Wallace Weitz: Buys, Sells, Portfolio

by: Wallace Weitz

wallace weitzWallace R. Weitz is President and Founder of Wallace R. Weitz & Company since 1983, and portfolio manager for a number of the funds in the Weitz family of funds. Weitz believes in investing in companies that he understands and therefore is not diversified amongst all the sectors of the economy. He strives to earn strong absolute investment returns over long periods and shows less concern about short-term price volatility. His firm manages about $6 billion and all of the investment professionals from the Weitz Fund invest personally, alongside their clients.

Weitz has been characterized as a value manager who insists on predictability and low price-to-business value. His focus is on business valuation, management competence, and long-term prospects.

The latest SEC 13f filing shows that in the last quarter, Weitz totally liquidated his holdings in Hudson City BankCorp (NASDAQ:HCBK) and First Data Corp (FDC-OLD), while reducing his positions in IAC/InterActiveCorp (IACI), Comcast (CMCSK), US Bancorp (NYSE:USB) and Host Hotels & Resorts (NYSE:HST).

Weitz increased his holdings in Apollo Group (NASDAQ:APOL), Omnicare (NYSE:OCR), Mohawk Industries (NYSE:MHK), and Labor Ready (LRW), while purchasing new positions in CBRE Realty Finance (CBF) and Lowe's Companies (NYSE:LOW). Data from quarter ending 12/31/2006; filed 2/14/2007.

Top Ten Portfolio Holdings:

  • Countrywide Financial (CFC) 10.4 million shares; 8.14% of total holdings
  • Berkshire Hathaway (NYSE:BRK.B) 98 thousand shares; 6.68% of total holdings
  • UnitedHealth Group (NYSE:UNH) 6.4 million shares ; 6.36% of total holdings
  • Tyco International (TYC)9.4 million shares; 5.27% of total holdings
  • Redwood Trust (NYSE:RWT) 4.5 million shares ; 4.89% of total holdings
  • Liberty Media Holding (LINTA) 11.8 million shares; 4.72% of total holdings
  • American International Group (NYSE:AIG) 3.3 million shares; 4.48% of total holdings
  • Wal-Mart (NYSE:WMT) 5.2 million shares; 4.45% of total holdings
  • Liberty Media Corporation (LCAPA) 2.4 million shares; 4.4% of total holdings
  • Fannie Mae (FNM) 3.9 million shares; 4.32% of total holdings

Total Holdings: $5.4 billion