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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Weitz Partners III Opportunity Fund returned 7.97% in Q2 2026 versus 15.71% for the Bloomberg U.S. 3000 Index, as the managers maintained their valuation-sensitive approach during a quarter dominated by AI-related gains. The fund benefited from selective AI exposure through Texas Instruments, Alphabet, and SiriusXM, while avoiding the rarefied valuations of concentrated index holdings. The managers exited Accenture and Salesforce due to AI disintermediation concerns but remain significantly invested in Meta Platforms. New positions were initiated in Netflix, capitalizing on its ad-supported tier strategy, and Capital One following its Discover acquisition. Liberty Broadband was the primary detractor as Charter Communications faced broadband competition, though the managers remain constructive on the wireless business and Cox combination. Cash increased from 7% to 12%, reflecting a modestly more defensive posture. The fund continues to pick spots in AI and other themes rather than pursuing broad market exposure, consistent with its value-oriented mandate.
The Weitz Partners III Opportunity Fund employs a valuation-sensitive, long-short equity strategy that selectively participates in major themes like AI while avoiding overvalued areas of the market, as evidenced by their 7.97% Q2 return versus 15.71% for the benchmark driven by concentrated AI-related gains.
The managers maintain a selective, valuation-sensitive approach to AI and broader market opportunities, emphasizing the importance of picking spots rather than broad index exposure. They acknowledge the need to be both imaginative and humble in analyzing investments given the rapid pace of AI development. The increase in cash to 12% signals a modestly more defensive posture, though the fund remains significantly invested in major AI players and other core holdings. The managers express optimism about specific positions like Charter Communications, Netflix, and Capital One despite near-term headwinds.
As of Jul 29, 2026
Wallace 'Wally' Weitz serves as the founder and Co-Chief Investment Officer of Weitz Investment Management, established in 1983 after beginning his career as a securities analyst in New York and spending a decade at Chiles, Heider & Co. in Omaha from 1973-1983 as an analyst and portfolio manager. He holds a bachelor's degree in economics from Carleton College and serves as Chair of the Board of Trustees at Carleton College since 2016. Weitz also serves as a director of Berkshire Hathaway Inc and founded the Weitz Family Foundation in 2000 to combat poverty in Omaha by empowering individuals and organizations toward equity and peace. With over fifty years of experience, his expertise lies in U.S. equities, specializing in multi-cap and value-oriented strategies through fundamental, bottom-up stock selection. Andrew 'Drew' Weitz serves as Portfolio Manager and was added as a portfolio manager for the Hickory Fund effective December 30, 2011, bringing expertise in investment strategies and financial analysis. Bradley Hinton serves as Co-Chief Investment Officer and portfolio manager, while Barton Hooper serves as director of equity research.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The fund demonstrates moderate-high conviction through concentrated positions including Berkshire Hathaway at 16.2% of assets, Alphabet at 5.8%, and several other holdings above 4%. The managers name specific positions, provide clear rationales, and express willingness to hold through volatility (Charter despite 33% decline). However, the diversified portfolio of 15+ named positions, hedged language around AI (picking our spots, imaginative and humble), and multiple scenario considerations (AI disintermediation debate) prevent this from reaching high conviction territory. The increase in cash to 12% also suggests some uncertainty about deployment opportunities.
Growth Outlook
Market outlook remains above average conviction: The Fund underperformed in 2025 as deep-value holdings and life sciences investments dragged down solid gains from its AI and durable growth compounders. The managers responded wit...
Risk Appetite
Risk appetite posture is above average conviction: The Fund underperformed in 2025 as deep-value holdings and life sciences investments dragged down solid gains from its AI and durable growth compounders. The managers responded wit...
Capital Deployment
Cash increased from approximately 7% to 12%, a 5 percentage point rise representing meaningful de-risking. Portfolio activity was explicitly described as tilted toward trims, with reductions in Alphabet, Amazon, Bio-Techne, SiriusXM, and Thermo Fisher. While two new positions were initiated (Netflix and Capital One) and Danaher and Global Payments saw additions, these were more than offset by the exits of Accenture and Salesforce and the broad trimming activity. The net result is moderate de-risking with cash raised and exposure reduced.
Forward Guidance
Forward guidance signal: The Fund underperformed in 2025 as deep-value holdings and life sciences investments dragged down solid gains from its AI and durable growth compounders. The managers responded wit...
Language Signal
The letter contains balanced directional language. Bullish terms include optimistic (Netflix, Charter), constructive (Charter), intrigued (Capital One), attractive (implied in new positions), and confident (Alphabet's competitive position). Bearish language includes rarefied air (valuations), concerns (AI disintermediation), weak (Charter shares), headwinds (Netflix), and defensive posture. The net balance tilts slightly positive given the optimism around specific new positions and existing holdings, but the valuation warnings and defensive positioning language provide meaningful offset.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Fund underperformed in 2025 as deep-value holdings and life sciences investments dragged down solid gains from its AI and durable growth compounders. The managers responded wit...
Opportunity Density
The managers characterize the environment as requiring selectivity, using the phrase picking our spots multiple times to describe their approach. They initiated only two new positions despite active portfolio management, and raised cash to 12% rather than finding abundant deployment opportunities. The emphasis on valuation sensitivity and the contrast with valuation-agnostic indexes suggests opportunities are present but require careful selection. This represents a selective opportunity set rather than broad abundance, consistent with a value-oriented approach in an elevated valuation environment.
Time Horizon
The managers demonstrate a multi-year investment horizon through their willingness to hold Charter Communications through a 33% decline while remaining constructive on the long-term thesis. The Netflix position is framed around the multi-year growth runway from ad-supported tiers rather than near-term catalysts. The Capital One investment focuses on the strategic evolution and heightened earnings potential from the Discover integration, implying a multi-year view. The emphasis on being imaginative and humble about AI development suggests patience in letting theses play out. However, the letter does reference quarterly results and near-term events (FIFA World Cup impact on Netflix), preventing this from reaching the highest time horizon scores.
Top Conviction Themes
Key Catalysts
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