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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Weitz Partners III Opportunity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The Fund underperformed in 2025 as deep-value holdings and life sciences investments dragged down solid gains from its AI and durable growth compounders."
In 2025, the Partners III Opportunity Fund's Institutional Class returned +3.17%, underperforming the Bloomberg U.S. 3000 Index's return of +17.21%. Although the fund's 'AI Winners' (Alphabet, Microsoft, Amazon, Meta) and other durable compounding businesses (Berkshire Hathaway, Visa, Mastercard) performed respectably, performance was dragged down by a 'lost year' in its life sciences holdings and significant declines in its 'deep value' positions, notably CarMax and Liberty Broadband. In response, the managers completely exited CarMax due to deteriorating operating conditions and competitive headwinds, and closed fully valued positions in Labcorp and Perimeter Solutions. They maintained their holding in Liberty Broadband, anticipating a peak in capital expenditure in 2025 and improved free cash flow dynamics starting in 2026. The fund ended the year with a net long position of 93%.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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