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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Weitz Large Cap Equity Fund returned 7.03% in Q2 2026 versus 15.49% for the Bloomberg U.S. 1000 Index as AI-related exposure fueled heady index returns. Shortages of memory and logic semiconductor chips led to outsized gains for AI bottleneck beneficiaries. The fund owns large positions in hyperscaler cloud and AI service providers including Alphabet, Amazon, Microsoft, Meta Platforms, and Oracle, with mixed Q2 results. Risk-on factors such as momentum, growth, and sentiment have been outperforming defensive factors such as valuation, profitability, and stability by historic margins, creating extremes comparable to the Pandemic-era speculative bull market. Software and information services companies remained in the AI penalty box as investors grappled with potential business model impacts. The managers trimmed top contributors to manage position sizes and reduced exposure to detractors to manage risk, while adding to HEICO, Ingersoll Rand, and MercadoLibre. The portfolio of 30 companies has an estimated price-to-value in the upper-70s, offering adequate multi-year return potential. The managers remain committed to their timeless philosophy of owning quality companies at discounts to intrinsic value.
The fund maintains a concentrated portfolio of 30 quality large-cap companies trading at discounts to intrinsic value, with the top 10 positions representing over half of assets and an estimated price-to-value in the upper-70s offering adequate multi-year return potential.
The managers have ownership stakes in 30 companies, with the top 10 accounting for well over half of the portfolio. They estimate the portfolio's price-to-value is in the upper-70s, which they believe offers adequate return potential over a multi-year horizon. Most companies are growing profitably with decent operating momentum. The managers note that improving stories often attract new fans, which can provide extra fuel for outsized returns. They feel quite constructive about the majority of the portfolio and see sources of untapped return potential throughout.
As of Jul 29, 2026
The fund is managed by experienced investment professionals Brad Hinton and Nathan Ritz. Brad Hinton serves as Executive Vice President and Co-Chief Investment Officer since 2017 with investment experience since 1990. He joined Weitz Investment Management in 2001 as a research analyst, advanced to portfolio manager in 2003, director of research in 2004, and co-CIO in 2017. Nathan Ritz serves as Portfolio Manager and Equity Analyst since August 2025 with experience since 2008, joining the firm in 2011 and becoming portfolio manager in early 2025. Both managers hold CFA designations and strong academic credentials from respected institutions including Dartmouth Tuck School of Business and University of Nebraska-Lincoln.
At Weitz, we believe successful investing starts with a long-term perspective. The Large Cap Equity Fund takes a long-term view and constructs a high active share portfolio. We think about and value a business like a private buyer and look to buy shares at a discount to our calculation of intrinsic value. The value of a business is a function of the cash flows it will generate over time. As an independent, employee-owned firm, we align our goals with those of our clients, investing alongside them and building lasting relationships based on trust and transparency. The fund is positioned as a high-conviction, value-driven, concentrated stock fund focusing on capital appreciation through a bottom-up fundamental research approach.
Lead Portfolio Manager
Brad Hinton
Managing Partner
Moderate Conviction Bullish
Market Conviction
The fund maintains a concentrated portfolio of 30 companies with the top 10 accounting for well over half of assets, indicating high concentration. The managers name specific positions, discuss sizing decisions, and explain their thesis for holdings like Martin Marietta and Veralto. They express clear conviction in their value philosophy and state they firmly believe results should improve if they execute well. However, some hedging language is present, such as 'we continue to believe' and 'we see a clear path,' and the managers actively trimmed positions to manage risk. The combination of concentration, named positions with thesis explanations, and strong language about their philosophy supports a high-moderate conviction score.
Growth Outlook
Market outlook remains moderate conviction: The Weitz Large Cap Equity Fund reported an unacceptable -0.23% return for 2025, significantly underperforming its benchmark. In response, management consolidated the portfolio int...
Risk Appetite
Risk appetite posture is above average conviction: The Weitz Large Cap Equity Fund reported an unacceptable -0.23% return for 2025, significantly underperforming its benchmark. In response, management consolidated the portfolio int...
Capital Deployment
The managers engaged in both deployment and de-risking activities during Q2. They bought new positions in Martin Marietta and Veralto and added to HEICO, Ingersoll Rand, and MercadoLibre. However, they also trimmed top contributors including Alphabet, Analog Devices, and Bio-Techne to manage position sizes, and decreased exposure to detractors including Accenture, Salesforce, and CoStar Group to manage risk. They sold Old Dominion Freight Line entirely. No cash level data is provided, but the described activity suggests capital rotation with a slight bias toward de-risking given the emphasis on trimming and risk management. The net activity appears modestly defensive.
Forward Guidance
Forward guidance signal: The Weitz Large Cap Equity Fund reported an unacceptable -0.23% return for 2025, significantly underperforming its benchmark. In response, management consolidated the portfolio int...
Language Signal
The letter contains a mix of directional language. Bullish language includes: constructive, untapped return potential, attractive upside, solid, strong fundamentals, excellent returns, good vibes, and opportunities. Bearish or cautious language includes: lagged, penalty box, frustrating, extremes, concerns, and risk management. The managers emphasize their belief in their philosophy and see adequate return potential, but also acknowledge the challenging environment and factor headwinds. The net balance leans mildly positive but is tempered by acknowledgment of near-term challenges.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Weitz Large Cap Equity Fund reported an unacceptable -0.23% return for 2025, significantly underperforming its benchmark. In response, management consolidated the portfolio int...
Opportunity Density
The managers see selective opportunities in defined areas. They were able to act opportunistically on repeat holdings Martin Marietta and Veralto at favorable prices, and they added to HEICO, Ingersoll Rand, and MercadoLibre when stock prices came their way. They feel quite constructive about the majority of the portfolio and see sources of untapped return potential throughout. However, they also note that they trimmed several positions and sold Old Dominion when it traded above their business value estimate, suggesting they are being selective and disciplined. The characterization is one of selective opportunities requiring patience rather than a broad, rich opportunity set.
Time Horizon
The managers emphasize a multi-year investment horizon. They state that the portfolio's price-to-value offers adequate return potential over a multi-year horizon. They describe their timeless philosophy and patient approach to building investments. They express firm belief that if they execute well on their approach over time, results should improve. The language suggests a 2-5 year thesis with no near-term catalyst dependency. They are willing to hold through short-term volatility and factor headwinds, as evidenced by their commitment to their value philosophy despite recent underperformance. The time horizon is clearly medium to long-term, though not explicitly permanent capital.
Top Conviction Themes
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