| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.76% | 7.83% | -1.12% |
The Weitz Multi Cap Equity Fund returned 7.90% in Q2 2026 versus 15.71% for the Bloomberg U.S. 3000 Index, underperforming as valuation-agnostic indexes benefited from concentrated gains in AI-related names trading at elevated valuations. The managers maintain their valuation-sensitive approach, selectively participating in AI through Texas Instruments and Alphabet while avoiding expensive areas. Top contributors included these AI plays plus aerospace company HEICO, which reported accelerated growth. Detractors included Liberty Broadband (Charter Communications) facing broadband competition concerns and Accenture amid AI-disintermediation fears. The managers initiated two new positions: Netflix, viewing its ad-supported tier as a savvy growth strategy despite near-term headwinds, and Mettler-Toledo, purchased during a brief price dislocation. They sold Old Dominion Freight Line at fair value and exited CDW for tax-loss harvesting. Net selling raised cash modestly, reflecting disciplined profit-taking on appreciated positions while maintaining a constructive but selective stance. The portfolio remains concentrated in high-conviction ideas with valuation discipline as the primary risk management tool.
The Weitz Multi Cap Equity Fund employs a valuation-sensitive, selective approach to investing, choosing specific opportunities within broader themes like AI and streaming rather than taking broad index-like exposure, while actively managing position sizes through disciplined trimming of appreciated holdings and opportunistic deployment during price dislocations.
The managers maintain a valuation-sensitive approach, choosing to pick their spots rather than chase momentum. They remain constructive on select holdings despite near-term headwinds, particularly in broadband and streaming. The modest increase in cash suggests a cautious but not defensive posture, with the managers willing to deploy capital opportunistically during periods of price dislocation while trimming positions that have approached fair value.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 27 2026 | 2026 Q2 | ACN, BRK/B, CDW, CHTR, CSGP, EFX, GOOGL, HEI, LBRDA, LKQ, MTD, NFLX, ODFL, PRM, SIRI, TXN, WBD | aerospace, AI, Broadband, multi-cap, selectivity, semiconductors, Streaming, valuation | - | Weitz underperformed in Q2 2026 as their valuation discipline kept them from chasing expensive AI momentum. They selectively own Texas Instruments and Alphabet within AI while trimming winners and raising cash modestly. New positions in Netflix (ad-tier growth strategy) and Mettler-Toledo (price dislocation) demonstrate opportunistic deployment. The managers remain constructive on quality businesses trading at reasonable valuations despite near-term market preference for growth at any price. |
| Apr 29 2026 | 2026 Q1 | CSGP, DHR, GOOGL, HEI, IR, IT, MSFT, ODFL, RGEN, SIRI, TXN, V | AI, energy, fundamentals, Geopolitical, multi-cap, Portfolio Management, value | - | Weitz Multi Cap underperformed in Q1 2026 due to energy sector underweight during Middle East conflict-driven price spikes. Strong performance from SiriusXM and Old Dominion offset by weakness in HEICO and CoStar. Managers added Microsoft, Ingersoll Rand, and Repligen while selling Gartner. Maintaining fundamental value approach despite challenging headline-driven market environment. |
| Jan 29 2026 | 2025 Q4 | ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH | healthcare, multi-cap, technology, Telecom, underperformance, value |
PRM KMX CHTR |
Weitz Multi Cap significantly underperformed in 2025 with 3.22% returns versus 17.21% benchmark. Alphabet's Gemini AI drove outperformance while broadband competition pressured Charter and Liberty Broadband. Managers exited CarMax amid operational challenges but maintained Charter exposure through Liberty Broadband, believing setup improves as capital investment cycle peaks and free cash flow generation recovers. |
| Oct 28 2025 | 2025 Q3 | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value |
ACN CDW ACN CDW |
Fund underperformed due to avoiding AI chip makers despite strong AI theme. Managers prefer hyperscalers Alphabet and Meta that can invest in AI without depending on it, plus AI enablers Accenture and CDW. Alphabet rallied on antitrust relief while Charter disappointed on earnings but remains positioned for free cash flow growth. |
| Jul 27 2025 | 2025 Q2 | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value |
HEI GOOGL META ACN CDW |
Fund underperformed with 0.29% return versus benchmark's 8.25% as top contributors offset detractors. Managers avoid AI chip makers, preferring hyperscalers Alphabet and Meta with durable core businesses. Built positions in Accenture and CDW as AI beneficiaries at attractive entry points. Added to Charter and LKQ on earnings weakness while expecting future free cash flow growth. |
| Mar 31 2025 | 2025 Q1 | ACN, BRK-A, CMCSA, DHR, GOOGL, HEI, IDXX, IEX, LBRDA, LICT, LKQ, META, PRM, TECH, V | aerospace, AI, healthcare, Multi Cap, technology, Trade Policy, value | - | Weitz Multi Cap outperformed in a volatile quarter marked by AI trade setbacks and trade policy uncertainty. Strong performance from Berkshire Hathaway and HEICO offset weakness in Alphabet amid search competition concerns. Active portfolio management included new positions in Comcast, Accenture, and IDEXX while adding to life sciences holdings despite near-term funding headwinds. |
| Jan 29 2025 | 2024 Q4 | AIF.TO, BRK-B, DHR, EFX, GOOGL, GWRE, HEI, KMX, LBRDK, LBTYK, MA, META, ODFL, PRM, SIRI, TECH, TXN, V, VRSN | inflation, Multi Cap, rates, small caps, technology, value | - | Weitz Multi Cap returned -0.57% in Q4 versus +2.63% for Russell 3000, with full-year performance of +15.80% versus +23.81%. Mixed quarter driven by election optimism offset by inflation concerns limiting Fed rate cut flexibility. Added life sciences and commercial real estate software exposure while maintaining multi-cap approach despite large-cap market dominance. |
| Sep 30 2024 | 2024 Q3 | BRK-A, CHTR, GOOGL, GWRE, LBRDA, LICT, LKQ, META, MLM, PMS, SIRI, VRSN | interest rates, Media, Multi Cap, Quality, technology, value | - | Weitz Multi Cap delivered 10.45% in Q3 versus 6.23% for Russell 3000, benefiting from Fed rate cuts driving rotation toward smaller companies. Quality at a Discount framework across market caps created tailwinds. Strong performance from Perimeter Solutions on wildfire demand and Liberty Broadband on Charter proposals offset Alphabet weakness from tech rotation and antitrust concerns. |
| Jul 28 2024 | 2024 Q2 | ACIW, AON, BRK-B, CHTR, CSGP, GOOG, GWRE, HEI, IEX, LBRDA, LKQ, LLYVA, LSXMK, LYV, META, ODFL, PRM, SIRI, TXN, VRSN | Logistics, multi-cap, Quality, technology, value | ODFL | Weitz Multi Cap underperformed in Q2 as mega-cap tech strength didn't flow to smaller companies. AI leaders Alphabet and Meta drove gains while CoStar and Liberty Broadband detracted. Managers trimmed winners, exited Live Nation, and added Old Dominion Freight Line. Quality at a Discount approach maintained with stocks viewed as attractively valued relative to business fundamentals. |
| Apr 15 2024 | 2024 Q1 | AAPL, BRK-B, CHTR, CSGP, GOOG, IT, LBRDA, LBTYK, LH, LICT, LILAK, LKQ, META, MKL, MLM, PRM, VMC, VRSN | Broadband, infrastructure, materials, Multi Cap, technology, value | VRSN | Weitz Multi Cap delivered strong 8.98% Q1 returns despite modestly lagging benchmarks. Mega-cap tech holdings and infrastructure plays drove performance while broadband investments detracted. The team added Charter and VeriSign while trimming on valuation. Their multi-cap Quality at a Discount approach targets the broadest opportunity set with current holdings appearing attractively valued. |
| Jan 27 2024 | 2023 Q4 | AAPL, ACIW, AMZN, AON, DHR, GOOG, GWRE, IT, LBRDA, META, MLM, MSFT, NVDA, SCHW, TSLA, VLTO, VMC | Building Materials, Multi Cap, Quality, small caps, technology, value | - | Weitz Multi Cap delivered 18% returns in 2023 using their Quality at a Discount framework across market caps. Meta and Alphabet led gains while building materials names contributed. Portfolio trades at mid-80s price-to-value ratio suggesting attractive returns ahead. Managers trimmed winners and added Veralto spin-off, viewing it as advantaged water business with growth tailwinds. |
| Aug 11 2023 | 2023 Q3 | BKI, CSGP, EFX, FTRE, GOOG, GWRE, ICE, KMX, LBRDA, LH, LICT, LILAK, LKQ, LSXMK, LYV, MACT, META, MLM, PRM, SIRI | Broadband, Media, Multi Cap, Quality, technology, value | EFX | Weitz Multi Cap outperformed in Q3 despite negative returns, driven by quality businesses navigating uncertain conditions. Liberty Broadband and Black Knight were key contributors while Meta's efficiency drive powered strong year-to-date performance. New Equifax position targets workforce services growth. Portfolio trades at attractive upper-70s price-to-value ratio using Quality at a Discount framework. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIThe managers take a selective, valuation-sensitive approach to AI investments, choosing specific spots within the ecosystem rather than broad exposure. They own Texas Instruments (benefiting from data center demand) and Alphabet (competitive positioning among AI providers) as their chosen AI plays. They express concern about AI-disintermediation risks at Accenture, maintaining only a small position given heightened uncertainty. |
Semiconductors Data Centers Valuation Technology Cloud |
StreamingThe managers initiated a new position in Netflix during the quarter despite near-term perception headwinds from its failed Warner Bros. bid and FIFA World Cup competition. They view Netflix's ad-supported tier as a savvy strategy that will extend growth by participating in the global advertising market, broadening the customer base with lower pricing, and enhancing pricing power for the premium ad-free tier. |
Media Advertising Subscription Entertainment | |
BroadbandCharter Communications (held through Liberty Broadband) faced investor concerns about competition in its core broadband market, causing share price weakness. Despite the stock price decline, the managers remain constructive and cite reasons for optimism including Charter's growing wireless business, forecasted reduction in investment spending, and impending combination with Cox. |
Telecom Infrastructure Wireless Telecom Cable | |
SemiconductorsShortages of key semiconductor components, notably processing chips and memory, have led to outsized gains in both profits and stock prices for select companies, though valuations have been pushed into rarefied air. Texas Instruments benefited from strong data center-related equipment demand supplementing a broadening recovery across its large portfolio of analog semiconductor products. |
Memory Analog Semiconductors Data Centers Supply Chain | |
AerospaceHEICO Corporation was a top performer for the quarter, reporting another quarter of accelerated growth across both its Flight Support and Electronic Technologies segments. The company's strong performance sent shares higher during the period. |
Defense Aviation Services Components | |
ValuationThe managers explicitly position themselves as valuation-sensitive investors who choose to 'pick their spots' within the AI ecosystem and elsewhere, contrasting their approach with valuation-agnostic indexes that benefit from their 'let it ride' design. This valuation discipline led them to sell Old Dominion Freight Line as shares approached base case business value and to trim several positions including Alphabet, Berkshire Hathaway, and Texas Instruments. |
Discipline Selectivity Risk Management | |
| 2026 Q1 |
EnergyEnergy companies delivered outsized returns during the quarter as global energy prices spiked in response to Middle East hostilities. The Fund was disadvantaged by its lack of exposure to the energy sector, creating a material relative headwind despite energy making up only a modest portion of the benchmark. |
Energy Oil Geopolitical Commodities Middle East |
AIArtificial intelligence was mentioned as one of the factors that initially buoyed investor optimism heading into 2026, with expectations of productivity gains powered by AI. Texas Instruments benefited from increased transparency around the AI data center elements of its business, delivering double-digit returns. |
AI Data Centers Semiconductors Technology Productivity | |
GeopoliticalHostilities broke out in the Middle East during the quarter, causing global energy price spikes and market volatility. The Strait of Hormuz closure risk remains uncertain, and the full economic impact of the war and its lingering effects won't be known for quite some time. |
Geopolitical Middle East War Energy Risk | |
| 2025 Q4 |
AIArtificial intelligence enthusiasm continued to drive gains in technology and communication services, supporting large-cap growth companies. Much of today's technology-led earnings growth is supported by long-term capital investment in AI, energy, and infrastructure reflecting demographic pressures and labor scarcity. |
Technology Investment Growth |
ValuationsEquity valuations remain elevated with the S&P 500 trading near 23x forward earnings, well above its long-term average of roughly 15.6x. Elevated valuations do not imply an imminent market downturn but tend to constrain longer-term returns and may increase market sensitivity to earnings disappointments. |
Multiples Risk Earnings | |
EarningsStrong corporate earnings, particularly within technology and communication services, drove market gains. Current valuation levels suggest returns will depend more on earnings durability and cash-flow generation than on further multiple expansion. Emerging-market returns were fundamentally driven with earnings growth accounting for most of the 33% gain. |
Corporate Growth Technology | |
DollarA weaker U.S. dollar, down 9.4% in 2025, provided a notable tailwind for foreign assets. Most of international equity outperformance occurred in the first quarter, helped by a nearly 10% decline in the U.S. dollar. |
Currency International Weakness | |
RatesThe Federal Reserve cut rates by 25 basis points in December, bringing the policy rate to 3.5%-3.75%. The Fed cut rates three times in 2025 and currently expects one more cut in 2026. Markets are pricing in roughly two additional cuts, which would bring the Fed funds rate to around 3%. |
Federal Reserve Monetary Policy Cuts | |
| 2025 Q3 |
AIAI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom seeing biggest gains so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. |
Infrastructure Hyperscalers Compute Data Centers Investment |
| 2025 Q2 |
AIAI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom being biggest winners so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. |
Infrastructure Hyperscalers Compute Data Centers Chips |
| 2025 Q1 |
AIThe AI Trade was dealt a setback in late January after Chinese firm DeepSeek announced its advanced AI model had been developed at a fraction of the cost of U.S. competitors. This led to greater investor scrutiny of U.S. firms' spending plans. Alphabet's Google unit is on the front lines of the Traditional Search vs. GenAI battle. |
Artificial Intelligence DeepSeek Search Competition Technology |
Trade PolicyIn the quarter's closing weeks, investors began bracing for the new administration's trade and tariff plans, set to be announced in the early days of April. Uncertainties such as these challenge investors' and business leaders' confidence, resulting in a pullback from equities heading into quarter end. |
Tariffs Administration Policy Uncertainty Trade | |
| 2024 Q4 |
AIInvestor enthusiasm around artificial intelligence drove outsized returns on a handful of megacap tech stocks. While the fund stayed true to its investment philosophy and avoided chasing trends, many of their portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth. |
Technology Megacap Growth Operations |
ResilienceReflecting on 2024, the market proved more resilient than expected despite a complex and uncertain backdrop. The fund's foundational belief is that investing in businesses of all sizes provides the broadest possible opportunity set and may provide a measure of insulation when market leadership shifts. |
Market Opportunity Diversification Leadership | |
| 2024 Q3 |
QualityThe fund employs a Quality at a Discount framework as an enduring advantage of their multi-cap investing strategy. They focus on investing in high quality businesses of all sizes, with valuation remaining their North Star for investment decisions. |
Quality Discount Valuation Framework |
Small CapsThe quarter saw investors shift assets toward smaller and midsized companies perceived to be more sensitive to interest rates following the Fed's rate cut. This created a relative performance tailwind for the portfolio given their strategy of owning businesses of all sizes. |
Small Cap Mid Cap Interest Rates Performance | |
| 2024 Q2 |
AIThe letter discusses an AI-driven feeding frenzy of tech stocks, with Meta Platforms and Alphabet garnering favor given their position at the vanguard of artificial intelligence development. However, their traditional ad-supported businesses continue to demonstrate strength and drive healthy business value growth. |
Technology Artificial Intelligence Meta Alphabet Tech Stocks |
LogisticsThe fund initiated a new position in Old Dominion Freight Line, one of the largest providers of less than truckload trucking services in North America. ODFL has a demonstrated track record of investing through downturns to enhance the density and reach of their physical delivery network, capturing market share when industry volumes return. |
Trucking Transportation Freight Network Market Share | |
| 2024 Q1 |
Infrastructure SpendingAggregates companies Martin Marietta Materials and Vulcan Materials benefited from continued healthy price increases and strong demand from public infrastructure projects. These companies were top contributors to performance during the quarter. |
Aggregates Construction Public Infrastructure |
BroadbandCharter Communications faces increased competition from wireless broadband alternatives dampening subscriber growth, while elevated network upgrade and expansion plans depress current cash flows. Five million broadband customers receive federal subsidies expiring in April, though the manager expects Charter to retain most subscribers. |
Broadband Wireless Infrastructure | |
| 2023 Q4 |
QualityThe fund employs a Quality at a Discount framework applicable to businesses of all sizes. They seek high-quality businesses trading at attractive discounts to business value, with the portfolio collectively trading at an estimated price-to-value ratio in the mid 80s. |
Quality Discount Value Framework |
Building MaterialsThe fund holds significant positions in building materials providers Martin Marietta Materials and Vulcan Materials, both contributing to performance. These companies benefited from the broad fourth-quarter rally and were trimmed on strength. |
Construction Materials Infrastructure Aggregates | |
| 2023 Q3 |
QualityThe fund emphasizes owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times. They use a Quality at a Discount framework for investing in businesses of all sizes. The portfolio trades at an estimated price-to-value ratio in the upper 70s, suggesting healthy risk-adjusted returns. |
Quality Durable Management Discount Value |
BroadbandLiberty Broadband was a top contributor as concerns regarding fiber overbuilding and wireless substitution lessened, while footprint expansion increased addressable market. The fund also holds positions in related telecom infrastructure companies. |
Broadband Fiber Infrastructure Wireless Telecom | |
MediaThe fund holds Liberty SiriusXM which successfully separated its holdings of satellite radio provider SiriusXM and live entertainment leader Live Nation into distinct tracking stocks. Liberty management proposed an outright combination with SiriusXM that would collapse the tracking stock structure. |
Media Satellite Entertainment Tracking Radio |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | Fund Letters | Wally Weitz | PRM | Perimeter Solutions SA | Industrials | Specialty Chemicals | Bull | New York Stock Exchange | government contracts, Pricing, Volatility-Reduction, Wildfire | Login |
| Jan 29, 2026 | Fund Letters | Wally Weitz | KMX | CarMax Inc. | Consumer Discretionary | Automotive Retail | Bear | New York Stock Exchange | Competition, Execution, Margins, Used cars | Login |
| Jan 29, 2026 | Fund Letters | Wally Weitz | CHTR | Charter Communications Inc. | Communication Services | Cable & Satellite | Bull | New York Stock Exchange | broadband, buybacks, CapEx cycle, Free Cash Flow | Login |
| Oct 28, 2025 | Fund Letters | Wally Weitz | ACN | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | AI services, Bookings, capital returns, Digital transformation, Free Cash Flow, Managed services, Utilization | Login |
| Oct 28, 2025 | Fund Letters | Wally Weitz | CDW | CDW Corp. | Information Technology | Technology Distributors | Bull | NASDAQ | backlog, buybacks, Channel partner, Gross profit dollars, Hardware refresh, ROIC, VAR | Login |
| Oct 28, 2025 | Fund Letters | Wally Weitz | ACN | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | AI services, Bookings, capital returns, Digital transformation, Free Cash Flow, Managed services, Utilization | Login |
| Oct 28, 2025 | Fund Letters | Wally Weitz | CDW | CDW Corp. | Information Technology | Technology Distributors | Bull | NASDAQ | backlog, buybacks, Channel partner, Gross profit dollars, Hardware refresh, ROIC, VAR | Login |
| Oct 9, 2025 | Fund Letters | Weitz Multi Cap Equity Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, Cloud computing, digital services, hyperscaler, Online Advertising, search engine, technology | Login |
| Oct 9, 2025 | Fund Letters | Weitz Multi Cap Equity Fund | META | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, Digital platforms, hyperscaler, Meta Platforms, Online Advertising, social media, technology | Login |
| Oct 9, 2025 | Fund Letters | Weitz Multi Cap Equity Fund | ACN | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | Artificial Intelligence, Digital transformation, Enterprise Services, It consulting, Managed services, professional services, Technology Consulting | Login |
| Oct 9, 2025 | Fund Letters | Weitz Multi Cap Equity Fund | CDW | CDW Corporation | Information Technology | Technology Distributors | Bull | NASDAQ | Artificial Intelligence, Education, Government, Hardware Cycle, SME, technology distribution, Technology Solutions, Value-Added Reseller | Login |
| Jul 27, 2025 | Fund Letters | Wally Weitz | HEI | HEICO Corporation | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Acquisitions, Aerospace, aftermarket, compounding, Defense | Login |
| Jul 20, 2024 | Fund Letters | Weitz Multi Cap Equity Fund | ODFL | Old Dominion Freight Line, Inc. | Industrials | Trucking | Bull | NASDAQ | Cyclical, Freight, Logistics, Ltl, market share, network effects, Transportation, Trucking | Login |
| Apr 20, 2024 | Fund Letters | Weitz Multi Cap Equity Fund | VRSN | VeriSign, Inc. | Information Technology | Internet Services & Infrastructure | Bull | NASDAQ | defensive, Dns, Domain Names, ICANN contract, Internet Infrastructure, Mission-Critical, Monopoly, recurring revenue, Wide Moat | Login |
| Oct 20, 2023 | Fund Letters | Weitz Multi Cap Equity Fund | EFX | Equifax, Inc. | Industrials | Research & Consulting Services | Bull | NYSE | Background Screening, Credit Reporting, Data Services, Employment Verification, financial services, Government Benefits, Payroll Data, Workforce Solutions | Login |
| TICKER | COMMENTARY |
|---|---|
| TXN | Texas Instruments enjoyed an AI-halo as strong demand for data center-related equipment supplemented a broadening recovery across TI's large portfolio of analog semiconductor products. |
| GOOGL | Alphabet shares also gained as investors grew more confident in the company's competitive position amongst AI providers. |
| HEI | Aerospace company HEICO reported another quarter of accelerated growth across both its Flight Support and Electronic Technologies segments, sending shares higher. |
| PRM | Perimeter Solutions' share price gains continue to reflect the benefits of its multi-year contract renewals with key customers, which reduce earnings volatility and improve company cash flow. |
| SIRI | Finally, investors cheered as SiriusXM Media announced it would become YouTube's exclusive U.S. audio-ad sales representative, a significant win for its off-platform advertising business. |
| CHTR | Charter Communications (the principal asset of portfolio holding Liberty Broadband) shares were weak as investors remain laser-focused on the impact of competition in Charter's core broadband market. Although the stock price has not yet improved, we remain constructive and believe Charter's growing wireless business, forecasted reduction in investment spending and impending combination with Cox provide reasons for optimism. |
| LBRDA | Charter Communications (the principal asset of portfolio holding Liberty Broadband) shares were weak as investors remain laser-focused on the impact of competition in Charter's core broadband market. Although the stock price has not yet improved, we remain constructive and believe Charter's growing wireless business, forecasted reduction in investment spending and impending combination with Cox provide reasons for optimism. |
| ACN | IT services and management consultant Accenture reported results in mid-June that did little to quell investor fears of AI-disintermediation. Accenture has a long history of helping clients navigate technological transformation, and we believe it will again play a role as AI permeates businesses. To date, however, we have maintained a smaller position given the higher-than-usual degree of uncertainty. |
| CSGP | CoStar's management prevailed in its struggle with an activist investor and remains undeterred in its residential real estate strategy. Investors are clearly skeptical of management's plan, but at current prices, we believe the punishment has gone too far. |
| LKQ | Lastly, auto parts supplier LKQ posted modest declines as its turnaround efforts have yet to bear fruit. |
| EFX | Equifax shares were also slightly negative as an anemic housing market continues to overshadow solid progress across the company's broader suite of offerings. |
| NFLX | Most will be familiar with global streaming giant, Netflix. The company made headlines as it tried to acquire Warner Bros. from Warner Bros. Discovery before ultimately walking away from a bidding war for the company. Some investors feared its bid signaled stagnation in its streaming business. At the time of this writing, the 2026 FIFA World Cup is also captivating audiences and draining attention and engagement from Netflix's service. Despite these near-term perception headwinds, we are optimistic that Netflix's introduction of an ad-supported tier is a savvy strategy to extend its growth runway: Netflix will not only participate in the large, multi-billion-dollar global advertising market, but a lower-price ad-tier broadens its potential customer base while simultaneously enhancing the pricing power of its premium, ad-free tier. |
| MTD | Less familiar to shareholders may be our new position in Mettler-Toledo, a global supplier of precision measurement instruments across laboratory, industrial and food retailing applications where accuracy, reliability and regulatory compliance are vital. Its highly specialized sales and service organization is a key competitive advantage, working collaboratively with customers to optimize their workflows and improve productivity, reinforcing long-term customer relationships. We have long admired Mettler's business and purchased a small position during a brief period of price dislocation during the quarter. |
| ODFL | On the other side of the ledger, we sold our holdings of Old Dominion Freight Line as shares approached our base case business value. |
| CDW | We also exited our position in CDW, an information technology solutions provider, realizing losses to offset gains elsewhere in the portfolio. CDW shares trade at a very unassuming valuation, and we continue to monitor the company for a potential return to the portfolio. |
| BRK.B | Other material trims included Alphabet, Berkshire Hathaway, CoStar Group, Perimeter Solutions and Texas Instruments. |
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