Weitz Balanced Fund Q3 2022 Commentary


  • Weitz Investment Management is a boutique, employee-owned asset management firm headquartered in Omaha, Nebraska.
  • The Balanced Fund's Institutional Class returned -3.64% for the third quarter compared to -5.33% for the Morningstar Moderately Conservative Target Risk Index.
  • While we cannot predict the full economic impact of the Fed's actions, it seems clear that there will be both intended and unintended consequences along the way.
  • In our view, the case for owning durable, resilient, and adaptable businesses has never been stronger.

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The Balanced Fund's Institutional Class returned -3.64% for the third quarter compared to -5.33% for the Morningstar Moderately Conservative Target Risk Index. Year-to-date, the Fund's Institutional Class has returned -14.33% compared to -18.54% for the index.

This article was written by

Wally is the founder and President of Wallace R. Weitz & Company. Wally, a Chartered Financial Analyst, manages Hickory Fund and Partners III Opportunity Fund and co-manages Value Fund and Partners Value Fund. Wally's investment career began in 1961, at age 12, when he invested the profits from various entrepreneurial ventures. After going through a charting phase in high school, Wally discovered Benjamin Graham's Security Analysis and was converted to value investing. After earning a B.A. in Economics at Carleton College in 1970, Wally spent three years in New York doing security analysis, primarily on the small companies in which G.A. Saxton made over-the-counter markets. In 1973 he joined Chiles, Heider & Co., a regional brokerage firm in Omaha, where he spent ten years as an analyst and portfolio manager. In 1983 he started Wallace R. Weitz & Company, and now heads a group of eight investment professionals that manages approximately $2 billion. Wally's approach to value investing has evolved over the years. It combines Graham's price sensitivity and insistence on a "margin of safety" with a conviction that qualitative factors that allow companies to have some control over their own destinies can be more important than statistical measurements, such as historical book value or reported earnings. Wally has the good fortune to be paid to pursue his favorite hobby, investing, but he also enjoys golf, skiing, tennis, reading, and working with charitable and educational foundations. Wally is on the Board of Trustees for Carleton College and serves on the Executive Committee of Building Bright Futures in Omaha.

Additional disclosure: ©2022 Weitz Investment Management, Inc. All rights reserved.

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