Weitz Investment Management Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

The institutional investment landscape is often characterized by a dichotomy between high-frequency, algorithmic trading and the patient, disciplined approach of traditional value investing. Wallace Weitz, through Weitz Investment Management, epitomizes the latter, operating with a philosophy that prioritizes long-term capital appreciation through the lens of "intelligent value." As of the Q4 2025 reporting period, the firm manages a reported portfolio value of $1,686,582,601 , distributed across a relatively concentrated selection of 44 holdings . This snapshot provides a profound window into the psychological portrait of an institution that balances the rigor of fundamental analysis with the conviction required to hold assets through multiple market cycles.

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II. Sector Allocation Analysis

The top three sectors— Financials, Healthcare, and Technology —account for a combined 58.02% of the total portfolio. This concentration indicates a focused macro judgment. By allocating nearly a quarter of the portfolio to Financials, Weitz is signaling a strong belief in the resilience of the financial infrastructure. However, this is not a bet on traditional "commodity" banking. A closer look at the holdings reveals a preference for "financial toll booths" like Visa (V) , Mastercard (MA) , and the diversified conglomerate Berkshire Hathaway (BRK.B) . This suggests the institution is positioning itself to capture the steady flow of global commerce and insurance premiums rather than betting on interest rate sensitivity alone.

One of the most striking observations in this quarter’s data is the internal rotation within sectors. While Communication Services remains a top-four sector at 14.80%, the institution has significantly reduced its exposure to legacy cable and media companies like Comcast (CMCSA) and Charter Communications (CHTR) . This suggests a macro insight that the "cord-cutting" trend or the competitive pressure from fiber and 5G fixed-wireless is reaching a tipping point, leading the institution to move capital away from capital-intensive legacy infrastructure toward more scalable digital platforms like Alphabet (GOOG) and Meta (META) .

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III. Top 10 Holdings Deep Dive

Berkshire Hathaway remains the undisputed cornerstone of the Weitz portfolio. This is a "conviction holding" in its purest form, held for over a decade. The 0% change in shares during Q4 2025, combined with a weight increase from 7.83% to 8.55%, indicates that the position's importance grew primarily through price appreciation relative to the rest of the portfolio. Analysis: For a value investor like Weitz, Berkshire is more than just a stock; it is a diversified proxy for the American economy. With its massive insurance operations (GEICO, Berkshire Reinsurance) providing "float" and its diverse array of wholly-owned subsidiaries (BNSF, Precision Castparts), Berkshire offers a unique combination of stability and compounding. The institution’s decision to leave the share count unchanged suggests they view the current valuation as fair and see no reason to trim a "perfect" ballast asset. It serves as a low-beta foundation that allows the manager to take more calculated risks elsewhere.

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IV. Major Buys/Additions

The most significant "new" offensive move this quarter was the entry into Euronet Worldwide (EEFT) . With an estimated investment of $12.18 million , this represents a fresh bet on the global payments and money transfer industry. Analysis: Euronet operates in a space that Weitz knows well—financial transactions. EEFT provides ATM services, point-of-sale (POS) solutions, and money transfers (through Ria). This "New Buy" suggests a "valuation trough mining" strategy. While Visa and Mastercard are the "high-end" toll booths, Euronet often operates in more fragmented or emerging markets. The institution likely sees Euronet as an undervalued player in the digital payments transition, potentially benefiting from a recovery in global travel and cross-border remittances. At 0.72% of the portfolio, it is a "starter position," but its status as the only major new buy of the quarter gives it outsized importance in terms of signaling.

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V. Major Sells and Exits

The exit from CarMax (KMX) is perhaps the most significant "psychological" move of the quarter. Having held the stock for 7.8 years , Weitz decided to completely liquidate the position, cashing out approximately $29.14 million . Analysis: This is a "Strategic Retreat." The used car market has faced immense volatility post-pandemic, with fluctuating inventory values and rising interest rates dampening consumer demand. By exiting after nearly eight years, Weitz is likely signaling that the "investment thesis has broken." The "pnlPercent" of -27.56% indicates this was a "cutting losses" move. For a value investor, admitting a mistake after eight years is a difficult but necessary act of discipline. It suggests the institution no longer believes CarMax’s moat is sufficient to overcome the structural headwinds in the automotive retail sector.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The Ascent of "Capital-Light" Compounders : Conversely, the additions to Roper Technologies , Accenture , and CDW highlight a bet on "Intellectual Property" moats. These companies don't own heavy physical assets; they own relationships, software, and expertise. This "Capital-Light" model is better suited for an uncertain macro environment, as it allows for higher margins and more flexible capital allocation. 3. The "Liberty" Arbitrage : The move from direct Charter ownership to Liberty Broadband shows a sophisticated level of "Value Mining." It suggests that in a mature or declining industry, the best way to play is through the most efficient financial vehicle, not the most direct one. 4. Disciplined Harvesting : The trimming of Alphabet and Gartner serves as a reminder that even the best companies can become "too expensive." Weitz’s willingness to cut 20-77% of winning positions shows a commitment to "Price Matters"—the core tenet of value investing.

Disclaimer : This analysis is provided for informational purposes only and does not constitute investment advice, financial advice, or a recommendation to buy or sell any security. All investment decisions involve risk, and past performance is no guarantee of future results. Investors should conduct their own research or consult with a qualified financial advisor before making any investment decisions.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.