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Wallace Weitz (Trades, Portfolio), a seasoned portfolio manager renowned for his nuanced approach to value investing, recently disclosed his third-quarter portfolio adjustments for 2024. Weitz, who founded Weitz Value Fund, Weitz Hickory Fund, and Weitz Partners Value Fund in 1983, integrates the principles of Benjamin Graham with a focus on qualitative factors that influence a company’s long-term success. This blend of strategies emphasizes both a margin of safety and the potential for companies to shape their own futures.
Wallace Weitz (Trades, Portfolio) introduced a new position in the portfolio by purchasing shares in the following company:
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Sirius XM Holdings Inc (NASDAQ:SIRI) was a notable addition with 1,261,999 shares, representing 1.47% of the portfolio and valued at approximately $29.85 million.
The quarter also saw Weitz increasing his stakes in several companies:
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IDEX Corp (NYSE:IEX) saw an addition of 45,250 shares, bringing the total to 282,650 shares. This adjustment increased the share count by 19.06% and had a 0.48% impact on the portfolio, with a total value of $60.63 million.
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Global Payments Inc (NYSE:GPN) was augmented by 80,400 shares, resulting in a total of 610,000 shares. This represents a 15.18% increase in share count, with a total value of $62.48 million.
Weitz exited several positions entirely during this quarter:
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Liberty SiriusXM Group (NASDAQ:LSXMK) was completely sold off with 1,088,000 shares, impacting the portfolio by -1.27%.
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Liberty SiriusXM Group (NASDAQ:LSXMA) also saw a complete exit with 310,000 shares, causing a -0.36% portfolio impact.
Reductions were made in several holdings, with significant changes in the following:
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Meta Platforms Inc (NASDAQ:META) was reduced by 21,575 shares, a -11.43% decrease, impacting the portfolio by -0.57%. The stock traded at an average price of $514.55 during the quarter and has seen a 13.73% return over the past three months and a 66.12% year-to-date return.
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Perimeter Solutions SA (NYSE:PRM) saw a reduction of 1,260,500 shares, a -35.16% decrease, impacting the portfolio by -0.52%. The stock’s average trading price was $10.36 during the quarter, with a 21.48% return over the past three months and a 171.74% year-to-date return.
As of the third quarter of 2024, Wallace Weitz (Trades, Portfolio)’s portfolio comprised 49 stocks. The top holdings included 7.35% in Berkshire Hathaway Inc (NYSE:BRK.B), 4.96% in Mastercard Inc (NYSE:MA), 4.88% in Visa Inc (NYSE:V), 4.82% in Danaher Corp (NYSE:DHR), and 4.73% in Meta Platforms Inc (NASDAQ:META). The investments are predominantly concentrated across nine industries: Financial Services, Technology, Communication Services, Industrials, Healthcare, Consumer Cyclical, Basic Materials, Real Estate, and Consumer Defensive.