Weitz Investment Management Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The current state of the portfolio, as of March 31, 2026, suggests an institution in the midst of a strategic "sharpening." While the total portfolio value of $1.43 billion indicates a stable capital base, the internal movements within the portfolio tell a story of active rotation. Weitz is currently balancing its historical roots in financials and "old-school" value with a sophisticated pivot toward the infrastructure of the digital age. The psychological state of the investment team appears to be one of "cautious opportunism." They are trimming long-term winners that have reached full valuation—such as the major payment networks and diversified industrials—to fund an aggressive entry into the semiconductor and artificial intelligence ecosystem.

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II. Sector Allocation Analysis

The combined weight of Technology (16.57%) and Communication Services (15.43%) now exceeds 32%, nearly one-third of the portfolio. This is a significant development for a value-oriented firm. It signals a realization that "value" is no longer found solely in low-P/E industrial stocks but in the dominant platforms that control the flow of information and the infrastructure of computing. The increase in Technology weight this quarter is particularly noteworthy, driven by a cluster of new buys in the semiconductor space. This suggests that Weitz views the current technological cycle—specifically the build-out of artificial intelligence and advanced computing—as a structural shift rather than a fleeting trend.

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III. Top 10 Holdings Deep Dive

Alphabet is a "core allocation" that bridges the gap between Communication Services and Technology. Weitz’s continued commitment to the company, despite the rise of competing AI models, suggests a belief in the "durability of Search" and the "undervalued potential of YouTube and Cloud." The motivation for the trim appears to be profit-taking rather than a loss of faith. In a quarter where many were questioning Alphabet’s AI strategy, Weitz’s decision to keep it as the second-largest holding is a strong vote of confidence in the company’s massive data advantages and its ability to eventually monetize its own AI breakthroughs.

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IV. Major Buys/Additions

The 116.22% increase in MercadoLibre is perhaps the most aggressive "offensive" move in the report. By more than doubling its stake, Weitz has signaled a massive shift in its outlook for the Latin American e-commerce and fintech giant. This is a "growth acceleration bet" combined with "valuation trough mining." MercadoLibre has consistently outperformed expectations, yet its valuation often fluctuates due to regional macro concerns. Weitz’s move suggests they view the company’s "Mercado Pago" ecosystem as a transformative force that is creating a "digital financial backbone" for an entire continent.

The total estimated buy scale across these top targets is significant. When compared to the reductions in Section V, it becomes clear that Weitz is engaged in a "Sell the Old, Buy the New" rotation. They are taking capital out of "legacy" tech and diversified industrials (like IDEX and Roper) and recycling it into the "frontier" of tech (NVIDIA, ASML) and "high-growth" industrials (Ingersoll Rand). This is not just "incremental capital buying"; it is a deliberate "inventory reallocation" designed to increase the portfolio's overall growth profile without sacrificing quality.

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V. Major Sells and Exits

The reduction of IDEX Corporation is the most significant "realization" event of the quarter. By selling 32.49% of the position (an estimated $24.11 million), Weitz has significantly reduced its exposure to this diversified industrial player. IDEX has long been a "value" darling due to its high margins and niche engineering products. However, the "Major Strategic Contraction" here suggests a cooling of confidence. Whether it is due to concerns about the "industrial cycle peaking" or a belief that the company’s "M&A-driven growth" is becoming more expensive, Weitz decided to move a large chunk of capital out of this name. This was likely a "Sell A to Buy B" move, with the proceeds potentially funding the new entries into higher-growth tech.

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 logic chain is clear: 1. Sold What : Legacy industrials (Roper, IDEX), mature fintech (Global Payments), and high-performing transport (Old Dominion). 2. Why Sell : These companies reached "valuation maturity" or faced "cyclical headwinds," making their future risk-adjusted returns less attractive than the emerging tech leaders. 3. Bought What : The "Semiconductor Stack" (NVIDIA, ASML, TSM), AI-integrated software (Microsoft), and high-growth international platforms (MercadoLibre). 4. Why Buy : To capture the "structural alpha" of the AI revolution at a time when these companies have proven their dominance and "moat-building" capabilities. 5. Overall Change : The portfolio has become more "technologically dense" and "growth-oriented," while maintaining its core "quality" filter.

For retail investors, the reference value here is the "Cluster Buying" in semiconductors . When a disciplined value shop like Weitz initiates positions in NVIDIA, ASML, and TSM simultaneously, it suggests that the "semiconductor cycle" is no longer viewed as a purely cyclical "commodity" business, but as a "structural utility" for the modern economy. However, investors should note that Weitz is buying these names as part of a diversified $1.43 billion portfolio; a simple imitation without the same "ballast" of Berkshire Hathaway and Healthcare could lead to excessive volatility.

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.