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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.
"Weitz Partners III returned 7.97% in Q2 2026, underperforming the 15.71% benchmark as valuation discipline limited participation in concentrated AI gains. The fund selectively invested in AI through Texas Instruments and Alphabet while exiting Accenture and Salesforce on disintermediation concerns."
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.
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