Partners III Opportunity Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
13.6%
1 yr return
22.1%
3 Yr Avg Return
1.2%
5 Yr Avg Return
5.9%
Net Assets
$435 M
Holdings in Top 10
53.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.19%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
WPOPX - Profile
Distributions
- YTD Total Return 13.6%
- 3 Yr Annualized Total Return 1.2%
- 5 Yr Annualized Total Return 5.9%
- Capital Gain Distribution Frequency Semi-Annually
- Net Income Ratio -0.81%
- Dividend Yield 0.0%
- Dividend Distribution Frequency SemiAnnual
Fund Details
-
Legal NamePartners III Opportunity Fund
-
Fund Family NameWEITZFUNDS
-
Inception DateJan 03, 2006
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerWallace Weitz
Fund Description
The Fund’s investment strategy (which we call “Quality at a Discount”) is to buy above-average to highest-quality businesses, at prices that we believe are less than what the companies are worth. The Fund is a “multi-cap” fund and may invest in securities of any market capitalization. The Fund may invest in securities issued by non-U.S. companies, which may be denominated in U.S. dollars or foreign currencies. As part of the Fund’s strategy, the Fund may concentrate its investments in securities of relatively few issuers and is considered to be a “non-diversified” fund. The Fund invests in long positions in stocks and other securities, when we anticipate that the value of such securities will increase. The Fund also invests in short positions in stocks and other securities, including short sales of exchange traded funds (“ETFs”), when we anticipate a decline in the value of such securities. The Fund has the ability to borrow money to invest in its long positions, and may buy and sell futures contracts, such as stock index futures contracts. The Fund’s mix of long positions and short positions will change over time based on the investment adviser’s assessment of market conditions.
We assess a company’s quality based on its competitive position, return on invested capital, ability to redeploy capital, cash flow consistency, financial leverage and management team. We compare the company’s stock price to our estimate of business value, i.e., all the cash that the company will generate for its owners in the future. For each company, we look at a range of business value estimates. We then seek to buy stocks of companies that meet our quality criteria when they are priced are at a discount to our estimates of business value.
We invest with a multiple-year time horizon. We believe that purchasing stocks at prices less than our business value estimates provides opportunities for stock price appreciation, both as business values grow and as the market recognizes companies’ values. Typically, we consider selling stocks as they approach or exceed our business value estimates. We may also sell stocks for other reasons, including for the purchase of stocks that we believe offer better investment opportunities.
We do not try to “time” the market. However, if there is cash available for investment and there are not securities that meet the Fund’s investment criteria, the Fund may invest without limitation in high-quality cash and cash equivalents such as U.S. government securities or government money market fund shares. If the Fund takes such a defensive position, it may be temporarily unable to achieve its investment objective.
The Fund’s investment strategies for short positions can include (1) selling short an ETF or other security that tracks a broad or narrow market index, in hopes of buying the security at a future date at a lower price, (2) simultaneously buying a put option and selling a call option on an ETF or other security that tracks a broad or narrow market index, (3) buying an ETF or other security that is designed to appreciate in value when the value of a broad or narrow market index declines, (4) simultaneously holding a short position in one security and a long position in another security, with the objective of earning positive returns on the combined set of positions, (5) selling a covered call option on a security that the Fund owns for the duration of the option period and (6) holding a short position in an ETF or other security that tracks a broad or narrow market index and adding to the Fund’s long positions in particular stocks by a corresponding amount.
WPOPX - Performance
Return Ranking - Trailing
Period | WPOPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 13.6% | -13.0% | 30.3% | 37.91% |
1 Yr | 22.1% | -11.7% | 42.8% | 37.91% |
3 Yr | 1.2%* | -11.9% | 25.5% | 81.48% |
5 Yr | 5.9%* | -2.9% | 24.1% | 61.60% |
10 Yr | 5.7%* | -4.1% | 9.9% | 34.72% |
* Annualized
Return Ranking - Calendar
Period | WPOPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.5% | -17.3% | 43.8% | 24.18% |
2022 | -28.4% | -54.0% | 17.4% | 93.48% |
2021 | 0.4% | -40.0% | 54.1% | 72.73% |
2020 | -3.4% | -47.6% | 88.4% | 79.37% |
2019 | 25.8% | -20.3% | 62.6% | 5.88% |
Total Return Ranking - Trailing
Period | WPOPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 13.6% | -13.0% | 30.3% | 37.91% |
1 Yr | 22.1% | -11.7% | 42.8% | 37.91% |
3 Yr | 1.2%* | -11.9% | 25.5% | 81.48% |
5 Yr | 5.9%* | -2.9% | 24.1% | 61.60% |
10 Yr | 5.7%* | -4.1% | 9.9% | 34.72% |
* Annualized
Total Return Ranking - Calendar
Period | WPOPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 17.3% | -14.5% | 43.8% | 15.69% |
2022 | -22.3% | -54.0% | 50.3% | 92.75% |
2021 | 12.5% | -40.0% | 61.6% | 55.30% |
2020 | 9.5% | -29.9% | 91.0% | 40.48% |
2019 | 34.2% | -17.9% | 79.4% | 5.88% |
NAV & Total Return History
WPOPX - Holdings
Concentration Analysis
WPOPX | Category Low | Category High | WPOPX % Rank | |
---|---|---|---|---|
Net Assets | 435 M | 1.08 M | 6.67 B | 22.88% |
Number of Holdings | 39 | 3 | 2209 | 74.51% |
Net Assets in Top 10 | 218 M | 625 K | 2.41 B | 18.30% |
Weighting of Top 10 | 53.37% | 2.1% | 101.8% | 39.22% |
Top 10 Holdings
- BERKSHIRE HATHAWAY INC CLASS B 10.77%
- ALPHABET INC CLASS C 5.62%
- THERMO FISHER SCIENTIFIC INC 5.42%
- DANAHER CORP 4.90%
- MATERCARD INC CLASS A 4.87%
- VISA INC CLASS A 4.83%
- LIBERTY BROADBAND CLASS C 4.37%
- CARMAX INC 4.31%
- AMAZON COM INC 4.26%
- GLOBAL PAYMENTS INC 4.03%
Asset Allocation
Weighting | Return Low | Return High | WPOPX % Rank | |
---|---|---|---|---|
Stocks | 93.42% | 0.00% | 100.92% | 6.54% |
Cash | 6.81% | 0.00% | 99.60% | 75.16% |
Bonds | 3.65% | 0.00% | 90.68% | 18.95% |
Preferred Stocks | 0.82% | -1.01% | 6.36% | 5.23% |
Convertible Bonds | 0.00% | -0.02% | 4.48% | 39.31% |
Other | -0.04% | -48.19% | 99.35% | 75.82% |
Stock Sector Breakdown
Weighting | Return Low | Return High | WPOPX % Rank | |
---|---|---|---|---|
Financial Services | 35.40% | 0.00% | 83.83% | 2.42% |
Communication Services | 32.32% | 0.00% | 32.32% | 0.81% |
Technology | 16.98% | 0.00% | 43.24% | 62.10% |
Consumer Cyclical | 9.32% | 0.00% | 88.83% | 57.26% |
Real Estate | 3.91% | 0.00% | 10.93% | 16.94% |
Healthcare | 2.07% | 0.00% | 100.00% | 95.16% |
Utilities | 0.00% | 0.00% | 21.71% | 81.45% |
Industrials | 0.00% | 0.00% | 31.93% | 95.16% |
Energy | 0.00% | 0.00% | 32.57% | 91.94% |
Consumer Defense | 0.00% | 0.00% | 19.75% | 91.94% |
Basic Materials | 0.00% | 0.00% | 28.58% | 93.55% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | WPOPX % Rank | |
---|---|---|---|---|
US | 93.42% | 0.00% | 100.92% | 6.54% |
Non US | 0.00% | -3.42% | 69.12% | 54.25% |
Bond Sector Breakdown
Weighting | Return Low | Return High | WPOPX % Rank | |
---|---|---|---|---|
Corporate | 13.79% | 0.00% | 79.13% | 4.86% |
Cash & Equivalents | 2.26% | -0.01% | 86.52% | 66.01% |
Securitized | 0.00% | 0.00% | 13.59% | 41.67% |
Municipal | 0.00% | 0.00% | 0.07% | 40.28% |
Government | 0.00% | 0.00% | 58.54% | 57.64% |
Derivative | -0.04% | -48.19% | 99.35% | 75.82% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | WPOPX % Rank | |
---|---|---|---|---|
US | 3.65% | 0.00% | 85.75% | 18.95% |
Non US | 0.00% | 0.00% | 12.72% | 38.56% |
WPOPX - Expenses
Operational Fees
WPOPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.19% | 0.42% | 8.51% | 94.77% |
Management Fee | 1.00% | 0.00% | 2.50% | 29.41% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.03% | 0.03% | 1.54% | 11.43% |
Sales Fees
WPOPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
WPOPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
WPOPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 446.00% | 18.71% |
WPOPX - Distributions
Dividend Yield Analysis
WPOPX | Category Low | Category High | WPOPX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 27.22% | 11.84% |
Dividend Distribution Analysis
WPOPX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | SemiAnnual | Annual | SemiAnnual | Annual |
Net Income Ratio Analysis
WPOPX | Category Low | Category High | WPOPX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.81% | -3.33% | 2.16% | 49.01% |
Capital Gain Distribution Analysis
WPOPX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Semi-Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 13, 2023 | $0.012 | OrdinaryDividend |
Dec 13, 2023 | $0.045 | CapitalGainShortTerm |
Dec 13, 2023 | $0.789 | CapitalGainLongTerm |
Dec 14, 2022 | $0.942 | CapitalGainLongTerm |
Dec 15, 2021 | $1.843 | CapitalGainLongTerm |
Dec 16, 2020 | $1.190 | CapitalGainLongTerm |
Jun 17, 2020 | $0.744 | CapitalGainLongTerm |
Dec 17, 2019 | $0.850 | CapitalGainLongTerm |
Jun 18, 2019 | $0.193 | CapitalGainLongTerm |
Dec 27, 2018 | $0.102 | CapitalGainLongTerm |
Jun 27, 2018 | $0.916 | CapitalGainLongTerm |
Dec 27, 2017 | $0.173 | CapitalGainLongTerm |
Jun 28, 2017 | $0.498 | CapitalGainLongTerm |
Jun 28, 2016 | $0.194 | CapitalGainLongTerm |
Dec 29, 2015 | $0.531 | CapitalGainLongTerm |
Jun 26, 2015 | $1.314 | CapitalGainLongTerm |
Dec 29, 2014 | $0.229 | CapitalGainLongTerm |
Jun 26, 2014 | $0.272 | CapitalGainLongTerm |
Dec 27, 2013 | $0.293 | CapitalGainLongTerm |
Jun 27, 2013 | $0.080 | CapitalGainLongTerm |
Dec 27, 2012 | $0.733 | CapitalGainLongTerm |
Jun 28, 2012 | $0.186 | CapitalGainLongTerm |
Jun 28, 2011 | $0.300 | CapitalGainLongTerm |
Jun 27, 2008 | $0.011 | OrdinaryDividend |
Dec 28, 2007 | $0.080 | OrdinaryDividend |
Dec 28, 2007 | $0.267 | CapitalGainLongTerm |
Jun 28, 2007 | $0.020 | OrdinaryDividend |
Jun 28, 2007 | $0.168 | CapitalGainLongTerm |
Dec 28, 2006 | $0.070 | OrdinaryDividend |
Dec 28, 2006 | $0.412 | CapitalGainLongTerm |
Jun 29, 2006 | $0.018 | OrdinaryDividend |
Jun 29, 2006 | $0.136 | CapitalGainLongTerm |
WPOPX - Fund Manager Analysis
Managers
Wallace Weitz
Start Date
Tenure
Tenure Rank
Dec 30, 2005
16.43
16.4%
Co-Chief Investment Officer Portfolio Manager Multi-Cap Alternative / Partners III Opportunity Fund (Since June 1983) Multi-Cap Value / Partners Value Fund (Since June 1983) Mid-Cap Value / Hickory Fund (Since January 2003) Investment industry experience since 1970 Wally Weitz founded Weitz Investment Management in 1983. Prior to launching the Firm, he was an analyst and portfolio manager at Chiles, Heider & Co. Mr. Previously, he was a security analyst at G.A. Saxon & Co. Mr. Weitz has a bachelor's in economics from Carleton College.
Andrew Weitz
Start Date
Tenure
Tenure Rank
Jul 31, 2020
1.83
1.8%
Portfolio Manager Mid-Cap Value / Hickory Fund (Since December 2011) Multi-Cap Alternative / Partners III Opportunity Fund (Since July 2020) Multi-Cap Value / Partners Value Fund (Since July 2020) Investment industry experience since 2005 Drew Weitz joined Weitz Investment Management in 2008 as a research analyst. He was promoted to portfolio manager in 2011 and was director of equity research from 2017 to 2020. Previously, Mr. Weitz was a research analyst at Ariel Investments. Mr. Weitz has a bachelor's in computer science from Carleton College.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 23.55 | 6.04 | 7.93 |