each year to satisfy federal tax requirements. All interest and dividends received from the securities in the portfolio, minus expenses, are passed through to shareholders as dividends. Gains realized from selling securities that have been held less than a year are paid out as short-term capital gains. Gains realized from securities held for more than a year are passed through to shareholders as long-term capital gains, which are taxed at a lower rate.
: When a fund's realized gain outweighs losses, they accumulate inside the fund until distribution and contribute to the increase in the fund's share price — also known as the net asset value (NAV). When this gain is paid out in the form of a distribution, the fund's NAV decreases by the same amount of the distribution (ignoring any fluctuation in NAV attributable to market activity).

To explain this further, there are a few key terms to know.

Record date: All shareholders of record at close of business on this day are eligible to receive the distribution.
Ex-dividend date (ex-date): The date on which the per-share amount is deducted from the fund's NAV per share.
Pay date: The date a fund pays the distribution to shareholders. This is also the reinvestment date for shareholders that choose to reinvest their distribution into the fund. The ex-date and the pay-date are both generally the business day after the record date.

For example, assume that today is the record date, and a fund has a NAV of $20. The fund then declares a distribution of $2 per share with an ex-date and pay date of tomorrow. Shareholders who own the fund today will be entitled to receive the distribution, but anyone buying on, or after, the ex-date will not.; Additionally, suppose you held 1,500 shares of the mutual fund on the record date with a market value of $30,000 (1,500 x $20 per share). You would receive $3,000 ($2 per share x 1,500 shares) in distributions on the pay date. Your 1,500 shares would now be worth $27,000 (1,500 x $18 per share). If you reinvested your distribution, your $3,000 would purchase an additional 166.667 ($3,000/$18 per share) shares on the pay date. Your new share balance would be 1,666.667 (1,500 shares + 166.667 shares), still with a market value of $30,000. The shareholder purchasing shares of the fund on the ex-date will buy shares at $18 (again, ignoring fluctuations in NAV due to market activity).; When capital gains or income distributions are reinvested into a mutual fund shareholder's account, the payout increases the cost basis on that account. This is because the distribution is part of the shareholder's tax information for the year it is paid.
: We strive to be fully transparent regarding investment activity and results. In addition to publishing quarterly portfolio holdings and market updates, our investment team also produces quarterly commentary on fund performance, including top contributors and detractors.

The most current quarter and month-end details are available in the Funds section of the site. Additional market and portfolio commentary is available in the Perspectives section.
: Each year in May, Weitz Funds holds an informational meeting for shareholders. The meeting is devoted to a short presentation and answering your questions. You can ask the portfolio managers and investment staff questions during the meeting, or you can call in or email your questions to us in advance.

You should receive a note with your March 31 statement each year reminding you about the meeting. The note will include the meeting specifics, including the date, time and location. If you are not a direct client of Weitz Funds but would like to attend the meeting, please contact Client Services at 888-859-0698 for meeting details.
: Weitz Investment Management is headquartered in Omaha, NE. Nearly all our employees, including all investment team members and client service staff, reside in Omaha.

Ultimus Fund Solutions ("Ultimus"), with offices in Cincinnati, OH and Omaha, NE, is the transfer agent for the funds. Generally, all correspondence, including applications, address change requests, IRA Withdrawal forms, checks* for purchases, etc., should be mailed to Ultimus. Once a piece of mail is received at Ultimus. Ultimus also mails trade confirmations and quarterly statements to all shareholders who invest directly with Weitz Funds.

*Please note that any check for purchase received directly by the funds will be forwarded by overnight mail to Ultimus and will be processed the next business day.
: Shareholders who hold Weitz Funds through a third party, such as a bank or brokerage firm, may not be receiving our shareholder reports. Shareholder reports are always available on weitzinvestments.com. Current reports are posted to the website approximately six weeks after March 31 and September 30.

Dual-Class

A single mutual fund, with one portfolio and one investment advisor, may offer more than one "class" of shares to investors. Each share class represents a pro-rata interest in the mutual fund's portfolio. The principal differences between the classes are the fees and expenses relating to each class of shares.
: Both share classes of the same fund have the same investment strategy, investment process and portfolio holdings. The only differences between the share classes are:

Investors who wish to purchase Institutional Class shares will be subject to a minimum initial investment of $1,000,000. Institutional Class shares will have an expense ratio that is lower than Investor Class shares.
: Yes, if your account balance meets the $1,000,000 minimum requirement for the Institutional Class.
: No, this exchange is not taxable.

Investing

Do the funds invest in foreign stocks?

Do the stock funds invest in options, futures or illiquid securities? What about investing on margin or selling short?

What is Weitz Investments' position on socially responsible investing?

What are the appropriate benchmarks I should use to evaluate the investment results of the Weitz Funds?

What is Weitz Funds' proxy voting policy?

Funds

Are the funds offered for sale in all states?

What is the minimum initial investment?

Are there plans to close any of the funds?

Do you manage separate accounts?

What are the differences among the Weitz Funds?

Administrative

Can I access my account online?

How do I open a regular (non-IRA) account?

Do you offer IRAs?

How do I open an IRA?

How do I rollover assets from my former employer's retirement plan [401(k), 403(b), etc.] to Weitz Investments?

How do I transfer my IRA to a Weitz Investments IRA?

How do I change my IRA beneficiaries?

How do I purchase additional shares?

Can I purchase shares with a credit card, cash or money order?

How can I establish an automatic investment plan?

How do I redeem shares?

How do I exchange shares between the funds?

How do I change the address of record for my account(s)?

What tax forms will I receive?

Account

What are abandoned property/escheatment rules?

When do the funds pay distributions?

Why do the funds pay distributions?

Why do distributions cause fund prices to go down?

How does Weitz Funds keep shareholders informed?

When and where is Weitz Funds' annual shareholder information meeting?

Why does Weitz Funds have two mailing addresses?

I don't hold my funds directly with Weitz. Why don't I receive shareholder reports from Weitz Funds?

Dual-Class

What is a share class?

In what ways are the share classes different?

Can I exchange from Investor Class shares to Institutional Class shares?

Is an exchange from one share class to another share class of the same fund a taxable event?