Wallace Weitz

Weitz Investment Management's $1.43B portfolio stayed true to its quality-compounders philosophy while making a pointed pivot toward semiconductor exposure: new positions in ASML (0.51%), TSM (0.47%), and NVDA (0.43%) are modest in size but collectively signal a first-time foray into the chip-equipment and foundry complex, consistent with Weitz's long holding periods once conviction builds. MELI was nearly doubled (+116% to 0.97%), the most aggressive single add in the book. Meanwhile, significant trims across IEX (-32% to 3.50%), ODFL (-37% to 1.80%), GPN (-34%), and CDW (-36%) suggest reduced enthusiasm for industrials and payment infrastructure names that have lagged on fundamentals. The core remains anchored by BRK/B (9.33%), GOOG (6.54%), DHR (6.32%), and the V/MA payments duo (5.60%/5.13%). New addition IR (Ingersoll Rand, 0.75%) keeps one foot in quality industrials. Watch whether the semiconductor trio — ASML, TSM, NVDA — receive meaningful add-ons next quarter, which would confirm a structural allocation shift rather than exploratory toe-dipping.