(PUB) Investing 2015

June 2015

Morningstar FundInvestor

7

Data through May 31, 2015 Weitz Value Investor

Ticker

Status Yield Total Assets

Mstar Category

WVALX Open

0.0% $1,133 mil

Large Blend

Morningstar Analyst Rating 05-22-15

Investment Style Equity Stock %

Historical Profile Return Risk Rating Average Below Avg Neutral

87% 91% 78% 85% 78% 79% 72% 82% 80%

„

Manager Change Partial Manager Change

10.0 13.0 16.6 20.8

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Negative

Investment Values of Fund Investment Values of S&P 500

People Parent Price

6.0

§

NAV Total Return % +/-S&P 500 +/-Russ 1000 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 05-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

37.70 15.74

35.42 -2.77 -7.68 -9.04 0.99 -3.76

40.26

31.69

18.64

23.72 27.62 1.16 -0.81 0.30 27.32

28.45 19.94

30.12 6.12 4.01 4.62 0.25 5.87 0.07 0.00 1.21 -0.26 12

34.05 13.17 -2.83 -3.25

44.86 31.75 -0.64 -1.36

45.30 9.54 -4.15 -3.70 0.00 9.54 0.00 3.78 1.18 -0.41 74

47.60 5.08 1.85 1.43 0.00 5.08 0.00 0.00 1.18 -0.54 10

-40.74 -10.35 21.85

4.86 4.34 0.59

-15.84 6.06 -16.12 6.39

-3.74 -3.14 0.60

4.88 3.84 0.00

0.81

0.71

0.11

0.00

15.15

-41.34 -11.06 21.04

19.94

13.06

31.75

62

98

9

97

78

24

3

75

52

Pillar Spectrum Positive

0.21 3.30 1.11 0.57

0.37 0.86 1.10 0.95

0.28 2.55 1.12 0.64

0.28 4.41 1.13 0.71

0.19 0.00 1.15 0.69

0.06 0.00 1.20 0.20

0.00 0.00 1.22 -0.29

0.03 0.00 1.20 0.11

0.00 0.00 1.20 -0.07

§ Negative

¶ Neutral

Performance 05-31-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total 6.12

12

26

40

29

22

19

19

42

31

20

19

36

2011 2012 2013 2014 2015

5.69 0.84 -10.68 11.47

4,502

3,244

3,147

2,238

891

946

946

949

898

1,120

939

929

9.50 -1.17 13.39 3.96 2.99 2.35

4.51 0.06 13.17 2.74 8.78 31.75

Portfolio Analysis 03-31-15 Share change since 12-14 Total Stocks:31 Sector

Rating and Risk Time Load-Adj

-0.09 4.01

9.54

3.60

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

. . . .

Period Return % Rtn vs Cat

Liberty Global PLC Class Valeant Pharmaceuticals Berkshire Hathaway Inc C Liberty Interactive Corp Range Resources Corp Express Scripts Holding Pioneer Natural Resource Liberty Media Corporatio Endo International PLC Discovery Communications Twenty-First Century Fox TransDigm Group Inc Oracle Corporation Motorola Solutions Inc Wells Fargo & Co Martin Marietta Material United Parcel Service In Catamaran Corp Precision Castparts Corp Aon PLC

Comm Svs

4.43 6.74

.

1 Yr 3 Yr 5 Yr

9.58

Trailing

Total

+/-

+/- Russ %Rank Growth of

Hlth care 81.3 51.58 5.88 Finan Svs 16.5 -5.95 4.74 Cnsmr Cyc 28.3 -4.93 3.94

Return% S&P 500 1.30 0.66 4.27 1.30 9.58 -2.23 17.65 -2.02 15.87 -0.67 6.07 -2.05 6.74 2.08

1000 0.54 0.86 -2.33 -2.32 -0.81 -2.31 1.75

Cat

$10,000

17.65 15.87

Avg Avg -Avg

Low Low Avg

3 Mo 6 Mo 1 Yr

19 10,130 17 10,427 61 10,958 72 16,285 35 20,886 91 18,027 15 26,602

10 Yr Incept

6.07

Energy

14.8 3.74 3.74

10.88

Hlth care 30.7 2.04 3.57

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Energy

26.2 16.10 3.22

Other Measures

Standard Index

Best Fit Index

Cnsmr Cyc 95.2

3.21

.

S&P 500

Russ 1000

Hlth care

16.56 3.14

.

Alpha

1.4

1.2

Cnsmr Cyc 18.5 -6.75 2.99 Cnsmr Cyc 7.9 -10.87 2.89

Beta

0.83

0.83

R-Squared

78

79

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 16.89 53 0.65 28 15.41 20 0.39 20 5.35 84 0.68 44 Potential Capital Gain Exposure: 38% of assets Morningstar’s Take by Kevin McDevitt, CFA 05-22-15 Weitz Value retains its Morningstar Analyst Rating of Silver despite the announcement that Wally Weitz will step down as comanager at year-end. Perhaps the biggest reason for confidence is that Weitz isn’t really leaving. He will remain as CIO at the firm and co-portfolio manager of Weitz Hickory WEHIX and Weitz Partners Value WPVLX, and sole manager on Weitz Partners III Opportunity WPOIX. Further, the fund is not being left in inexperienced hands; remaining comanagers Brad Hinton and Dave Perkins have extensive experience with the fund and the firm. Hinton has been a comanager here since August 2006 after joining the firm in 2001. Perkins became a comanager more recently in 2011, although he has been with the firm since 2004. They will continue to draw on Weitz’s expertise in his role as CIO. The trio will still collaborate on ideas as they have for years. This is easy to imagine considering the extensive overlap in holdings between this fund’s portfolio and Weitz’s other charges, especially Weitz Partners Value, which Hinton also

Hlth care 36.6

2.74

.

Standard Deviation

7.91

Industrl

19.6 -14.18 2.67

Finan Svs 21.3 2.06 2.65

Mean

17.65

Industrl

59.2

2.59

.

Sharpe Ratio

2.10

Technology 18.2 -2.40 2.40

Technology

-10.42 2.10

.

Finan Svs 13.7

1.98

.

Basic Mat 50.8 29.67 1.90

comanages. Most important, the fund has delivered in its current incarnation. After having been an all-cap offering, the fund adopted a large-cap mandate in June 2008. Results have been solid since then. Its annualized 10.9% gain beats the Russell 1000 Index by nearly 1 percentage point through April 2015, despite having a cash stake often north of 15%. That makes the fund’s 23.1% annualized return since the market bottomed in March 2009--versus its bogy’s 22.9%--all the more impressive. Moreover, the fund’s 20% cash stake in March leaves it well-positioned should the market correct. Overall, shareholders should applaud Weitz for proactively addressing succession issues. That’s a rarity among boutique firms. By promoting internally and selling equity to employees, retention has been excellent, leaving the team well-prepared for moves such as this one. Shareholders can also draw comfort from the fact that Weitz plans to stay with the firm for at least the next decade.

Industrl

29.0 -9.44 1.82

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 37.9 Large 28.6 Mid 33.5 Small 0.0 Micro 0.0 Avg $mil: 35,400

Value Blnd Growth

Large Mid Small

Cyclical 37.55 BasicMat 4.03 CnsmrCyc20.37 FinanSvs 13.15 Real Est 0.00 Sensitive 40.14 CommSrvs10.23 Energy 8.71 Technlgy 12.34 Defensive22.31 CnsmrDef 1.39 Hlthcare 20.92 Utilities 0.00 Industrl 8.86

. .

h r t y u j i o p a k s d f

7 4

. 20 5 . 18 13 . . .

.

. 12 10 . 11 8

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

23.33 2.88 1.96 13.70 0.68 13.78 5.35 4.77 -5.73 -8.13

1.62 1.41 1.56 1.93 0.31 1.33 1.01 1.64 NMF NMF

9 6

.

. 29 12

. .

8 1

. 21 12 . . .

% Rel Category

Composition - Net

Cash 20.1 Stocks 79.9 Bonds 0.0 Other 0.0 Foreign 20.6

Address:

Weitz Funds Omaha, NE 68124 800-304-9745 www.weitzfunds.com

Minimum Purchase: Min Auto Inv Plan:

$2500

Add: $25 IRA: $0

$0

Add: .

Profitability

% Rel Category

Sales Fees:

No-load

Return on Equity Return on Assets Net Margin

15.23 5.45 10.94

0.79 0.71 0.86

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.90% mx./0.70% mn., 0.25%A Mgt:0.90% Dist: .

(% of Stock)

05-09-86

Actual Fees:

Weitz Investment Management, Inc

Expense Projections: Income Distribution:

3Yr:$381

5Yr:$662 10Yr:$1463

None

Semi-Annually

Fidelity Retail-NTF, CommonWealth NTF

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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