Wallace Weitz

Across Wallace Weitz’s registered funds — $7.54B disclosed in SEC Form N-PORT — just 18.6% sits in US-listed equity, the only slice a 13F reports. The other $6.13B is bonds, cash, other assets and foreign listings — none of which a 13F can show.

From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 8 funds. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $1.44B for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.

About Wallace Weitz

Wallace Weitz founded Omaha-based Weitz Investment Management in 1983 and has run concentrated, patient value strategies there for four decades — a lineage that places him squarely in the Graham-Buffett tradition, unsurprising given his geographic and intellectual proximity to Berkshire Hathaway. The current 49-position book, with roughly a third of assets in the top five names and BRK/B as the largest holding, reflects the firm's preference for durable-moat businesses held at what Weitz considers rational prices relative to private-market value. The style is domestic-equity-centric, long-only, and low-turnover, so the 13F is a reasonably faithful picture of the portfolio — there is no known derivatives or short overlay that would create material hidden exposure. Readers should note, however, that the 45-day disclosure lag plus quarterly rebalancing means the clone backtest's -7.5% annual excess return versus SPY over twelve years reflects execution friction and timing slippage as much as any fundamental divergence from the strategy itself.