November 14, 2024
Wallace Weitz Bolsters Portfolio with Strategic Moves in Sirius XM Holdings Inc #UKFinance

Wallace Weitz Bolsters Portfolio with Strategic Moves in Sirius XM Holdings Inc #UKFinance

CashNews.co

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 Bolsters Portfolio with Strategic Moves in Sirius XM Holdings Inc
Wallace Weitz Bolsters Portfolio with Strategic Moves in Sirius XM Holdings Inc

Wallace Weitz (Trades, Portfolio) introduced a new position in the portfolio by purchasing shares in the following company:

  • 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:

  • 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.

  • 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:

  • Liberty SiriusXM Group (NASDAQ:LSXMK) was completely sold off with 1,088,000 shares, impacting the portfolio by -1.27%.

  • 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:

  • 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.

  • 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.

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