(PUB) Investing 2015

Morningstar FundInvestor

June

2015

Morningstar Analyst Rating

05-22-15

„

Morningstar Pillars

Process

Performance

People

Parent

Price

Positive

Negative

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 ¨

Pillar Spectrum

Positive

Negative

Neutral

NAV

47.60

45.30

44.86

34.05

30.12

28.45

23.72

18.64

31.69

40.26

35.42

37.70

Total Return %

5.08

9.54

31.75

13.17

6.12

19.94

27.62

-40.74

-10.35

21.85

-2.77

15.74

+/-S&P 500

1.85

-4.15

-0.64

-2.83

4.01

4.88

1.16

-3.74

-15.84

6.06

-7.68

4.86

+/-Russ 1000

1.43

-3.70

-1.36

-3.25

4.62

3.84

-0.81

-3.14

-16.12

6.39

-9.04

4.34

Income Return %

0.00

0.11

0.25

0.00

0.30

0.60

0.71

0.81

0.99

0.59

Capital Return %

5.08

9.54

31.75

13.06

5.87

19.94

27.32

-41.34

-11.06

21.04

-3.76

15.15

Total Rtn % Rank Cat

Income $

0.00

0.03

0.07

0.00

0.06

0.19

0.28

0.37

0.21

Capital Gains $

0.00

3.78

0.00

4.41

2.55

0.86

3.30

Expense Ratio %

1.18

1.20

1.21

1.22

1.20

1.15

1.13

1.12

1.10

1.11

Income Ratio %

-0.54

-0.41

-0.07

0.11

-0.26

-0.29

0.20

0.69

0.71

0.64

0.95

0.57

Turnover Rate %

Net Assets $mil

929

939

1,120

898

949

946

891

2,238

3,147

3,244

4,502

Performance

05-31-15

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

2011

2012

2013

2014

2015

5.69 0.84 -10.68 11.47

6.12

9.50 -1.17

4.51 0.06 13.17

13.39 3.96

2.74 8.78 31.75

2.99 2.35

-0.09 4.01

9.54

3.60

. . . .

Trailing

Total

+/-

+/- Russ %Rank Growth of

Return% S&P 500

1000

Cat

$10,000

3 Mo

6 Mo

1 Yr

3 Yr Avg

5 Yr Avg

10 Yr Avg

15 Yr Avg

1.30 0.66

0.54

19 10,130

4.27 1.30

0.86

17 10,427

9.58 -2.23

-2.33

61 10,958

17.65 -2.02

-2.32

72 16,285

15.87 -0.67

-0.81

35 20,886

6.07 -2.05

-2.31

91 18,027

6.74 2.08

1.75

15 26,602

Tax Analysis

Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

3 Yr (estimated)

5 Yr (estimated)

10 Yr (estimated)

16.89

0.65

15.41

0.39

5.35

0.68

Potential Capital Gain Exposure: 38% of assets

Rating and Risk

Time Load-Adj

Morningstar

Period Return % Rtn vs Cat

Risk vs Cat

Risk-Adj Rating

1 Yr

9.58

3 Yr

17.65

Avg

Low

5 Yr

15.87

Avg

Low

10 Yr

6.07

-Avg

Avg

Incept

10.88

Other Measures

Standard Index

Best Fit Index

S&P 500

Russ 1000

Alpha

1.4

1.2

Beta

0.83

R-Squared

Standard Deviation

7.91

Mean

17.65

Sharpe Ratio

2.10

Morningstar’s Take

by Kevin McDevitt, CFA 05-22-15

Weitz Value retains its Morningstar Analyst Rating of

Silver despite the announcement that Wally Weitz will

step down as comanager at year-end. Perhaps the

biggest reason for confidence is that Weitz isn’t really

leaving. He will remain as CIO at the firm and

co-portfolio manager of Weitz Hickory WEHIX and

Weitz Partners Value WPVLX, and sole manager on

Weitz Partners III Opportunity WPOIX.

Further, the fund is not being left in inexperienced

hands; remaining comanagers Brad Hinton and Dave

Perkins have extensive experience with the fund and

the firm. Hinton has been a comanager here since

August 2006 after joining the firm in 2001. Perkins

became a comanager more recently in 2011, although

he has been with the firm since 2004.

They will continue to draw on Weitz’s expertise in

his role as CIO. The trio will still collaborate on ideas

as they have for years. This is easy to imagine

considering the extensive overlap in holdings between

this fund’s portfolio and Weitz’s other charges,

especially Weitz Partners Value, which Hinton also

comanages.

Most important, the fund has delivered in its

current incarnation. After having been an all-cap

offering, the fund adopted a large-cap mandate in

June 2008. Results have been solid since then. Its

annualized 10.9% gain beats the Russell 1000 Index

by nearly 1 percentage point through April 2015,

despite having a cash stake often north of 15%. That

makes the fund’s 23.1% annualized return since the

market bottomed in March 2009--versus its bogy’s

22.9%--all the more impressive. Moreover, the fund’s

20% cash stake in March leaves it well-positioned

should the market correct.

Overall, shareholders should applaud Weitz for

proactively addressing succession issues. That’s a

rarity among boutique firms. By promoting internally

and selling equity to employees, retention has been

excellent, leaving the team well-prepared for moves

such as this one. Shareholders can also draw comfort

from the fact that Weitz plans to stay with the firm for

at least the next decade.

Address:

Weitz Funds

Omaha, NE 68124

800-304-9745

Web Address:

www.weitzfunds.com

Inception:

05-09-86

Advisor:

Weitz Investment Management, Inc

Subadvisor:

None

NTF Plans:

Fidelity Retail-NTF, CommonWealth NTF

Minimum Purchase:

$2500

Add: $25 IRA: $0

Min Auto Inv Plan:

Add:

Sales Fees:

No-load

Management Fee:

0.90% mx./0.70% mn., 0.25%A

Actual Fees:

Mgt:0.90% Dist:

Expense Projections:

3Yr:$381

5Yr:$662 10Yr:$1463

Income Distribution:

Semi-Annually

Data through May 31, 2015

Weitz Value Investor

Ticker

Status Yield Total Assets

Mstar Category

WVALX Open

0.0% $1,133 mil

Large Blend

87% 91% 78% 85% 78% 79% 72% 82% 80%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 05-15

Historical Profile

Return

Risk

Rating

Average

Below Avg

Neutral

Investment Style

Equity

Stock %

Manager Change

Partial Manager Change

Growth of $10,000

Investment Values of

Fund

Investment Values of

S&P 500

Performance Quartile

(within Category)

History

10.0

6.0

13.0

16.6

20.8

Portfolio Analysis

03-31-15

Share change since 12-14 Total Stocks:31 Sector

PE Tot Ret% % Assets

Liberty Global PLC Class

Comm Svs

4.43 6.74

Valeant Pharmaceuticals

Hlth care 81.3 51.58 5.88

Berkshire Hathaway Inc C

Finan Svs 16.5 -5.95 4.74

Liberty Interactive Corp

Cnsmr Cyc 28.3 -4.93 3.94

Range Resources Corp

Energy

14.8 3.74 3.74

Express Scripts Holding

Hlth care 30.7 2.04 3.57

Pioneer Natural Resource

Energy

26.2 16.10 3.22

Liberty Media Corporatio

Cnsmr Cyc 95.2

3.21

Endo International PLC

Hlth care

16.56 3.14

Discovery Communications

Cnsmr Cyc 18.5 -6.75 2.99

Twenty-First Century Fox

Cnsmr Cyc 7.9 -10.87 2.89

Catamaran Corp

Hlth care 36.6

2.74

Precision Castparts Corp

Industrl

19.6 -14.18 2.67

Aon PLC

Finan Svs 21.3 2.06 2.65

TransDigm Group Inc

Industrl

59.2

2.59

Oracle Corporation

Technology 18.2 -2.40 2.40

Motorola Solutions Inc

Technology

-10.42 2.10

Wells Fargo & Co

Finan Svs 13.7

1.98

Martin Marietta Material

Basic Mat 50.8 29.67 1.90

United Parcel Service In

Industrl

29.0 -9.44 1.82

Current Investment Style

Market Cap %

Giant

37.9

Large

28.6

Mid

33.5

Small

0.0

Micro

0.0

Avg $mil:

35,400

Value Blnd Growth

Large Mid Small

Value Measures

Rel Category

Price/Earnings

Price/Book

Price/Sales

Price/Cash Flow

Dividend Yield %

23.33

2.88

1.96

13.70

0.68

1.62

1.41

1.56

1.93

0.31

Growth Measures

% Rel Category

Long-Term Erngs

Book Value

Sales

Cash Flow

Historical Erngs

13.78

5.35

4.77

-5.73

-8.13

1.33

1.01

1.64

NMF

Profitability

% Rel Category

Return on Equity

Return on Assets

Net Margin

15.23

5.45

10.94

0.79

0.71

0.86

Sector

Weightings

% of

Stocks

Rel

S&P 500 High

3 Year

Low

Cyclical 37.55

BasicMat 4.03

7 4

CnsmrCyc20.37

20 5

FinanSvs 13.15

18 13

Real Est 0.00

. . .

Sensitive 40.14

CommSrvs10.23

12 10

Energy 8.71

11 8

Industrl

8.86

9 6

Technlgy 12.34

29 12

Defensive22.31

CnsmrDef 1.39

8 1

Hlthcare 20.92

21 12

Utilities 0.00

. . .

Composition - Net

(% of Stock)

Cash 20.1

Stocks 79.9

Bonds 0.0

Other

0.0

Foreign 20.6

timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at

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