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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 Large Cap Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund returned 7.03% in Q2 2026 but lagged the 15.49% benchmark as AI-related momentum drove extreme factor performance favoring growth over value. The managers maintain 30 concentrated positions in quality companies trading at discounts to intrinsic value, with an estimated price-to-value in the upper-70s."
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.
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