(PUB) Morningstar FundInvestor
6
Data through August 31, 2014 Weitz Partners Value Investor
Ticker
Status Yield Total Assets
Mstar Category
WPVLX Open
0.0% $1,075 mil
Large Blend
Morningstar Analyst Rating 08-11-14
Investment Style Equity Stock %
Historical Profile Return Risk Rating Average Below Avg Above Avg
89% 91% 92% 80% 78% 83% 75% 71% 72%
Œ
Manager Change Partial Manager Change
14.0 18.0 22.8 26.8
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
10.0
§ ∞ ∞
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
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 08-14
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 ¨
21.48 25.38 -3.30 -4.51
23.90 14.99
22.77 -2.42 -7.33 -8.69 0.63 -3.05
24.43 22.53
19.90
12.31
16.15 31.30
20.59 27.49 12.43 11.39
21.04 2.19 0.08 0.69 0.00 2.19 0.00 0.00 1.21 -0.26 16
24.81 17.92
32.47 30.87 -1.52 -2.24
34.01 5.26 -4.63 -4.64 0.00 5.26 0.00 0.17 1.18 -0.46 93
-38.06 -8.54
4.11 3.59 0.39
-14.03 6.74 -14.31 7.07
-1.06 -0.46 0.11
4.84 2.87 0.09
1.92 1.50 0.00
0.11
0.62
0.40
0.00
0.00
25.27
14.60
21.91
-38.17 -8.94
31.21
27.49
17.92
30.87
87
74
97
5
96
64
14
1
13
63
Pillar Spectrum Positive ∞
0.02 0.00 1.08 0.76
0.08 0.70 1.13 0.16
0.15 0.40 1.13 0.61
0.14 3.19 1.14 0.49
0.09 2.50 1.14 0.39
0.02 0.00 1.15 0.29
0.01 0.00 1.19 0.05
0.00 0.00 1.21 -0.52
0.00 0.00 1.20 -0.32
0.00 0.00 1.19 -0.25
§ Negative
¶ Neutral
Performance 08-31-14 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
20
22
36
31
24
29
30
42
31
24
19
.
2010 2011 2012 2013 2014
12.94 -6.09
8.58 10.70 27.49
2,871
2,893
2,074
2,035
1,540
467
560
702
642
735
1,039
804
7.09 -0.05 -14.66 11.86
2.19
10.50 -1.38 11.85 3.78 2.25 2.01
5.19 2.86 17.92 4.62 7.77 30.87 . . .
Portfolio Analysis 06-30-14 Share change since 03-14 Total Stocks:30 Sector
Rating and Risk Time Load-Adj
PE Tot Ret% % Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
Period Return % Rtn vs Cat
Liberty Media Corporatio Liberty Global PLC Class Valeant Pharmaceuticals Berkshire Hathaway Inc C
Cnsmr Cyc 8.4 -3.56 5.23
1 Yr 3 Yr 5 Yr
15.78 19.10 17.10
Trailing
Total
+/-
+/- Russ %Rank Growth of
Comm Svs Hlth care
-5.15 4.31 -0.01 4.13
. .
Return% S&P 500 2.00 -2.69 2.73 -6.11 15.78 -9.47 19.10 -1.51 17.10 0.22 7.59 -0.79 7.36 2.58
1000 -2.78 -5.65 -9.58 -1.70 -0.14 -1.19 2.10
Cat
$10,000
Avg
Low -Avg Avg
3 Mo 6 Mo 1 Yr
94 10,200 98 10,273 97 11,578 55 16,894 15 22,018 62 20,784 12 29,016
+Avg
Finan Svs 15.2 5.79 4.09 Comm Svs 15.8 24.60 3.73 Hlth care 32.7 -0.84 3.65 Cnsmr Cyc 16.2 6.37 3.41
10 Yr Incept
7.59
Avg
Directv
12.81
Express Scripts
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Iconix Brand Group Inc Liberty Interactive Corp Texas Instruments Inc Redwood Trust Inc Wells Fargo & Co Apache Corporation Martin Marietta Material Interval Leisure Group I
Other Measures
Standard Index
Best Fit Index S&P 500 Mstar Mid Cap TR
Technology 31.4 Technology 22.9
3.25 3.09
. .
Alpha
1.9
4.0
Real Est
23.2 0.88 3.05
Beta
0.83
0.69
Finan Svs 12.7 13.55 3.01
R-Squared
90
92
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 19.06 35 0.04 4 17.08 5 0.02 3 7.00 49 0.54 33 Potential Capital Gain Exposure: 41% of assets Morningstar’s Take by Kevin McDevitt, CFA 08-11-14 The price for Weitz Partners Value’s discipline is well worth the cost. Cash has hampered its returns over the past 12 months, but it isn’t the only culprit. Holding nearly 30% in cash has certainly been a handicap with the Russell 3000 Index up 16.4% through July 2014. (The fund’s 11.7% gain also trails 91% of its large-blend peers.) Managers Wally Weitz and Brad Hinton have been taking profits as share prices have risen while holding on to stocks selling at comfortable discounts to estimated intrinsic values. But top-25 holdings such as the Liberty trio (Global, Media, and Interactive), Express Scripts ESRX, and Interval Leisure IILG have struggled, too. Weitz and Hinton’s general avoidance of commodified energy and utilities companies has limited exposure to 2014’s best-performing sectors. Perhaps owning companies with competitive advantages is risk control enough, but the portfolio isn’t as high-quality as it seems. True, all but 2.5% of the equity portfolio is in companies with a Morningstar Economic Moat Rating. But the portfolio’s average
Energy
24.3 20.27 2.79
Standard Deviation
10.16 19.10
Basic Mat 41.5 25.11 2.38
Cnsmr Cyc 16.2
2.23
Mean
.
Aon PLC
Finan Svs 21.7 1.36 2.16 Technology 17.4 6.51 2.15 Hlth care 17.8 13.48 2.13 Technology 17.3 16.87 2.12 Technology 32.5 11.23 1.92
Sharpe Ratio
1.78
Oracle Corporation Laboratory Corp of Ameri
Microsoft Corp FLIR Systems Inc
return on assets (currently 4.6%) has consistently been below that of the Russell 3000 average (currently 7.2%). Plus, the portfolio’s average debt/capital ratio is usually greater than that of the index. While Weitz and Hinton don’t like capital-intensive businesses, they’re comfortable with companies such as Liberty Global LBTYA and Valeant Pharmaceuticals VRA that have issued debt to grow through acquisitions. The portfolio’s 42.4% average debt/capital is the highest it has been in about five years, well above the 36.5% Russell 3000 average. Despite such debt, the fund’s cash stake makes a repeat of the fund’s weak showing during the 2007-09 credit crisis unlikely. Back then, cash was typically less than 10% of assets. (Plus, the fund also held some toxic financials positions.) Shareholders should also take heart from Weitz and Hinton’s history of putting cash to use when share prices fall. They picked up several attractive bargains after the 2011 correction. Given their price discipline, the next sell-off should create new opportunities.
Range Resources Corp
Energy
50.8 -10.25 1.40
Current Investment Style
Sector Weightings
% of Stocks
Rel S&P 500 High
3 Year Low
Market Cap % Giant 23.5 Large 31.2 Mid 31.4 Small 12.3 Micro 1.6 Avg $mil: 22,255
Value Blnd Growth
Large Mid Small
Cyclical 40.43 1.40 BasicMat 3.32 1.08 7 3 CnsmrCyc18.45 2.15 19 16 FinanSvs 14.40 0.92 16 13 Real Est 4.26 2.92 6 4 Sensitive 42.51 0.97 CommSrvs11.22 2.80 11 7 Energy 5.85 0.55 8 5 Industrl 3.20 0.28 7 2 Technlgy 22.24 1.27 26 16 Defensive17.07 0.62 CnsmrDef 1.68 0.14 7 2 Hlthcare 15.39 1.30 16 10 Utilities 0.00 0.00 . .
h r t y u j i o p a k s d f
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
22.18 1.77 1.64 8.02 0.96 10.89 15.90 10.95 11.67 49.37
1.54 0.87 1.30 1.13 0.44 1.05 2.99 3.76 1.71 2.75
% Rel Category
Composition - Net
Cash 28.3 Stocks 71.7 Bonds 0.0 Other 0.0 Foreign 16.4
Address:
1125 South 103 St 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
9.27 4.64 13.46
0.48 0.60 1.06
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
0.90% mx./0.70% mn., 0.25%A Mgt:0.90% Dist: .
(% of Stock)
05-31-83
Actual Fees:
Weitz Investment Management, Inc
Expense Projections: Income Distribution:
3Yr:$383
5Yr:$666 10Yr:$1474
None
Semi-Annually
Fidelity Retail-NTF, CommonWealth NTF
Mutual Funds ß ®
© 2014Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.
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