| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.77% | -12.08% | -12.08% |
The Weitz Large Cap Equity Fund returned -12.04% in Q1 2026, underperforming the Bloomberg U.S. 1000 Index's -4.22% return. Despite continued performance challenges, managers Brad Hinton and Nathan Ritz maintain conviction that their companies are performing well fundamentally, with stock prices not reflecting business progress. The portfolio's price-to-value ratio has compressed to the mid-70s, potentially creating a coiled spring for future returns. The fund made significant portfolio changes during the quarter, adding five new positions including a basket approach to semiconductors with ASML, Taiwan Semiconductor, and NVIDIA, capitalizing on the AI data center infrastructure theme. Industrial names like Ingersoll Rand and HEICO were also added. Notable detractors included Microsoft and Salesforce as investors questioned software durability amid AI advancement. The managers plan more frequent portfolio reshaping and expect cash levels to fluctuate more as they adapt to increasingly thematic and volatile markets while maintaining their long-term investment approach.
Despite recent underperformance, the fund maintains strong conviction in a concentrated portfolio of quality companies that are growing their business values at acceptable rates, with stock prices not reflecting underlying business progress and current valuations offering attractive multi-year return potential.
The managers estimate the portfolio's price-to-value is back down into the mid-70s, which they believe offers adequate return potential over a multi-year horizon. They note that most companies are growing profitably with decent operating momentum, and improving stories often attract new fans which can provide extra fuel for outsized returns.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 29 2026 | 2026 Q1 | ADI, ASML, CRM, CSGP, DHR, HEI, IEX, IR, MSFT, NVDA, ODFL, TMO, TSM | AI, Concentration, Industrial, large cap, Life Sciences, semiconductors, technology, value | - | Weitz Large Cap Fund underperformed significantly in Q1 2026 but managers maintain conviction in concentrated portfolio now trading at attractive valuations. Added semiconductor basket including ASML, Taiwan Semi, and NVIDIA to capitalize on AI infrastructure theme. Software names like Microsoft and Salesforce detracted on AI disruption concerns. Portfolio reshaping accelerated to adapt to volatile, thematic markets. |
| Jan 29 2026 | 2025 Q4 | ADI, CHTR, CSGP, DHR, EFX, GOOGL, IDXX, IEX, IT, KMX, META, ORCL, TMO | AI, Biotechnology, Concentration, healthcare, large cap, Process Enhancement, stock selection, value | - | Weitz Large Cap significantly underperformed in 2025 with -0.23% returns versus 17.51% for the index due to poor stock selection. Healthcare strength helped Q4 performance while AI infrastructure cooled. Management implemented process improvements and increased concentration to 24 holdings. Portfolio now positioned in improving businesses at attractive relative valuations with building confidence for 2026. |
| Oct 28 2025 | 2025 Q3 | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value |
MELI MELI |
Fund underperformed in Q3 as AI-driven stock sorting created volatility. Managers increased Microsoft exposure, added Mercado Libre for Latin American diversification, and trimmed Oracle after strong gains. AI infrastructure names contributed while software companies faced disruption fears. Portfolio trades at attractive mid-80s price-to-value with concentrated exposure to quality businesses positioned for multi-year returns. |
| Jul 27 2025 | 2025 Q2 | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value | MELI | Weitz Large Cap Fund underperformed in Q3 as AI infrastructure spending created dramatic winner-loser sorting. Managers increased Microsoft, added Mercado Libre, trimmed Oracle after strong run. AI beneficiaries led gains while software companies faced disruption fears. Team challenging assumptions and raising portfolio standards. Portfolio trades at mid-80s price-to-value with adequate multi-year return potential. |
| Mar 31 2025 | 2025 Q1 | AON, BRK-A, CHTR, CRM, CSGP, DHR, FIS, GOOGL, GPN, IDXX, IEX, IT, LH, META, MSFT, ORCL, SPGI, TECH, V, VEEV | AI, financials, large cap, Life Sciences, technology, value |
MSFT IDXX TECH |
Weitz Large Cap outperformed in volatile Q1 by actively reshaping portfolio concentration. Managers trimmed expensive mega-cap tech while adding quality life sciences names at discounts. The 27-position portfolio trades at low-80s price-to-value ratio, positioning for multi-year returns despite near-term turbulence expectations. |
| Jan 29 2025 | 2024 Q4 | ADBE, AMZN, CHTR, CRM, CSGP, DHR, EFX, GOOGL, GPN, IEX, MA, MCHP, META, ODFL, ORCL, ROP, SPGI, TMO, V | Concentration, large cap, Quality, technology, value | - | Weitz Large Cap Equity Fund's concentrated Quality-at-a-Discount approach underperformed in 2024 due to Magnificent Seven dominance and early rotation into quality companies facing headwinds. The 28-position portfolio trades at attractive valuations in the high 80s price-to-value, positioning for differentiated returns as their patient capital approach becomes increasingly valuable in today's instant-gratification market environment. |
| Sep 30 2024 | 2024 Q3 | ADBE, AMZN, AON, BRK-B, CHTR, CSU.TO, EFX, GOOGL, GPN, IEX, MCHP, META, ODFL, ORCL, ROP, SPGI, VEEV | concentrated, large cap, Quality, technology, value | - | Weitz Large Cap Equity Fund outperformed with a 7.84% Q3 return through concentrated Quality-at-a-Discount investing. The 30-stock portfolio delivered broad-based gains led by newer holdings while technology stocks weakened. The manager added to undervalued positions in Global Payments and Idex Corp while trimming winners like Meta and S&P Global after strong runs. |
| Jul 28 2024 | 2024 Q2 | ADBE, ADI, AMZN, AON, CHTR, CRM, CSGP, CSU.TO, EFX, GOOG, GPN, IEX, KMX, LBRDK, LSXMK, MA, META, ODFL, ORCL, VMC | AI, Capital Allocation, large cap, Quality, technology, value |
IEX CSU.TO ODFL |
Weitz Large Cap underperformed in Q2 as AI momentum dominated markets, but the manager maintains conviction in their value-oriented approach. They trimmed expensive tech winners while adding quality businesses like IDEX, Constellation Software, and Old Dominion with superior capital allocation. The concentrated portfolio trades at attractive valuations with multi-year return potential. |
| Apr 15 2024 | 2024 Q1 | ADBE, ADI, AMZN, AON, BRK-B, CHTR, CRM, CSGP, FIS, GOOGL, GPN, IT, LBRDK, LH, LIN, LLYVK, MA, META, SPGI, TMO, VMC | Broadband, large cap, Rotation, technology, valuation, value | - | Weitz Large Cap underperformed in Q1 as the rally continued, but the fund maintains disciplined value approach by rotating from fully priced tech winners to discounted opportunities. Despite Charter's broadband challenges creating near-term headwinds, the concentrated 29-stock portfolio trading at mid-90s price-to-value offers solid multi-year return potential through valuation discipline. |
| Jan 27 2024 | 2023 Q4 | ADBE, AMZN, AON, CHTR, CRM, DHR, EFX, FIS, GOOG, GPN, IT, LBRDK, LLYVK, META, ORCL, ROP, SCHW, TMO, VLTO | Concentration, growth, large cap, Rotation, technology, value |
VLTO CGPN.L |
Weitz Large Cap delivered strong 2023 performance by owning previously fallen growth stocks that recovered dramatically. The manager is now taking disciplined profits from tech winners and rotating into undervalued medium-sized companies. The concentrated 30-stock portfolio trades at attractive valuations despite potential market headwinds from policy changes and geopolitical risks. |
| Aug 11 2023 | 2023 Q3 | ADBE, ADI, CHTR, CRM, CSGP, DHR, EFX, FIS, GOOG, KMX, LBRDK, LH, LSXMK, MCHP, META, ORCL, SCHW, SIRI, TMO, VMC | Concentration, large cap, Quality, Resilience, technology, value |
MCHP EFX |
Weitz Large Cap outperformed in Q3's market decline through concentrated ownership of resilient businesses like Charter, Alphabet, and Meta. New positions in Microchip and Equifax offer compelling value despite near-term headwinds. The 29-stock portfolio trades at low-80s price-to-value, emphasizing durable companies that can navigate Fed policy uncertainty and economic volatility. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
SemiconductorsThe fund made three new semiconductor investments during the quarter, taking a basket approach with ASML, Taiwan Semiconductor, and NVIDIA. The managers view these as among the best companies globally, benefiting from AI data center infrastructure buildout. They acknowledge the cyclical nature but believe the duration and magnitude of the up cycle may continue to surprise investors. |
AI Data Centers Foundries Semi Equipment Chip Designers |
AIAI data center infrastructure buildout has been the dominant theme of recent years. The fund added positions in ASML, Taiwan Semi, and NVIDIA as key beneficiaries. However, they also noted that Microsoft and Salesforce were detractors as investors questioned software companies' cash flow durability in the face of rapidly improving AI model capabilities. |
Data Centers Cloud Enterprise Software Semiconductors Infrastructure | |
IndustrialIndustrial companies showed improved trends during the quarter, with Old Dominion Freight Line and IDEX contributing positively. The fund added Ingersoll Rand, a multi-industrial company with diversified exposure to attractive end markets, citing improving short cycle segments and resilient longer cycle backlog. |
Logistics Industrial Machinery Trucking Automation Construction Equipment | |
Life Science ToolsDanaher and Thermo Fisher Scientific gave back fourth quarter gains despite healthy business trends. While the managers expected these stocks to be more defensive in choppy markets, their core life science and bioprocessing thesis remained intact. |
Biotechnology Medical Devices Diagnostics CRO & CDMO Healthcare | |
| 2025 Q4 |
AfricaFund delivered exceptional performance with 67.21% returns in 2025, significantly outperforming the 44.7% benchmark. Portfolio companies show strong fundamentals with forward PE of 6.1x, dividend yield of 8.0%, and expected EPS growth of 19.2%. Manager emphasizes this is still early in the opportunity cycle despite strong recent performance. |
Frontier Markets Emerging Markets Equities Value Growth |
LiquidityManager provides detailed analysis of liquidity challenges in African frontier markets, noting structural factors like tight ownership by corporates and local institutions. Acknowledges quarterly redemption limitations but expects liquidity to improve in current bull market environment with increased foreign and retail participation. |
Market Structure Trading Redemptions Institutional | |
CurrencyComprehensive review of currency performance across African markets shows mixed results, with West African Franc gaining 0.6% while Ghanaian Cedi and Nigerian Naira declined significantly. Manager actively times investments to buy when currencies are weak, citing Kenya as successful example and Nigeria as potential opportunity. |
Foreign Exchange Hedging Timing Volatility | |
| 2025 Q3 |
AICapital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. |
Infrastructure Winners Losers Revolution Disruption |
E-commerceInitiated position in Mercado Libre, a powerhouse Latin American ecommerce retailer and financial services provider with deep competitive moats built over 25 years. The company provides differentiated portfolio exposure with exceptional 5-7 year upside potential. |
Latin America Financial Services Competitive Moats Upside | |
| 2025 Q2 |
AICapital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. |
Infrastructure Winners Losers Revolution Disruption |
E-commerceInitiated position in Mercado Libre, a powerhouse Latin American ecommerce retailer and financial services provider with deep competitive moats built over 25 years. The company provides differentiated portfolio exposure with exceptional 5-to-7-year upside potential. |
Latin America Financial Services Competitive Moats Upside | |
| 2025 Q1 |
AIInvestors questioned returns on gargantuan capital spending needed to drive the AI revolution after early enthusiasm. Microsoft is well positioned as an AI infrastructure player with attractive long-term upside potential. |
Artificial Intelligence Infrastructure Capital Spending Technology Microsoft |
ValueFund recycled capital from more expensive stocks to cheaper ones as part of disciplined, valuation-sensitive approach. Portfolio trades at price-to-value in very low 80s offering adequate return potential over multi-year period. |
Valuation Price-to-Value Discount Expensive Cheap | |
| 2024 Q4 |
ValueThe fund employs a Quality-at-a-Discount approach to investing, emphasizing concentrated, valuation-sensitive investing. The portfolio trades at a price-to-value in the high 80s, which they believe offers adequate return potential over a multi-year period. |
Value Quality Discount Valuation Price-to-value |
AIWhile the fund avoided chasing AI trends, many of their portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth. The managers acknowledge AI drove outsized returns on megacap tech stocks during 2024. |
AI Technology Applications Operations Growth | |
| 2024 Q3 |
ValueThe fund employs a Quality-at-a-Discount approach, seeking concentrated positions in undervalued companies. The portfolio trades at a price-to-value in the very low 90s, offering adequate return potential over a multi-year period. The manager emphasizes valuation-sensitive investing with discipline. |
Quality Discount Valuation Concentrated Price-to-value |
QualityThe fund focuses on high-quality businesses with strong fundamentals. The manager feels quite good about the Fund's collection of businesses despite stocks not being cheap. Quality companies are expected to deliver superior long-term performance through various market cycles. |
Business quality Fundamentals Collection Superior Long-term | |
| 2024 Q2 |
AIAI fever continued to grip the equity market and dominate the narrative, driving small pockets of tech-related stocks to gains. The AI-driven feeding frenzy of tech stocks has created momentum that has swamped all other factors in the market. |
Technology Momentum Growth Semiconductors |
ValueThe fund maintains a valuation-sensitive investing approach that does not ride momentum waves. They focus on discounted stocks with reasonable paths to double-digit annualized returns over five-plus years with low probability of losing money. |
Valuation Contrarian Long-term Quality | |
QualityThe fund emphasizes high-quality businesses with top-tier capital allocation. They seek durable, competitively advantaged businesses that can navigate cyclical downturns and deploy capital productively over long periods. |
Capital allocation Competitive advantage Durability Management | |
| 2024 Q1 |
ValueThe fund follows valuation discipline, methodically rotating from more fully priced stocks to those trading at healthier discounts to value estimates. The portfolio trades at a price-to-value in the mid 90s, offering adequate return potential over a multi-year period. Stock prices have generally risen faster than value estimates, leading to less valuation cushion at the portfolio level. |
Valuation Discount Intrinsic Value Price-to-Value Discipline |
BroadbandCharter Communications faced significant challenges with worse-than-expected broadband subscriber losses, higher capital spending plans, and five million customers participating in a federal subsidy program ending in April. Despite these near-term headwinds, the manager believes these issues push out rather than derail the investment thesis and added more Charter shares during the quarter. |
Subscriber Losses Capital Spending Federal Subsidy Infrastructure Telecommunications | |
| 2023 Q4 |
ValueThe letter emphasizes value investing principles, citing Benjamin Graham and David Dodd's Security Analysis and Horace's quote about fallen stocks being restored. The manager discusses how previously fallen growth companies became top performers in 2023, demonstrating the value investing principle that controversy often leads to outsized returns. |
Value Contrarian Fallen Angels Controversy Restoration |
TechnologyLarge tech-adjacent growth companies fueled 2023 equity returns, with Meta, Alphabet, Salesforce, Amazon, and Adobe being top contributors. The manager has been taking gains in these winners following discipline, rotating towards more prosaic businesses trading at discounts to business value estimates. |
Technology Growth Mega Cap Profit Taking Rotation | |
| 2023 Q3 |
ResilienceThe manager emphasizes owning durable, resilient, adaptable businesses that can make their own breaks and don't depend on smooth sailing. This focus on resilience is central to their investment philosophy given the uncertain economic environment and Fed policy impacts. |
Durable Adaptable Quality Defensive |
BroadbandCharter Communications and Liberty Broadband were notable quarterly contributors as investor sentiment around broadband's competitive position became less negative. The stocks rebounded from oversold levels, suggesting the manager sees value in the broadband infrastructure space. |
Cable Infrastructure Telecom Communications | |
SemiconductorsThe fund added Microchip Technology, a leading provider of mixed signal microcontrollers and analog semiconductors. Despite semiconductor cycles, the company has durable cash flows and benefits from long-wave demand tailwinds like electronification and automation. |
Analog Microcontrollers Cyclical Industrial |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 28, 2025 | Fund Letters | Brad Hinton | MELI | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | Fintech, Free Cash Flow, Key: e-commerce, Logistics, market share, Take rate, Tpv growth | Login |
| Oct 28, 2025 | Fund Letters | Brad Hinton | MELI | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | Fintech, Free Cash Flow, Key: e-commerce, Logistics, market share, Take rate, Tpv growth | Login |
| Oct 9, 2025 | Fund Letters | Weitz Large Cap Equity Fund | MELI | Mercado Libre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Competitive Moats, digital payments, e-commerce, Emerging markets, Fintech, growth, Latin America | Login |
| Apr 14, 2025 | Fund Letters | Weitz Large Cap Equity Fund | IDXX | IDEXX Laboratories | Health Care | Health Care Equipment | Bull | NASDAQ | Defensive growth, healthcare, laboratory services, life sciences, Pet Care, Point-of-Care Testing, Software, Veterinary diagnostics | Login |
| Apr 14, 2025 | Fund Letters | Weitz Large Cap Equity Fund | TECH | Bio-Techne Corporation | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Antibodies, biotechnology, Consumables, healthcare, Laboratory Supplies, Life Sciences Tools, Proteins, Research Equipment | Login |
| Apr 14, 2025 | Fund Letters | Weitz Large Cap Equity Fund | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, cash generation, Cloud computing, Defensive growth, large-cap, Software, technology | Login |
| Jul 20, 2024 | Fund Letters | Weitz Large Cap Equity Fund | ODFL | Old Dominion Freight Line, Inc. | Industrials | Trucking | Bull | NASDAQ | Cyclical Recovery, Freight Network, Less-than-truckload, Logistics, Ltl, market share gains, Network Density, Transportation | Login |
| Jul 20, 2024 | Fund Letters | Weitz Large Cap Equity Fund | IEX | IDEX Corp. | Industrials | Industrial Machinery | Bull | NYSE | Acquisitions, Analytical instruments, capital allocation, Cyclical Recovery, Fire Safety, life sciences, Multi-industrial, semiconductors, water treatment | Login |
| Jul 20, 2024 | Fund Letters | Weitz Large Cap Equity Fund | CSU.TO | Constellation Software, Inc. | Information Technology | Systems Software | Bull | TSX | Acquisitions, Canadian, capital deployment, Decentralized operations, Mission-Critical Software, Niche markets, SaaS, vertical market software | Login |
| Jan 20, 2024 | Fund Letters | Weitz Large Cap Equity Fund | VLTO | Veralto Corp. | Health Care Equipment & Services | Life Sciences Tools & Services | Bull | NYSE | capital deployment, Danaher, Industrial technology, margin expansion, Product Identification, spin-off, Water Quality | Login |
| Jan 20, 2024 | Fund Letters | Weitz Large Cap Equity Fund | CGPN.L | Global Payments, Inc. | Software & Services | Data Processing & Outsourced Services | Bull | NYSE | cash flow, Competitive Moats, financial technology, Issuer Processing, low valuation, Merchant Acquiring, Payments | Login |
| Oct 20, 2023 | Fund Letters | Weitz Large Cap Equity Fund | MCHP | Microchip Technology, Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Analog, Automation, automotive, Cyclical, data center, Electronification, Industrial, Microcontrollers, semiconductors, share repurchases, Value | Login |
| Oct 20, 2023 | Fund Letters | Weitz Large Cap Equity Fund | EFX | Equifax, Inc. | Industrials | Research & Consulting Services | Bull | NYSE | Background Screening, Credit Bureau, Cyclical Recovery, Database, Employment Data, high margins, Mortgage, Pricing power, Verification Services, Workforce Solutions | Login |
| TICKER | COMMENTARY |
|---|---|
| ADI | Analog Devices was the Fund's top contributor in the quarter as the company delivered strong results and optimistic commentary about future growth across its business lines. |
| ODFL | Old Dominion Freight Line contributed to Fund returns for the quarter as the industrial economy showed improved trends. |
| IEX | IDEX Corp. also contributed to Fund returns for the quarter as the industrial economy showed improved trends. |
| TSM | Taiwan Semi is the foremost integrated circuit production foundry for leading edge logic chips. We took a basket approach and bought moderate amounts during the quarter. Taiwan Semiconductor rounded out the quarterly top contributors list. |
| HEI | HEICO's Flight Support Group is best known for designing and manufacturing aftermarket replacement parts for commercial aircraft, while the Electronic Technologies Group makes highly engineered, mission-critical subcomponents for the aircraft, spacecraft, and defense markets. We think HEICO's stock offers double-digit return potential from the late quarter stock price lows. New positions HEICO rounded out the quarterly top contributors list. |
| MSFT | Microsoft was among the Fund's top detractors as investors questioned the durability of software companies' cash flows in the face of rapidly improving AI model capabilities. We think the price decline at Microsoft was especially overdone. |
| DHR | Danaher gave back their fourth quarter gains despite healthy business trends. While we expected the stocks to be more defensive in a choppy market, our core life science and bioprocessing thesis remained intact. |
| CSGP | CoStar Group's stock continued to slide as activists and long-time investors grew even more restless with the heavy investment in the Homes.com platform. We sold over 40% of the Fund's shares earlier in the quarter and continue to closely monitor the outlook. |
| TMO | Thermo Fisher Scientific gave back their fourth quarter gains despite healthy business trends. While we expected the stocks to be more defensive in a choppy market, our core life science and bioprocessing thesis remained intact. |
| CRM | Salesforce was among the Fund's top detractors as investors questioned the durability of software companies' cash flows in the face of rapidly improving AI model capabilities. |
| ASML | ASML is the dominant manufacturer of lithography equipment used in semiconductor production. We took a basket approach and bought moderate amounts during the quarter. While ASML pulled back a bit in March, we were not bottom ticking any price charts. |
| NVDA | NVIDIA has a linchpin position in the accelerated computing revolution, with a complete ecosystem fueled by an integrated hardware and software platform. We took a basket approach and bought moderate amounts during the quarter. While NVIDIA's stock has flatlined for 2–3 quarters, we were not bottom ticking any price charts. |
| IR | Ingersoll is a multi-industrial company led by a top-tier management team, with diversified exposure to an array of attractive end markets. We liked the earnings setup with their short cycle industrial segments improving, and their longer cycle backlog remaining resilient. We also added new positions in Ingersoll Rand late in the quarter. |
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